Nigerian record label Mavin Records, owned by Don Jazzy has been acquired by the music industry giant Universal Music Group (UMG).
This move further strengthens UMG’s presence in the rapidly growing Afrobeats scene.
The deal, expected to be finalised by the end of the third quarter of 2024, will see UMG acquire a majority stake in Mavin Global, while founder Don Jazzy and his team retain leadership of the label.
Financial details remain undisclosed, but previous reports estimated Mavin’s value to be well over $125 million. This strategic alliance signifies UMG’s recognition of Mavin’s role in propelling Afrobeats onto the global stage.
Mavin artists like Rema have achieved massive success, with his song “Calm Down” becoming the most popular Afrobeats track ever, even reaching the top 10 of the US Billboard Hot 100 chart.
This partnership paves the way for even greater international exposure and development for Mavin’s artists.
By combining UMG’s global network with Mavin’s established expertise in Afrobeats, both parties stand to benefit significantly from this collaboration.
Source:Fiilafmonline/CitiShowbiz
