• Mon. May 20th, 2024

Universal Music Group invests big in Mavin Records

Universal Music Group (UMG), a global leader in music-based entertainment, has made a significant move by acquiring a majority stake in Mavin Global (Mavin), an iconic independent record label based in Lagos, Nigeria. Founded by renowned artist and entrepreneur Don Jazzy in 2012, Mavin has played a pivotal role in shaping the Afrobeats genre and promoting talented artists within Africa and beyond.

Key Details

UMG’s majority investment in Mavin is pending regulatory approval and is expected to close by the end of Q3 2024.

Mavin is home to a roster of accomplished artists, including Rema, Ayra Starr, Crayon, and Ladipoe.

Terms of the deal remain undisclosed, but earlier reports suggested a valuation of over $125 million for Mavin, with a potential sale price ranging from $150 million to $200 million.

Don Jazzy and COO Tega Oghenejobo will continue to lead Mavin, ensuring continuity and strategic growth.

UMG’s Vision

UMG’s chairman and CEO, Lucian Grainge, emphasized their criteria for identifying partners: great artists, great entrepreneurs, and great people. With Mavin’s talented artists and visionary team, UMG sees an opportunity to further elevate Afrobeats on the global stage.

Existing Relationship

Mavin already has ties with UMG. Rema’s chart-topping hit “Calm Down,” initially distributed by Virgin Music, achieved remarkable success, reaching No. 3 on the U.S. Billboard Hot 100.

Ayra Starr, another Mavin artist, has a partnership with Republic Records.

The remix of “Calm Down,” featuring Selena Gomez, was licensed to Interscope.

Impact and Growth

The investment is designed to spur Mavin’s growth around the world, according to a press release, with focuses on both Mavin’s Artist Academy, which nurtures its roster in various musical and performance skills, and its executive leadership team, which is aimed at growing the next generation of African leaders in the music business.

“With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business,” Oghenejobo said in a statement. “UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”

Winning the Mavin auction catapults UMG deeper into the Nigerian Afrobeats scene — the umbrella genre that encompasses Afropop, Afro fusion, high life and others that continues to explode around the globe. In the past several years, artists such as WizkidDavido and Burna Boy have blossomed into global superstars, while the likes of Rema, Starr, TemsTylaCkayAsake and Fireboy DML have led a wave of young, emerging talent coming from the African continent. The movement has gained momentum to the point that the Recording Academy introduced a new Grammy Awards category for best African music performance, which was awarded to Tyla’s “Water” at the honors earlier this month.

Mbiydzela

mbiydzela
Mbiydze is a web and graphic designer, digital marketer, and founder of a group of companies including CHEETAH CAMEROON, MBIYDZELA DIGITAL and PULSEBEAT ENTERTAINMENT  He is an ambitious entrepreneur with experience in various fields.
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