By Mark Sweney, The Guardian | Red Hot Chili Peppers and Kid Creole and the Coconuts have become the latest artists to cash in on their catalogue of hits, selling the rights to songs including Californication and Annie I’m Not Your Daddy to London-listed music royalties investment firms.
The Chili Peppers are poised to sell their publishing rights to London-listed music investment firm Hipgnosis, reportedly for more than $140m (£101m).
Formed in 1982, the band have a catalogue of global hits including Under The Bridge and Give It Away.
Hipgnosis, which has spent more than £1bn in the past three years buying up the royalty rights to evergreen music hits, declined to comment. In January, it acquired the rights to 50% of the royalties of Neil Young’s huge catalogue of 1,180 compositions in a deal reportedly worth about $150m. Since the start of the year the company has also struck deals with Shakira, former Fleetwood Mac guitarist Lindsey Buckingham and super-producer Jimmy Iovine.
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