4.6 C
New York
Tuesday, April 23, 2024

Universal Music Group Acquires Majority Stake in Afrobeats Label Mavin

Date:

Share post:

In a significant move for the global music industry, Universal Music Group (UMG) has announced its acquisition of a majority stake in Lagos-based music company Mavin Global (Mavin), solidifying its foothold in the burgeoning Afrobeats genre.

Founded in 2012 by artist, producer, and entrepreneur Michael Collins Ajereh, popularly known as Don Jazzy, Mavin has been instrumental in shaping the Afrobeats landscape both within Africa and on the global stage. The label has been hailed as the driving force behind many of the continent’s top Afrobeats artists, playing a pivotal role in breaking new talent and delivering chart-topping hits.

Universal Music Group Acquires Majority Stake in Afrobeats Label Mavin

UMG’s acquisition of Mavin marks a significant milestone in the label’s journey, coming five years after a notable multi-million dollar investment from Kupanda Holdings in 2019. With TPG Growth fully exiting the business and Kupanda Capital retaining a minority stake and strategic advisory role, Mavin is poised for strategic growth and expansion under UMG’s stewardship.

Despite the acquisition, UMG has assured that Mavin will maintain autonomy over its strategy and talent development initiatives. Founder and CEO Don Jazzy, along with COO Tega Oghenejobo, will continue to lead the company, ensuring continuity and stability in its operations.

Universal Music Group Acquires Majority Stake in Afrobeats Label MavinAlso, read: Widow of Slain Haitian President Charged in Connection with His Assassination

The deal, subject to regulatory approval, is expected to close by the end of Q3 2024, paving the way for enhanced collaboration and synergy between Mavin and UMG’s global network of labels and businesses. This strategic partnership will amplify Mavin’s presence in Nigeria and beyond, leveraging UMG’s extensive resources and expertise to propel the label’s roster of artists to greater heights.

Mavin boasts an impressive lineup of top Afrobeats artists, including Ayra Starr, Ladipoe, Johnny Drille, and Rema, whose hit single “Calm Down” featuring Selena Gomez soared to No. 3 on the U.S. Billboard Hot 100 chart, marking a breakthrough moment for the genre. With Mavin’s track record of chart-topping hits and groundbreaking achievements, including the first African artist-led track to surpass 1 billion Spotify streams, the label’s global impact is undeniable.

Universal musicLooking ahead, UMG envisions Mavin as a super-serving, pan-African entertainment company, committed to fostering talent development and industry innovation. With initiatives like Mavin’s Artist Academy and executive leadership program, the label aims to nurture the next generation of music industry talent in Africa and capitalize on the continent’s rapid growth in recorded music consumption.

As Africa emerges as a powerhouse in the global music landscape, fueled by the explosive popularity of Afrobeats, UMG’s partnership with Mavin signals a new era of growth, opportunity, and cultural exchange in the African music industry.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Related articles

The Enchanting Melodies of Soukous Music: A Journey Through Central Africa’s Musical Landscape

In the rich tapestry of Central African music, one genre stands out for its infectious rhythms and vibrant...

Nigerian Court Grants Cubana Chief Priest ₦10 Million Bail for Naira Abuse Allegations

Pascal Okechukwu, popularly known as Cubana Chief Priest, has been granted bail in the sum of 10 million...

Nigerian Transgender Celebrity Bobrisky Sentenced to Male Prison for Banknote Abuse

Popular Nigerian transgender celebrity Bobrisky, also known as Idris Okuneye, has been sentenced to six months in jail...

Woman in Viral Davido Video Denies Being the Married Singer’s Girlfriend

Nigerian afrobeats sensation Davido finds himself at the center of social media buzz after a leaked video featuring...