Universal Music Group Makes Majority Investment in Nigeria's Mavin Records

Universal Music Group Makes Majority Investment in Nigeria's Mavin Records
MAVIN RECORDS
Written By : Afua Amankwanowa


In a major industry move, Universal Music Group (UMG), the global music giant, is set to make a substantial investment in Mavin Records, the renowned Nigerian music label founded by Don Jazzy.

Pending regulatory approval, the deal is on track to be finalized by the end of the third quarter of 2024. The agreement is structured to empower Mavin Records with continued autonomy over its creative and developmental strategies, while tapping into the extensive global network of labels and resources offered by UMG.

Should the deal proceed, Don Jazzy, the visionary behind Mavin, and COO Tega Oghenejobo will retain their leadership roles within the company. This collaboration positions UMG to work closely with local talents and professionals, supporting initiatives like Mavin's Artiste Academy and executive leadership program—a dual effort aimed at nurturing emerging artists and fostering industry expertise across Africa.

The investment marks a significant stride for UMG into the vibrant world of Afrobeats and positions the company strategically in the thriving African music market. Don Jazzy expressed enthusiasm for the collaboration, emphasizing their ongoing mission with the added support from UMG. Sir Lucian Grainge, Chairman & CEO of Universal Music Group, underscored the importance of the partnership, citing Mavin's exceptional artists and Don Jazzy's entrepreneurial leadership as driving factors behind their decision to join forces.

Earlier speculations had hinted at interest from major players like South Korea's Hybe and UMG in investing in Mavin Records, solidifying the label's growing influence on the global music stage.

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