Red Hot Chili Peppers sold their entire music catalog to a British fund for over US$140 million, according to Billboard .
Sources from the magazine indicate that the actual value of the deal was not disclosed, but it could reach US$140 million for the rights to the band's entire catalog, including the group's biggest hits such as "Californication," "Scar Tissue," and "Give It Away," which has an estimated annual profit of around US$5 million in net profit for each member.
According to Consequence of Sound , the British company Hipgnosis Songs was founded in 2018 and was born as one of the giants in the investment fund business specializing in music catalogs, with rights to Neil Young , Lindsey Buckingham of Fleetwood Mac , Shakira , and the rights to producer Bob Rock , including Metallica 's The Black Album .
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