Red Hot Chili Peppers may sell their music catalog for about $350 million, according to Billboard.
Billboard reports that the catalog earns about $26 million a year. They own the rights to their 13 studio albums and other Warner Music releases, but it’s unclear if they own the first four albums from EMI.
Sources say they may have already made a deal with Warner, but it’s not confirmed. If the $350 million deal happens, it will add to the $140 million Hipgnosis paid RHCP in 2021 for their publishing rights, bringing their total earnings to nearly $500 million.
RHCP will join other bands like Pink Floyd, Queen, and the Doors in selling their catalog. Pink Floyd sold theirs to Sony for $400 million. The deal followed failed talks between bandmates David Gilmour and Roger Waters, who disagreed, especially over the deal’s tax structure.
Warner Music, Hipgnosis, and BMG were among the bidders. Gilmour had said he was ready to sell. The musician said, “To be rid of the decision-making and the arguments that are involved with keeping it going is my dream. If things were different … and I am not interested in that from a financial standpoint. I’m only interested in it from getting out of the mud bath that it has been for quite a while.”
Last year, Queen agreed to sell their music rights, including songs, logos, videos, and merchandise, to Sony Music for $1.27 billion, according to Variety. Revenue from live performances went to Brian May and Roger Taylor. The deal was bigger than Sony’s $500 million purchase of Bruce Springsteen’s catalog.
The Doors also sold their music rights to Primary Wave Music in 2023. Guitarist Robby Krieger and the estate of late keyboardist Ray Manzarek made the deal, which included the band’s music catalog, recordings, trademarks, and merchandise rights.
