Five years ago, the already wealthy members of the Red Hot Chili Peppers became quite a bit richer when they sold their publishing rights to Hipgnosis Songs Fund for $150 million. That's chump change compared to the band's recent move.
The Chili Peppers have now sold their recorded music catalog to Warner Music Group for more than $300 million, according to Billboard. The purchase is part of a bigger venture with Bain Capital for $650 million. The band's recorded music takes over more than half of the overall amount.
The Red Hot Chili Peppers' music rakes in about $26 million annually on streaming platforms, sales, and everything else. Warner Music Group's ownership of the entire catalog, in part making up 13 studio albums, gives the company more versatility in how to use the catalog.
Red Hot Chili Peppers sell their recorded music catalog for more than $300 million to Warner Music Group
To be sure, WMG wouldn't simply give the band members and their representatives more than $300 million if they didn't have an idea of how to capitalize on the music. WMG is in the business of making music to make money, of course.
This leads to the argument between art and artifice, of course. For Warner Music Group, Warner has released the last nine Chili Peppers albums after their first four were put out by EMI. They are scooping up music to make money, while many bands produce music for far more personal reasons. They need to get those songs out.
It is when a musical artist begins trying to crank out tunes for the simple fact of mass-selling them that issues can arise. The point of great music is to have someone feel something. If the artist intends to make a buck off someone's emotions, that seems disingenuous.
Many do it, and maybe the Red Hot Chili Peppers haven't. They have simply created a large catalog of albums and singles that resonated with people. Long after making most of those songs, they sold the rights to them. That is different than selling out the reason for making music in the first place.
Still, if you know Anthony Kiedis or Flea or one of the other members of the band, you might ask them if they can pay for your dinner. They certainly can afford it after splitting more than the $300 million made from a recent business venture.
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