Mavin Records, the Nigerian record label founded by Don Jazzy, has recently been acquired by Universal Music Group (UMG), a major player in the music industry.
This acquisition by UMG is a strategic move to strengthen its presence in the fast-growing Afrobeats genre.
Under the terms of the deal, which is set to be finalized by the end of the third quarter of 2024, UMG will take a majority stake in Mavin Global, while Don Jazzy and his team will continue to lead the label.
Although the financial details of the acquisition have not been disclosed, reports suggest that Mavin Records has been valued at over $125 million. This collaboration underscores UMG’s recognition of Mavin’s pivotal role in elevating Afrobeats to a global audience.
Notable Mavin artists like Rema have seen tremendous success, with his track “Calm Down” becoming one of the most popular Afrobeats songs ever and even making it to the top 10 of the US Billboard Hot 100 chart.
This new partnership is expected to open doors for greater international exposure and growth opportunities for Mavin’s roster of artists.
With UMG’s global reach and Mavin’s deep expertise in Afrobeats, both parties are poised to reap significant benefits from this collaboration.
