In what could be described as an endorsement to the growing importance of the Nigerian music industry, yesterday, Universal Music Group (UMG) acquired a majority stake in Lagos, Nigeria-based music company Mavin Global (Mavin).
In 2022, Africa represented the fastest-growing continent for recorded music consumption, with Sub-Saharan Africa growing at 34.7 per cent year on year (YoY), according to the International Federation of Phonographic Industry (IFPI), the only region to grow more than 30 per cent that year.
UMG described Mavin as “the driving force behind many of the continent’s Afrobeats artists”.
Founded in 2012 by artist, producer, music executive and entrepreneur, Michael Collins Ajereh (aka Don Jazzy), Mavin has played a prominent role in breaking Afrobeats artists within Africa.
According to UMG, Mavin will “maintain autonomy” over its strategy and future talent development. As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company.
UMG also said on Monday that the partnership will accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally, expand the reach of its existing roster and continue building its business into “a super-serving, pan-African entertainment company”.
This mission, according to UMG, is anchored in two initiatives: Mavin’s Artist Academy, which trains new talent in music and performance skills and builds connections within the roster, and their executive leadership programme, which seeks to develop the next generation of music industry talent in Africa.
Ajereh said: “I’m proud of the artists, careers and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
Oghenejobo added: “With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business.
“UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”
Chairman and CEO of Universal Music Group, Lucian Grainge, said: “Our criteria for identifying partners is straightforward: Great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together.
Five years ago, Mavin secured a multi-million dollar investment (in 2019) from Kupanda Holdings, a joint venture between pan-Africa investment company Kupanda Capital and TPG Growth.
TPG has now fully exited the business, while Kupanda Capital will remain a minority investor and strategic adviser.
Mavin is home to a number of top Afrobeats artists including Ayra Starr, Ladipoe, Johnny Drille, Crayon, Magixx, Bayanni, Boyspyce, DJ Big N, Lifesize Teddy and Rema, whose hit single Calm Down [featuring Selena Gomez] rose to No.3 on the U.S. Billboard Hot 100 chart in a breakthrough for the genre.
The track has gone on to be one of the biggest Afrobeats songs of all time, becoming the first African artist-led track to surpass 1 Billion Spotify streams.
