Hey there, music lovers, Big news in the entertainment world: Universal Music Group (UMG) has just snagged a big piece of Mavin Global (Mavin), the renowned music company based in Lagos, Nigeria. You might know Mavin Records, founded back in 2012 by the famous Michael Collins Ajereh, also known as Don Jazzy. Mavin Records has been a major player in putting Afrobeats artists on the map, not just in Africa but worldwide.
This move by UMG comes after Mavin got a huge investment in 2019 from Kupanda Holdings. Now, TPG Growth has completely pulled out of the business, while Kupanda Capital will stick around as a minority investor and offer strategic advice.
But don’t worry, Mavin isn’t losing its touch. Under the terms of the deal, Don Jazzy and COO Tega Oghenejobo will keep leading the company. The deal is set to be finalized by the end of Q3 2024, pending regulatory approval.
Don Jazzy is thrilled about this partnership, 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.”
Tega Oghenejobo added, “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.”
And guess what? Sir Lucian Grainge, Chairman & CEO of Universal Music Group, is equally excited. He said, “Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
Speaking of artists, Mavin boasts an impressive lineup including Ayra Starr, Ladipoe, Johnny Drille, Crayon, and many more. Their single “Calm Down,” featuring Selena Gomez, even hit No. 3 on the U.S. Billboard Hot 100 chart!
But that’s not all. Ayra Starr, another gem from Mavin, scored a Grammy nomination for Best African Music Performance with her track “Rush.” And their music video broke records as the most-viewed by a female Nigerian artist on YouTube.
So, what does this partnership mean for the future of Mavin? Well, UMG aims to help Mavin grow even bigger, providing more opportunities for its talent to shine on the global stage. They plan to launch initiatives like Mavin’s Artist Academy, to train new talents, and an executive leadership program to groom future music industry pros in Africa.
This partnership couldn’t come at a better time, especially with the booming music scene in Africa. According to the International Federation of the Phonographic Industry (IFPI), Africa saw the highest growth rate in recorded music consumption in 2022, with Sub-Saharan Africa leading the charge at a whopping 34.7% year-over-year growth.
Exciting times ahead for Mavin Records and Afrobeats music lovers everywhere
- Growing Your Email List: The Secret Weapon of Email Marketing. - July 15, 2024
- How Social Media Influencers are Shaping Consumer Behaviour - July 1, 2024
- Understanding Your Audience with Market Segmentation - July 1, 2024
No Comment! Be the first one.