Universal Music Group (UMG) has finalised the acquisition of a majority stake in Mavin Global, the esteemed Nigerian record company founded by Don Jazzy, per billboard.com. This acquisition solidifies UMG’s position within the burgeoning African music market and marks a significant milestone in the global expansion of Afrobeats.
The deal, anticipated to be concluded by the third quarter pending regulatory approval, underscores UMG’s commitment to partnering with exceptional talent and visionary entrepreneurs. Don Jazzy, the pioneering force behind Mavin Global since its inception in 2012, along with COO Tega Oghenejobo, will retain their leadership roles within the label, ensuring continuity and innovation.
UMG Chairman/CEO Lucian Grainge expressed enthusiasm for the collaboration, stating, “With Don Jazzy, Tega, the Mavin Global team, and their artiste roster, we’ve found ideal partners with whom to grow together.” The synergy between UMG and Mavin Global aims to amplify the reach and influence of African music on a global scale.
The strategic investment is poised to propel Mavin’s growth trajectory, with a focus on expanding its Artist Academy and nurturing the next generation of African music leaders. This move aligns with UMG’s dedication to fostering creativity and diversity within the music industry.
Mavin Global’s existing relationship with UMG, evidenced by the success of Rema’s chart-topping hit “Calm Down,” underscores the potential for further collaboration and innovation. The track, which amassed over 1 billion on-demand streams in the US alone, exemplifies the global appeal of Afrobeats and its transformative impact on the music landscape.
As Afrobeats continues to captivate audiences worldwide, UMG’s acquisition of Mavin Global positions the company at the forefront of this cultural phenomenon. The rich tapestry of talent emerging from Africa, including artistes like Rema, Ayra Starr and Tems, underscores the genre’s vibrancy and potential for continued growth.
