Universal Music buys majority stake in Nigeria's Mavin Records
TLDR
- UMG acquires majority stake in Lagos-based music company Mavin Global, known for elevating Afrobeats artists locally and internationally.
- Don Jazzy to remain as CEO of Mavin with autonomy over strategic direction and artist development.
- Transaction expected to be completed by end of Q3 2024 pending regulatory approval.
Universal Music Group (UMG) has announced its acquisition of a majority stake in Mavin Global (Mavin), a Lagos-based music company renowned for its influence in shaping the careers of numerous Afrobeats artists.
Established in 2012 by Michael Collins Ajereh, popularly known as Don Jazzy, Mavin has been instrumental in elevating Afrobeats artists to both local and international prominence. This acquisition follows Mavin's previous investment from Kupanda Holdings five years ago, with TPG Growth exiting the business while Kupanda Capital retained a minority stake.
UMG has stressed that Mavin will maintain autonomy over its strategic direction and artist development. Don Jazzy will continue in his role as CEO, with Tega Oghenejobo remaining as COO. The transaction, pending regulatory approval, is anticipated to be finalized by the end of the third quarter of 2024.
Key Takeaways
Mavin boasts a roster of top Afrobeats artists, including Rema, whose collaboration with Selena Gomez, “Calm Down,” reached number three on the US Billboard Hot 100, a major milestone for the genre. Additionally, Ayra Starr’s “Rush” earned a Grammy nomination, and her music video holds the record for most views by a female Nigerian artist on YouTube. The acquisition deal puts a spotlight on the fast-growing but largely undertapped entertainment sector in Africa. The music industry particularly is expanding rapidly, driven by the popularity of indigenous genres like Afrobeats, attracting global record labels looking to sign local artists. Sony recently launched a fund focused on the sector with plans to invest as much as $10 million.
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