Nigerian Record Label Mavin Record Actively Seeking Investment or Sale
Nigerian label Mavin Records, housing artists like Rema and Ayra Starr, is exploring investment options and potential full sale. Universal Music Group, HYBE, and finance sector investors have shown interest. The proposed deal values Mavin above $125 million, potentially reaching $150-200 million. Shot Tower Capital is handling the deal, though ownership of music publishing remains unclear.
Mavin Records seeks funding to fuel growth in anticipation of Africa’s global music industry presence, akin to Latin and K-pop successes. Strategic investors like UMG or HYBE might invest, leading to potential stake acquisition or outright purchase. Mavin’s management, headed by Don Jazzy, is expected to stay intact, retaining control over the company’s direction.
Among potential music industry suitors, HYBE leads with UMG following closely, despite some of Mavin’s major artists being distributed in the U.S. through UMG entities like Virgin and Interscope. Notably, Rema’s hit “Calm Down” reached No. 3 on the Hot 100 and is still in the top 10 after 56 weeks. There’s a possibility that other Mavin artists are affiliated with Republic, as indicated in Luminate.
Both Rema and Ayra Starr have surpassed 1.5 billion global on-demand streams, as reported by Luminate. Notably, Rema’s collaboration with Gomez on “Calm Down” has amassed a staggering 9.07 billion global streams, with a recent surge in the last two weeks.
Additionally, several of Rema’s collaborations are listed separately in Luminate, indicating his overall stream count is significantly higher than what’s credited under his individual artist page.
Rema and Ayra Starr’s global impact surpasses their presence in the U.S., where Rema has 287 million streams and Starr has 203 million streams. Notably, Rema’s U.S. collaboration with Gomez, at 861.2 million streams, constitutes only a fraction of the song’s total 9 billion streams. Mavin’s roster also includes emerging artists like Ladipoe, Crayon, Boy Spyce, and Magixx, along with established names like Tiwa Savage, Wande Coal, Iyanya, and Reekado Banks.
Acquiring Mavin Records not only offers a strong artist roster but also positions the buyer as a key player in Nigeria’s booming Afrobeats scene, encompassing genres like Afropop and Afro fusion. Global stars like Wizkid, Davido, and Burna Boy, along with emerging talents like Rema, Starr, Tems, Ckay, Asake, and Fireboy DML, are part of this movement.
The Recording Academy has even introduced a Grammy category for African music performance. Additionally, the buyer gains the expertise of Don Jazzy, a prominent figure in Nigeria’s music industry, who co-founded Mo’ Hit Records in 2004 and established Mavin in 2012. Companies involved have not commented on the matter.
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