Formed in 1982, the Red Hot Chili Peppers were unlike anything the music industry had ever seen. Blending funk, rock and spoken word, the Los Angeles quartet has sold more than 120 million records worldwide. No band has notched more No. 1 singles on Billboard’s American Alternative Songs charts (15) or spent more cumulative weeks at number one (91.) Now, the “Californication” hitmakers are looking to unload the entirety of their work for a cool $350 million.
The Red Hot Chili Peppers Are Selling Their Music
In 2021, the Red Hot Chili Peppers struck a $140 million deal with Hipgnosis Songs for the publishing rights to their music. Now, the three-time GRAMMY Award winners are seeking an additional $350 million, according to reports from Billboard.
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Reportedly, the four-decade catalog, including songs like “Give It Away” and “Under the Bridge,” brings in $26 million each year. The band is said to own the rights to all 13 studio albums and other releases issued via Warner Music. However, it is unclear whether they own their first four albums, which were released by EMI.
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A source tells Billboard that the Chili Peppers are possibly on the verge of reaching a deal with Warner Music Group. If that deal goes through, the Rock and Roll Hall of Famers will cash in on about $500 million for all their musical assets.
For some context, Sony gave Pink Floyd $400 million for their back catalog in 2024. The Japanese corporation also purchased Queen’s musical inventory for a record-breaking $1.27 billion.
Is New Music On The Way?
Last April, drummer Chad Smith revealed that the Red Hot Chili Peppers would take a break from touring to work on their 14th studio album in 2025.
“Next year we will start writing songs, so we’re not playing any shows next year,” Smith said. “You know—save you money.”
However, the Chili Peppers reunited in January at Inglewood’s Kia Forum for the FireAid benefit concert, which raised money for victims of the Los Angeles wildfires. It was their first time onstage together since last summer’s Olympics closing ceremony.
Featured image by Adam Bettcher Photography/Shutterstock
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