Press "Enter" to skip to content

Universal Music Group Acquires Majority Stake in Nigerian Afrobeats Label Mavin Global

Universal Music Group Acquires Majority Stake in Nigerian Afrobeats Label Mavin Global

Universal Music Group (UMG), a major player in the music industry, has acquired a big part of Mavin Global (Mavin), a top music label based in Lagos, Nigeria, known for promoting Afrobeats artists. Mavin, founded in 2012 by Don Jazzy, has been instrumental in introducing Afrobeats talent to audiences both in Africa and worldwide.

This news comes after Mavin received a significant investment in 2019. Now, with UMG’s majority stake, Mavin will continue to operate independently under its current leadership, with Don Jazzy and COO Tega Oghenejobo at the helm. The deal is expected to finalize by the end of Q3 2024, pending regulatory approval.

Mavin boasts a roster of talented artists like Ayra Starr, Ladipoe, and Rema, whose track “Calm Down” featuring Selena Gomez made waves by reaching No.3 on the U.S. Billboard Hot 100 chart and surpassing 1 billion streams on Spotify. Additionally, Ayra Starr’s “Rush” received a Grammy nomination for Best African Music Performance.

UMG’s investment aims to expand Mavin’s presence globally by leveraging its extensive network of labels and resources. This partnership is set to enhance Mavin’s strategic initiatives, including its Artist Academy, which mentors new talent, and its executive leadership program, fostering the growth of music industry professionals in Africa.

In 2022 Africa represented the fastest-growing continent for recorded music consumption, with Sub-Saharan Africa growing at 34.7% YoY, according to the IFPI, the only region to grow more than 30% that year.,

Michael Ajereh said: “ 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.

“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.”

Sir Lucian Grainge, Chairman & CEO of Universal Music Group, said: “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together.

“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.”

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *