Nigeria: The World’s Largest Record Label ‘Universal Music Group’ (UMG) announced on Monday, Feb 26, 2024, that it will acquire the majority stake in Michael Collins record label ‘Mavin Global Records’.
UMG announced a stake of $10 billion in the record label of popular artist Michael Collins, who is popularly known as Don Jazzy. The deal with the most dynamic and exciting independent record labels remains subject to regulatory approval and is expected to conclude by the end of the third quarter of the year 2024.
Mavin Global Records is a Nigerian based label in Lagos which is a driving force behind many Afrobeat artists of the continent. The recording label was founded in 2012 by Michael Collins, a popular artist, producer, music executive, and entrepreneur. Mavin has pioneered in breaking Afrobeat artists within Africa and beyond.
According to the previously estimated sales price by Billboard, which was around $125 million to $200 million, the deal was made, and its terms have not been revealed yet.
The figures are interesting as Mavin Global generates over $3 million per year. The estimated figure is $2 million from live events and $1 million from the frontline catalogue.
Reportedly, the revenue does not include income from streams such as Spotify where Mavin has conquered 6 billion streams.
Some of Nigeria’s finest artists such as Rema, Ayra Starr, Crayon and Johnny Drille were signed by the Mavin Global Record Label.
Mavin’s Global Recording team will offer full service in Nigeria and amplify through UMG’s global network of labels and businesses through investment.
Currently, UMG has distributed internationally through Virgin Music Group with Rema, Mavin and its roster which are already well integrated into UMG’s unrivalled network with multiple signings across US labels that included Republic partnering for Ayra Starr and Interscope for Lifesize Teddy.
Like other UMG businesses, Mavin Global, will maintain autonomy over its strategy and future talent development. As part of the agreement, the founder and CEO – Don Jazzy and COO – Tega Oghenejobo will continue leading the company.
It will allow UMG to partner with proven local executives and experienced professionals.
As per the sources, the partnership will accelerate Mavin’s strategic advancement and create more opportunities to break more talent worldwide. The collaboration will expand the reach of its existing roster and will continue to build its business into a super-serving, pan-African entertainment company.
The partnership’s main objective is to anchor the initiatives of Mavin’s Artist Academy, train new talent in music and performing skills, and build connections within the roster and their executive leadership program that seeks to develop the next generation of music industry talent in Africa.