Coolio auctioning music royalties to fund new career as chef and author
TODAY – Coolio has decided to trade his “Gangsta’s Paradise” for a new career — as a chef and author. And he means it literally: Following his Food Network stint on “Celebrity Chefs” and 2009 bestselling cookbook “Cookin’ With Coolio,” the rapper has decided to fund his new ventures with his old one, by auctioning off the performance royalties to his song portfolio.
According to a release from PR Newswire, The Royalty Exchange will be offering for auction the entire Coolio catalog of 123 songs, including the No. 1 hit “Gangsta’s Paradise.” The release notes that “the catalog is being sold directly from the artist and bidding will start at $140,000.”
According to The Royalty Exchange’s website, Coolio’s average yearly royalties for his catalog are $23,227.
Performance royalties can reap their owner dividends when songs are played on radio (satellite, internet, streamed and terrestrial); on TV shows, films and games; and live. Plays are usually tracked by organizations like ASCAP.
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