Universal Music Group (UMG) on Monday, February 26, 2024, announced a majority investment with Nigeria’s leading music label, Mavin Global (Mavin).
This inaugural partnership had been hinted at by the CEO of Mavin Records, Don Jazzy some weeks back while addressing the rumour of the company’s sale and relationship with Kupanda who is still an investor at the company,
He said, “It is simple. We have investors, Kupanda Holdings, and they have been here for five years now, so dem go gona. “Obviously, a bunch of people are interested in investing in Mavin. If you have gold or diamonds, people will always patronise you. ”
With the commencement of this new partnership, it is expected to understand what details have been presented so far and what they mean.
Everything To Know About Universal Music Group and Mavin Records Partnership
- The deal remains subject to regulatory approval and is expected to close by the end of the third quarter of 2024.
- The Mavin team’s full-service offering in Nigeria will be amplified through UMG’s global network of labels and businesses by the investment. Meaning, that Mavin will now operate as a foreign music label.
- Mavin will maintain autonomy over its strategy and future talent development. As part of the agreement, Don Jazzy and COO Tega Oghenejobo will continue leading the company – offering UMG the opportunity to partner with proven local executives and experienced A&R professionals.
- UGM and Mavin’s mission is anchored in two initiatives: Mavin’s Artist Academy, which trains new talent in music and performance skills and builds connections within the roster, and their executive leadership program, which seeks to develop the next generation of music industry talent in Africa.
- UMG sees this as an opportunity to increase its presence in Afrobeats and greater exposure to the fast-growing African market.
- TPG has fully exited the business, while Kupanda Capital will a remain minority investor and strategic adviser.
- Lastly, the actual percentage of the company acquired by UMG is yet to be made public, it is clear that UMG is a majority shareholder.
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