Universal Music Group (UMG), a global music conglomerate, has acquired a majority stake in Mavin Records, a Nigerian record label founded by music producer Michael Ajereh, famously known as Don Jazzy.
The acquisition will facilitate UMG’s expansion into the thriving African music market, enabling both entities to scale beyond current reach.
The agreement between UMG and Mavin Records, currently pending regulatory approval, is expected to be finalized by the third quarter of 2024.
While the financial terms of the deal remain undisclosed, industry analysts speculate that the transaction could be valued at a substantial figure, potentially surpassing previous estimates.
Mavin Records, established in 2012, has nurtured the talents of well-known artists such as Rema, Ayra Starr, Crayon, and Ladipoe, among others.
In relation to the investment, Don Jazzy, had an impressive view about the partnership with UMG, noting the similar goal of grooming and promoting African music on a global scale.
Lucian Grainge, the chairman and CEO of UMG, commended Mavin Records on how it is popularizing Afrobeats, a genre that has captivated audiences worldwide.
Grainge highlighted the synergies between UMG and Mavin Records, citing the mutual dedication to artistic excellence and innovation in the music industry.
The investment from UMG will boost Mavin’s expansion initiatives, with a particular emphasis on heightening the label’s Artist Academy and empowering the next generation of African music industry leaders.
The acquisition emphasizes UMG’s drive to deepen its presence in the Nigerian Afrobeats industry, which has witnessed commendable growth and international recognition in recent years.
Notable artists such as Wizkid, Davido, and Burna Boy have driven Afrobeats onto the global stage, making it easier for emerging talents like Rema, Starr, Tems, and Fireboy DML to carve out their own unique paths to success.
With the partnership between UMG and Mavin Records, both entities will spearhead Africa’s musical continuous thriving, motivating audiences and artists alike to keep pushing for creativity and innovation.
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