How UMG’s Stake in Mavin Global Signals a New Dawn for Afrobeats Worldwide
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In a landmark move poised to redefine the global music landscape, Universal Music Group (UMG) has acquired a majority stake in Mavin Global, the Nigerian powerhouse record label founded by the visionary Don Jazzy. This acquisition not only underscores UMG’s commitment to the burgeoning Afrobeats genre but also solidifies Mavin Global’s position at the forefront of African music. Mavin, the creative home to luminaries such as Rema, Ayra Starr, Crayon, and Ladipoe, is slated to join the UMG family, pending regulatory nods, with the transaction earmarked for completion by the year’s third quarter.
While financial specifics of the deal remain under wraps, industry insiders, according to a Billboard report last October, speculated Mavin’s market valuation to hover above the $125 million mark, potentially fetching a sale price between $150 million to $200 million. The intricacies of whether publishing rights were included in the transaction were not disclosed. In this strategic partnership, Don Jazzy, Mavin’s trailblazing founder and CEO, alongside COO Tega Oghenejobo, will continue steering the label’s operations.
UMG’s Chairman and CEO, Lucian Grainge, heralded the acquisition as a partnership with “ideal partners” that aligns with UMG’s ethos of nurturing great artistry, entrepreneurship, and human excellence. “Mavin’s exceptional artists have been pivotal in propelling Afrobeats onto the global stage, and we are elated to welcome them into our fold,” Grainge remarked, emphasizing the mutual vision of expanding Afrobeats’ global footprint.
Mavin’s pre-existing ties with UMG were highlighted by the international success of Rema’s “Calm Down,” an Afrobeats sensation that has garnered over a billion on-demand streams in the U.S. alone. This relationship has been further cemented with Ayra Starr’s engagement with Republic and strategic licensing deals that amplify Mavin’s global reach.
READ MORE: Why Rema is the ultimate Afrobeats star
This investment aims to catalyze Mavin’s international expansion, with a focus on enhancing its Artist Academy and executive leadership, thereby fostering a new generation of African music industry leaders. Oghenejobo expressed confidence in UMG as the ideal partner to propel Mavin’s next growth phase, emphasizing the shared commitment to championing African music on the world stage.
UMG’s acquisition of Mavin Global is a strategic maneuver that deeply entrenches the music giant in Nigeria’s vibrant Afrobeats scene. This genre, a melodic fusion that encompasses Afropop, Afro fusion, and high life, has witnessed its artists, including Wizkid, Davido, and Burna Boy, achieve global stardom. The recent Grammy introduction of a new category for best African music performance, awarded to Tyla’s “Water,” underscores the genre’s escalating global influence and Mavin’s central role in this cultural ascendance.
As Afrobeats continues to captivate audiences worldwide, this partnership marks a pivotal moment in music history, heralding a new era of cross-continental collaboration that promises to elevate African music to unprecedented global prominence.
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