The Mavins record label was founded by Michael Collins Ajereh, popularly known as Don Jazzy, and for over 12 years, it has been headed by him until February 27th, 2024, when the Universal Music Group announced its partnership with the Mavins record label, acquiring a major stake and making its partnership one of the biggest investments in the African entertainment scene.
Before the official acquisition and disclosure of the deal, Don Jazzy had announced that the label would be partnering with UMG but failed to disclose details of the deal. Billboard had also reported that the brand would be sold for a fee of one hundred and twenty-five million dollars, adding that the company is valued at around one hundred and fifty million to two hundred million dollars.
Following the acquisition, the Universal Music Group announced that the label would still be managed by Don Jazzy alongside the chief operations officer, Tega Oghenejobo. This means that the Universal Music Group (UMG) will be partnering with other successful local executives and experienced A&R professionals within and throughout the continent.
Don Jazzy stated during the announcement that he is proud of the artists, careers, and brands they have built, which have made the label the force it is today, and assured that the growth mission will always be in Africa and across the globe.
He believes that the partnership with UMG would be a new dawn for Mavins, as their new partners are believed to have access to top-tier industry experts, global resources, and unlimited platforms for promotion. The partnership ensures that Mavins artists reach a worldwide audience.
Chairman and CEO of the UMG, Sir Lucian Grainge, had reportedly stated the group’s criteria for identifying and choosing their partners. According to him, these criteria are great artists, great entrepreneurs, and great individuals, and all of these boxes were checked by Don Jazzy and his team at the Mavins, which has been home to some of the most successful Afrobeat artists like Tiwa Savage, Johny Drill, Crayon, Ayra Starr, Rema, and Ladipoe, amongst others.
The Universal Music Group, on the other hand, is a Dutch-American multi-national music organization. The organization’s headquarters are in Hilversum, and its operational headquarters are in Sancta Monica, California. It is regarded as the biggest music corporation in the world and sits at the same table as Sony Music and Warner Music Group.
UMG’s major stakeholders are TenCents and Pershing Square Holdings. TenCents acquired ten percent of UMG in March 2020 for three billion euros and later acquired an additional 10% stake in January 2021, while Pershing Square Holdings purchased ten percent of UMG before its IPO on the Euronext Amsterdam stock exchange. The company is valued at $46 billion.
Historically, the Universal Music Group was formally known as Decca Records between 1934 and 1971, MCA Records between 1971 and 1989, and MCA Music Entertainment Group between 1989 and 1996. The partnership between Mavins and UMG is aimed at enhancing strategic advancement and more opportunities for musical talents within Africa and globally, expanding their reach, and fostering super-pan-African entertainment cooperation. This means that consequent upon UMG’s acquisition of the Mavins record label, all artists signed to the label are, by default, affiliated with UMG and will thus be beneficiaries of the aforementioned privileges.
According to Tega Oghenejobo, the partnership is set to elevate the African Afrobeat label to unprecedented heights, even as the COO also expressed his appreciation to Kupanda and TPG for their investment in the label in 2019.
The future of the Nigerian music industry is seen as one that is successful and thriving. With the current boost and engagement that sound gets, it will be fair to say that Mavin’s partnership with UMG is nothing but the beginning of more internationally rated collaborations, investments, and dominance by Nigerian musical talents.
