Mavin Records Seeking Investment or Outright Sale
Mavin Records, one of Nigeria’s prominent music labels, is reportedly exploring investment opportunities or considering a complete sale, with major players such as Universal Music Group (UMG), HYBE Corporation, and financial sector music investors expressing interest, according to inside sources.
The last significant investment in Mavin Records occurred in January 2019 when the label secured a multi-million dollar investment from Kupanda Holdings. The current deal in the works, allegedly facilitated by Shot Tower Capital, values Mavin Records at over $125 million, with potential valuations ranging from $150 million to $200 million. However, it remains uncertain whether music publishing is included in the potential agreement.
This strategic move aims to secure funding for the label’s expansion, aligning with Africa’s growing prominence on the global music stage, much like the success seen in Latin and K-pop music.
Regardless of the leading entity, the label’s management team, spearheaded by Nigerian music legend Don Jazzy, is expected to retain a significant level of influence.
Currently, HYBE Corporation appears to be leading the race for Mavin Records, although UMG has connections with some Mavin artists. For instance, Rema’s hit “Calm Down” was distributed by UMG’s Virgin, and other Mavin artists may have ties to Republic, another division of UMG.
Mavin Records has achieved remarkable success with artists such as Rema and Ayra Starr, amassing over 1.5 billion global streams. Notably, Rema’s “Calm Down” remix with Selena Gomez alone has garnered a staggering 9.07 billion streams, despite some collaborations not being directly credited to him.
On a global scale, Rema and Ayra Starr have made a significant impact, surpassing their streams in the United States, where they receive comparatively fewer streams. For instance, Rema’s collaboration with Gomez in the U.S. represents only a fraction of the song’s 9 billion streams, with approximately 861.2 million streams.
Mavin Records also houses emerging talents such as Ladipoe, Crayon, Boy Spyce, and Magixx, in addition to featuring music from established artists like Tiwa Savage, Wande Coal, Iyanya, and Reekado Banks.
Acquiring Mavin Records offers several strategic advantages, positioning the buyer prominently in the thriving Nigerian Afrobeats scene, which encompasses Afropop and Afro-fusion genres. This genre, endorsed by global stars like Wizkid, Davido, and Burna Boy, now includes emerging talents like Rema, Starr, Tems, Ckay, Asake, and Fireboy DML.
The Afrobeats scene is gaining global recognition, underscored by The Recording Academy’s recent introduction of a Grammy Award category for Best African Music Performance.
Furthermore, the acquisition would provide access to Don Jazzy’s expertise, as he co-founded Mo’ Hit Records in 2004 and is the owner of Mavin Records, solidifying the buyer’s status as a leading African record label.
With the stage set for Mavin Records to make a significant impact on the ever-evolving global music scene, the industry eagerly awaits further developments. Stay tuned for more exciting updates.