One of the biggest music companies in the world, Universal Music Group (UMG), has announced the acquisition of a controlling stake in Mavin Records, a ground-breaking move that highlights the global music industry’s interest in African talent.
Under regulatory clearance, the record label—which was started by the renowned Nigerian music producer Michael Ajereh, better known by his stage name, Don Jazzy—will become a part of the UMG family.
A major turning point in the music industry has been reached by UMG’s strategic investment in Mavin Records, which emphasizes the growing worth and attraction of African music and musicians worldwide.
The transaction is anticipated to close by the end of the third quarter of 2024; the acquisition’s financials are being kept under wraps.
Since its founding in 2012, Mavin Records has expanded to rank among the most significant music labels in Africa. Notable musicians like as Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy are signed to the company.
Mavin’s operational independence will be preserved by the collaboration, enabling it to carry out its objective of identifying and developing future talent free from outside intervention.
Don Jazzy, the company’s creator and CEO, and COO Tega Oghenejobo will continue to lead it into this new phase.
Don Jazzy was excited about the collaboration and highlighted his pleasure in the musicians, careers, and brand they have created together.
He sees the partnership with UMG as a chance to take Mavin’s mission beyond Africa and into the rest of the world.
UMG chairman and CEO Lucian Grainge expressed his confidence regarding the acquisition, saying that the collaboration with Don Jazzy, Tega, and the Mavin Global team provides a great opportunity for growth on both sides.
However there are ramifications for Mavin’s musicians as a result of the acquisition, especially with regard to how they use music on social media sites like TikTok.
Mavin Records artists will not be able to use their music on TikTok due to an agreement that already exists between UMG and the platform.
(Naijanews)
