The iconic US band the Red Hot Chili Peppers have become the latest big name artist to cash in on their catalog of hits to Warner Music Group.
In a deal worth more than $300million (£220million), the band will now give up control of all of their master recordings to the label, with whom they have been signed since 1991’s "Blood Sugar Sex Magik," allowing Warners to collect all future income generated by streaming, radio play, sales, and licensing.
It follows on from a previous deal that the band struck with Hipgnosis – who now go by Recognition Music Group – to sell the publishing rights to their music for a $140million (£102million).
According to The Hollywood Reporter, the new deal has reportedly been financed through a joint venture between Warner Music Group and the investment firm Bain Capital, which launched a $1.2billion (£880million) fund last year to acquire high-profile music catalogues.
The catalogue is thought to generate roughly $ 26 million (£19million) per year, and until now, those rights have been controlled by the members of the band.
Their last studios albums "Unlimited Love" and ""Return Of The Dream Canteen" were both released in 2022 and were both commercially successful, with both landing in the top three in both the US and UK albums charts.
In other news, a new documentary will focus on the iconic US band at Netflix.
Titled “The Rise of the Red Hot Chili Peppers”, the documentary examines the gritty, formative years of the Los Angeles band and the influence of original guitarist Hillel Slovak, who died in 1988.
Directed by Ben Feldman (“Bug Out,” “Rich & Shameless”), the film features interviews with bandmates Flea and Anthony Kiedis, as well as others who were close to Slovak, who discuss the band’s early evolution and the deep bond of their childhood friendship.
It will provide a rare, intimate glimpse into the rock music force behind songs like “Under the Bridge” and “Californication.”
With a career spanning more than 40 years, Red Hot Chili Peppers have become one of the highest-selling bands in history, hawking more than 120 million records worldwide.
Produced by Asta Entertainment, Submarine Entertainment, and Polygram Entertainment, “The Rise of the Red Hot Chili Peppers” was secretly screened at the Cannes Film Festival last year as it was quietly shopped to buyers.
Marc D’Agostino serves as a producer, and John Tarquinio is the editor. Executive producers include Dan Braun, Josh Braun, David Blackman, James Slovak, and Feldman.
“The Rise of the Red Hot Chili Peppers” is set to premiere on March 20 on Netflix.
While the band was interviewed for the film, they went out of their way to distance themselves from the project.
Despite that, Flea spoke positively about the film, describing it as “a beautifully made film” that “filled my heart right to the top, not without a good dose of lifelong melancholy”.
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