Red Hot Chili Peppers sell rights to catalogue of hits to Hipgnosis

Trend of artists selling rights continues, as Kid Creole and the Coconuts also sign deal

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.

Separately, Kid Creole and the Coconuts – the 1980s band fronted by Kid Creole, born August Darnell in New York in 1950 – have sold the writer’s share of royalties to a catalogue of more than 250 tracks to One Media iP Group.

The value of the deal was not disclosed.

“One Media is a natural home for my music because they are focused on digital; nowadays there are hundreds of platforms,” said Darnell. “Kid Creole has to look after his Coconuts’ way into the future and that’s why I’ve done the deal.”

Over the last year, big deals have included Bob Dylan selling his songwriting catalogue to Universal Music for $300mand Fleetwood Mac’s Stevie Nicks doing a $100m deal with Primary Wave.

In January, One Media iP Group acquired the rights to a string of Take That hits including A Million Love Songs in a deal with songwriter and producer Ian Levine.

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Mark Sweney

The GuardianTramp

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