​Universal Music Group announces majority investment in Mavin Records

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Universal Music Group (UMG) has announced a majority investment in Nigeria-born imprint Mavin Records, expected to close in the second half of 2024.

In a statement released earlier today, UMG noted Mavin’s acceleration of the Afrobeat genre over the years, praising its “rapid growth and commercial success”.

It comes five years after Mavin struck a multi-million dollar investment from Kupanda Holdings, a joint venture between investment companies Kupanda Capital and TPG Growth.

Read this next: 10 years of Mavin Records: How the Nigerian label helped take Afrobeats global

Founded by producer and entrepreneur Michael Collins Ajereh – AKA Don Jazzy – in Lagos, Nigeria some 12 years ago, Mavin Records has been credited for its role in taking the sound of Afrobeats across the globe.

The label currently flaunts a roster that includes the likes of Ayra Starr, Lapidoe, Johnny Drille, Crayon, Magixx, and Rema, who received recognition for his collaborative single ‘Calm Down’ with Selena Gomez in 2022 which held a spot in the US Afrobeats chart for 58 continuous weeks.

“I’m proud of the artists, careers and brand we’ve built that have made Mavin the force it is today,” says Mavin founder Don Jazzy. “In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”

Mavin is also praised for pioneering the sound of Afrobeats and taking many artists global, leading to rapid growth in the genre over the years. In the first half of 2023 alone, streams of Afrobeat tracks in the US increased by 34% from the year prior.

Read this next: Creating masterpieces: London is the Nigerian producer making unique bangers

“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” says Universal Music Group CEO, Sir Lucian Grainge.

“With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artists 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.”

The deal is expected to close by the end of the third quarter. Read the full statement from Universal Music Group here.

Gemma Ross is Mixmag’s Assistant Editor, follow her on Twitter

Written by: Tim Hopkins

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