- Universal Music Group (UMG), a multinational music corporation with Dutch and American roots, has acquired the majority stake in Michael Collins Ajereh’s — also known as Don Jazzy — Mavin Global.
- The deal is subject to regulatory approval and is expected to close by the end of Q3 2024.
- This acquisition will boost the growth of Nigerian music companies by providing more opportunities to showcase talent globally.
According to UMG and the terms of the agreement, Mavin will continue to manage its strategic direction and talent development, and Ajereh (CEO) and Tega Oghenejobo (COO) will continue to lead the company.
Sir Lucian Grainge, CEO of UMG, commented on the development, stating that Mavin meets its criteria for an ideal partner due to the company's excellent team.
“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,” he added.
Ajereh and Oghenejobo stated that this collaboration will reinforce the company's commitment to cultivating a vibrant creative environment that propels African music to new heights on a global scale.
This development comes five years after Mavin received a multi-million dollar investment in 2019 from Kupanda Holdings, a partnership between pan-African investment firms Kupanda Capital and TPG Growth.
As a result of this new development, TPG will withdraw from the company; however, Kupanda Capital will retain a minority stake and continue to serve as a strategic adviser.
Ajereh founded Mavin in 2012, and it has been instrumental in promoting Afrobeats artists both locally and internationally.
The African music industry has recently expanded, providing opportunities for diverse growth and investment. Per a report, Africa’s annual music streaming revenues will grow from $92.9 million in 2021 to $314.6 million by 2026.
According to the International Federation of the Phonographic Industry (IFPI), which represents the recording industry's interests worldwide, recorded music revenue in sub-Saharan Africa will be $70.1 million in 2021.
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