Nick Cave once said “I’m forever near a stereo saying, ‘What the fuck is this garbage?’ And the answer is always the Red Hot Chili Peppers.”
Sadly for him, there’s probably going to be even more of it in the near future as the Chili Peppers have just sold their back catalogue to Hipgnosis for $140m.
This new fad of investment funds buying up artists’ oeuvres for eye-watering sums has made a lot of headlines recently, but if they ever hope to turn a profit on this wheeze, the only practical way to do it is to wring out every last cent placing the tracks in TV, films, ads and video games. We’re not so sure ad agencies and streaming giants will want to fork out premium fees for big bands though when there’s a lot more mileage in smaller, cheaper acts.
Take the LA band Caught A Ghost – best known in the industry for being so unknown. They’ve only released one album to date, back in 2014, but their tracks have been endlessly mined for just about everything going. They’ve been used by HBO (Boardwalk Empire, Shameless, Crashing), Amazon Prime (Bosch), US network TV (Grey’s Anatomy, Suits, Vampire Diaries, The Blacklist), movies (Dear White People), video game trailers (A Way Out), commercials (Friskies cat food, Miller Lite beer, dating site BlackPeopleMeet) – as well as providing the soundtrack for a Victoria’s Secret show.
If you can get all of that from one tiny indie act, why would anyone pay the price investment funds will need to charge to claw back the millions they spent on buying the rights to Californication – a song that even a TV show called Californication didn’t think to use? |