Yesterday, social media went into a frenzy following an announcement by Music Business World Wide that Universal Music Group (UMG) acquired a majority stake in Mavin Global (Mavin), a Lagos-based music and entertainment powerhouse.
Mavin Records, the label arm of Mavin Global, has been instrumental in shaping the global impact of afropop, the genre that has taken the world by storm. The label is renowned for its knack for discovering and developing groundbreaking talents, from its original stars like Wande Coal and Tiwa Savage to its newer sensations like Ayra Starr, Crayon, Rema, and Ladipoe.
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With this new investment by UMG, Mavin Global is set to expand its roster, catalog, and partnerships across Africa and beyond. This sort of funding is not new to Mavin Global. In 2019, the company secured an undisclosed amount from Kupanda Holdings, a joint venture between pan-African investment firm Kupanda Capital and TPG Growth, a major investor in prominent companies like Spotify, CAA, Uber, and Airbnb.
In the past, the music business took heat for its dubious funding sources. In October 14, 2008, the late former US Secretary of State, Colin Powell hit the stage in London with Nigerian singer Olu Maintain, grooving to the infectious Yahooze. Just two days later, The Guardian published a piece criticizing Powell for not tuning into the lyrics: "But it doesn't look as if the former US secretary of state paid too much attention to the lyrics, or he might have discovered that the Nigerian hit is a celebration of that country's most infamous export, advance-fee email fraud (sometimes called 419 fraud, after the relevant section of the Nigerian penal code)."
This week, Media outlets are buzzing with stories about UMG's majority stake acquisition in Mavin, a Nigerian music label. Media are trying to get quotes as they want to know what the next steps are.
Between 2018 and now, global music powerhouses such as Universal Music Group, Sony, Warner, OneRPM, Empire, AWAL, Virgin Music, Def Jam, Orchard, and Believe have strategically established dedicated teams in Nigeria
Rema, hit single Calm Down [featuring Selena Gomez] rose to No.3 on the U.S. Billboard Hot 100 chart in a breakthrough for the genre. The track has gone on to be one of the biggest Afrobeats songs of all time, becoming the first African artist-led track to surpass 1 billion Spotify streams, sold out O2 Arena concert, embarked on sold out tours.
Major labels like Warner, Sony, and EMPIRE have found success in signing Nigerian talents, including Pheelz, Burna Boy, Omah Lay, Joeboy, Davido, Tems, Wizkid, Fireboy, Asake and more recently Republic signing of Ayra Starr.
This progress also translates into increased job opportunities across the live sector and recording sector, creating more roles for music executives and offering an opportunity to groom future industry leaders.
In conclusion, Nigeria's music industry is thriving. Artists are soaring higher, and initiatives are being developed for the next generation. With rising streaming revenues and growing job opportunities, the future of Nigeria's music looks promising. 152ee80cbc
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