Red Hot Chili Peppers have sold their catalog of recorded music (the masters) to Warner Music Group in a “historic” deal valued at more than $300 million. With this, the band cedes control of all their recordings to the label, with which they have been signed since ‘Blood Sugar Sex Magik’ (1991). From now on, Warner keeps all future income generated by those recordings, whether through streaming, radio, sales or licensing.
This move comes after another agreement that the band closed with Hipgnosis – now called Recognition Music Group – to sell the publishing rights to their music (the so-called publishing, which includes the compositions: lyrics and music) for about $140 million, in 2021.
According to The Hollywood Reporter, the new deal would have been financed through a joint venture between Warner Music Group and investment firm Bain Capital, which last year launched a $1.2 billion fund to buy high-profile music catalogs.
It goes without saying that Red Hot Chili Peppers is one of the most successful rock bands in history, and their songs are demonstrating amazing longevity on streaming platforms: 7 of their 10 most listened to songs on Spotify surpass the barrier of one billion and even two billion views.
