In a potential game-changing move for the African music industry, Mavin Records, the renowned Nigerian music label founded by Don Jazzy, is reportedly exploring the possibility of selling a stake to a foreign company. Sources close to the matter reveal that Mavin Records is actively seeking investment or considering a complete sale, attracting interest from major players such as Universal Music Group (UMG), HYBE Corporation, and prominent financial sector music investors.
The last significant investment in Mavin Records dates back to January 2019, when the label secured a multi-million dollar investment from Kupanda Holdings. The current proposed deal, reportedly facilitated by Shot Tower Capital, values Mavin Records at an impressive $125 million, with potential figures reaching between $150 million to $200 million. However, the specifics of whether music publishing is included in the deal remain unclear. This strategic move is aimed at securing funding for the label’s expansion, aligning with Africa’s rising prominence on the global music stage, mirroring the successes of Latin and K-pop genres.
While uncertainties surround the potential deal, it is anticipated that, regardless of the buyer, Mavin Records’ management team, spearheaded by the legendary Don Jazzy, will retain a significant level of influence.
Despite UMG’s connection to some Mavin artists, HYBE Corporation seems to be leading the race for Mavin Records. Notable connections with UMG include the distribution of Rema’s hit, “Calm Down,” through UMG’s Virgin label. Mavin Records, home to remarkable talents like Rema and Ayra Starr, has amassed over 1.5 billion global streams. Rema’s “Calm Down” remix with Selena Gomez alone boasts an astonishing 9.07 billion streams, although not all collaborations have been directly credited to the Nigerian sensation. Globally, Rema and Ayra Starr have left a significant impact, surpassing their streaming numbers in the United States, where, for instance, Rema’s collaboration with Gomez represents only a fraction of the song’s total streams.
Mavin Records is not only home to established artists like Tiwa Savage, Wande Coal, Iyanya, and Reekado Banks but also nurtures emerging talents such as Ladipoe, Crayon, Boy Spyce, and Magixx. Acquiring Mavin Records would provide several advantages, positioning the buyer at the forefront of the thriving Nigerian Afrobeats scene, which has evolved beyond Afropop and Afro-fusion. The genre, championed by global stars like Wizkid, Davido, and Burna Boy, now embraces emerging talents like Rema, Starr, Tems, Ckay, Asake, and Fireboy DML.
As the Afrobeats scene continues to gain global recognition, evidenced by The Recording Academy’s recent introduction of a Grammy Award category for Best African Music Performance, acquiring Mavin Records becomes an even more enticing prospect. The buyer would also gain access to the wealth of experience brought by Don Jazzy, co-founder of Mo’ Hit Records in 2004 and the visionary behind Mavin Records, further solidifying its status as a leading African record label.
The stage is set for Mavin Records to make a substantial impact on the ever-evolving global music scene. Stay tuned for more exciting updates.
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