Lagos, Nigeria | NOW THEN DIGITAL — Universal Music Group (UMG) is making a big move in the Nigerian music scene, investing in Mavin Global, the powerhouse behind some of Afrobeats’ biggest names. The deal, set to be finalized by the end of Q3 2024 pending regulatory checks, follows speculation about Mavin seeking investment opportunities.
Dear Mavin Family,
We are thrilled to announce that Mavin Records has partnered with Universal Music Group, marking a new chapter in our journey.
This partnership is a milestone that recognizes our collective talent and hard work, aiming to elevate African music on the global… pic.twitter.com/nzGTvgOGkP
— MAVIN (@MAVINRECORDS) February 26, 2024
Mavin Global, led by the renowned Don Jazzy, has been shaping the Afrobeats landscape since its inception in 2012. Their roster boasts established stars like Rema, Ayra Starr, and Ladipoe alongside emerging talents. They’ve also been instrumental in launching the careers of artists like Tiwa Savage and Reekado Banks.
The deal, estimated to be worth between $125m and $200m, aims to fuel Mavin’s expansion as Afrobeats gains traction worldwide, drawing parallels with the global rise of Latin and K-pop genres.
UMG’s investment is expected to bolster Mavin’s capabilities in Nigeria, tapping into UMG’s extensive global network. Mavin has already inked deals with US labels like Republic and Interscope, showcasing its international appeal.
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This move also marks UMG’s deeper dive into Afrobeats, a genre experiencing explosive growth globally. In 2023 alone, streams of Afrobeats in the US surged by 34%, reflecting its rising popularity.
Mavin’s influence in Afrobeats is undeniable, leading to the creation of Billboard’s US Afrobeats Songs Chart in 2022, with Rema clinching the top spot with ‘Calm Down’ featuring Selena Gomez.
UMG chairman and CEO Sir Lucian Grainge expressed excitement about the partnership, praising Mavin’s talent and entrepreneurial spirit. Mavin will retain control over its strategy and talent development, with Don Jazzy and COO Tega Oghenejobo continuing to lead the charge.
Don Jazzy sees this as a historic partnership that will further Mavin’s mission both in Africa and globally. Oghenejobo believes UMG’s expertise and diverse portfolio make them the perfect match for Mavin’s ambitions.
With this collaboration, Mavin and UMG aim to elevate African music to new heights on the global stage, fostering a vibrant creative environment for artists.
