In a groundbreaking move that underscores the global music industry’s interest in African talent, Universal Music Group (UMG), one of the largest music corporations worldwide, has announced its acquisition of a majority stake in Mavin Records.
The record label, founded by the esteemed Nigerian music producer Michael Ajereh, widely known as Don Jazzy, is set to join the UMG family, pending regulatory approval.
The deal is expected to be finalized by the end of the third quarter of 2024, with the financial details of the acquisition remaining undisclosed.
UMG’s strategic investment in Mavin Records marks a significant milestone in the music industry, highlighting the increasing value and global appeal of African music and artists.
Mavin Records, since its inception in 2012, has grown to become one of the most influential music labels in Africa, home to a roster of high-profile artists including Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy.
The partnership is poised to retain Mavin’s operational independence, allowing it to continue its mission of discovering and nurturing future talents without external interference.
Both Don Jazzy, the founder and CEO, and Tega Oghenejobo, the COO, will remain at the helm, leading the company into this new chapter.
Don Jazzy expressed his enthusiasm about the partnership, emphasizing the pride he takes in the artists, careers, and the brand they have built together.
He views the collaboration with UMG as an opportunity to expand Mavin’s mission not just in Africa but globally.
Lucian Grainge, the chairman and CEO of UMG, also shared his optimism about the acquisition, stating that the partnership with Don Jazzy, Tega, and the Mavin Global team is an ideal venture for mutual growth.
However, the acquisition comes with implications for Mavin’s artists, particularly concerning their use of music on social platforms like TikTok.
Due to an existing agreement between UMG and TikTok, artists under Mavin Records will face restrictions on using their songs on the platform.