Majority Share In Mavins Records Acquired by Universal Music Group

Majority Share In Mavins Records Acquired by Universal Music Group

AFROBEAT LABEL MAVIN’S MAJORITY STAKE IS BOUGHT BY UNIVERSAL MUSIC GROUP

The majority of Mavin Global (Mavin), a music firm located in Lagos, Nigeria, has been bought by Universal Music Group (UMG).

Mavin is “the driving force behind many of the Afrobeats artists on the continent,” according to UMG.

Established in 2012 by Michael Collins Ajereh (also known as Don Jazzy), a Performer, Producer, Music executive, and Businessman, Mavin has been instrumental in launching the careers of Afrobeats musicians both in Africa and beyond.

The announcement on Monday, February 26th, comes about five years after Mavin successfully obtained a multi-million dollar investment (in 2019) from Kupanda Holdings, a partnership between TPG Growth and Pan-African Investment firm Kupanda Capital.

As of right now, TPG has completely left the company; Kupanda Capital will continue to serve as a strategic advisor and minority investor.

Mavin will “maintain autonomy” for its approach and future talent development, according to UMG. Don Jazzy, the company’s founder and CEO, and Tega Oghenejobo, the COO, will continue to guide the business as per the agreement.

With regulatory clearance still pending, the acquisition is anticipated to be finalised by the end of Q3 2024.

Top Afrobeats musicians including Ayra Starr, Ladipoe, Johnny Drille, Crayon, Magixx, Bayanni, Boyspyce, DJ Big N, Lifesize Teddy, and Rema call Mavin home. Rema’s popular song Calm Down, which features Selena Gomez, became a breakthrough for the genre, peaking at No. 3 on the U.S. Billboard Hot 100 list.

The song went on to become one of the all-time greatest Afrobeats hits and the first African artist-led single to reach one billion Spotify plays.

The music video for Ayra Starr’s song Rush has received the most views on YouTube of any music video by a female Nigerian artist, and the song is nominated for the first-ever Grammy for Best African Music Performance.

Universal said on Monday that the investment will expand Mavin’s activities in Nigeria by using UMG’s extensive worldwide network of labels and businesses.

Mavin and its roster are currently “well integrated” into UMG’s network, with various signings across U.S. labels, including Republic collaborating for Ayra Starr and Interscope for Lifesize Teddy. Mavin is currently distributed globally [apart from Africa] through Virgin Music Group alongside Rema.

Additionally, UMG stated on Monday that Mavin’s strategic progress will be accelerated by the agreement, which will also present new potential for Mavin to break new talent internationally, broaden the appeal of its current roster, and keep developing its organization into “a super-serving, pan-African entertainment company.”

This mission is anchored in two initiatives, according to UMG: their executive leadership program, which aims to develop the next generation of African music industry talent, and Mavin’s Artist Academy, which trains new talent in music and performance skills and builds connections within the roster.

Africa was the continent with the fastest-growing recorded music consumption in 2022; the IFPI reports that Sub-Saharan Africa grew at 34.7% YoY, the only area to expand at a rate higher than 30% in that year.

“I’m proud of the artists, careers, and brand we’ve built that have made Mavin the force it is today,” stated Michael Ajereh. Through this historic collaboration with UMG, we will carry out that objective both globally and in Africa.

“Given the diversity and potential of our business, we have a strong belief that they are the ideal partner for the next phase of our growth,” Tega Oghenejobo continued. “We have a proven history of collaborations within the UMG family.”

“UMG is home to some of the top musicians and music entrepreneurs in the world, which makes them an ideal fit for our goals. We are committed to creating a dynamic creative atmosphere that elevates African music to new heights on the international scene, and we are doing so by working with UMG.”

Great artists, great businesses, and wonderful people make up our simple criterion for choosing partners, according to Sir Lucian Grainge, Chairman and CEO of Universal Music Group. We’ve discovered the perfect partners to develop within Don Jazzy, Tega, the Mavin Global crew, and their artist list.

“We’re excited to welcome Mavin’s talented artists into the Universal Music Group family, as they have been instrumental in transforming Afrobeats into a worldwide phenomenon.”

Credits: Allschoolabs, Nairaland