Under the terms of the agreement, Mavin will retain autonomy over its creative direction and talent development strategies.
By Emmanuel Okoro
Global music powerhouse, Universal Music Group (UMG), has announced its acquisition of a majority stake in the Nigerian music company, Mavin Global. The deal solidifies UMG’s commitment to expanding its footprint in the Afrobeats genre, recognising Mavin as a pivotal force behind the rise of numerous Afrobeats artistes across the continent.
Established in 2012 by the visionary artiste, songwriter, producer, and entrepreneur, Don Jazzy, Mavin has been instrumental in shaping the trajectory of Afrobeats music, both locally and internationally. Boasting a rich roster of superstars like Rema and Ayra Starr, and a legacy of groundbreaking collaborations, Mavin has emerged as a driving force in propelling African music to unprecedented heights.
This strategic move by UMG comes five years after Mavin secured a significant multi-million dollar investment in 2019 from Kupanda Holdings, a joint venture between pan-African investment firm Kupanda Capital and TPG Growth. With TPG fully exiting the business, Kupanda Capital will retain a minority stake and continue to offer strategic guidance.
Under the terms of the agreement, Mavin will retain autonomy over its creative direction and talent development strategies. Founder and CEO Don Jazzy, alongside COO, Tega Oghenejobo, will continue to spearhead the company, ensuring continuity and innovation in its operations.
Expressing his enthusiasm for the partnership, Don Jazzy remarked, “I’m proud of the artistes, 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.”
Echoing this sentiment, Oghenejobo emphasised the synergies between Mavin’s vision and UMG’s global platform. “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. UMG is home to some of the world’s foremost music entrepreneurs and artistes, making them a perfect match for our aspirations.”
The partnership is poised to accelerate Mavin’s strategic initiatives, including talent development programs such as the Artiste Academy, aimed at nurturing emerging talent, and the executive leadership program, designed to groom the next generation of music industry leaders in Africa.
Sir Lucian Grainge, Chairman & CEO of Universal Music Group, spoke about the development, saying, “Our criteria for identifying partners is straightforward: great artistes, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artiste roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artistes have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
UMG anticipates that the collaboration will unlock new opportunities for Mavin’s artistes to achieve global recognition while further solidifying its position as a pan-African entertainment powerhouse. The deal is pending regulatory approval and is slated to close by the end of Q3 2024.