Universal Music Group acquires major stake in Nigeria record label Mavin Records
Universal Music Group (UMG), one of the world’s largest music companies, has purchased a majority ownership in Mavin Global, a Nigerian record label giant.
The company made this known in a statement on Monday, adding that the deal is still pending regulatory approval.
“Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin). The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024,” the statement read in part.
Mavin is credited with discovering prominent Afrobeats musicians Ayra Starr and Rema, who went on to achieve global fame.
Label owner DonJazzy, real name Michael Collins Ajereh, was quoted in a UMG statement as saying: “I’m proud of the artists, careers and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
UMG also announced that the Mavin team’s full-service offering in Nigeria will be expanded through UMG’s worldwide network of labels and businesses, while it will retain control over its strategy and future talent development.
As part of the arrangement, Don Jazzy, Founder and CEO of Mavin Global, and Tega Oghenejobo, Chief Operating Officer (COO), will continue to oversee the company, giving UMG the opportunity to collaborate with proven local executives and seasoned A&R specialists.
The statement did not include the acquisition’s worth. It did, however, disclose that TPG Records has totally exited the firm, with Kupanda Capital remaining a minority investor and strategic consultant.
Mavin is home to a number of top Afrobeats artists including Ayra Starr, Ladipoe, Johnny Drille, Crayon, Magixx, Bayanni, Boyspyce, DJ Big N, Lifesize Teddy and Rema, whose hit single Calm Down [featuring Selena Gomez] rose to No.3 on the U.S. Billboard Hot 100 chart in a breakthrough for the genre.
The track has gone on to be one of the biggest Afrobeats songs of all time, becoming the first African artist-led track to surpass 1 Billion Spotify streams.
Ayra Starr’s track Rush was nominated for the inaugural Best African Music Performance Grammy and its music video is the most viewed music video by a female Nigerian artist on YouTube.