Nigerian Record Label Mavin Records Seeking Investment or Sale
Mavin Records, the Nigerian label owned by Michael Collins popularly known as Don Jazzy and home to music stars such as Rema, Ayra Starr, and Johnny Drille is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to Billboard.
Billboard reports that Mavin’s valuation in the proposed deal is above $125 million and could be worth $150 million to $200 million. However, it’s unclear if the label owns music publishing and if that is part of the deal. Reports further say that Shot Tower Capital is showing interest in the deal.
The move is expected to raise funding to help position the label for more growth. The African continent is anticipated to be the next geographical repertoire to have a commanding presence on the global stage, similar to how Latin and K-pop have impacted the international marketplace in recent years.
The Mavin management team, under the leadership of the renowned Nigerian music business executive Don Jazzy, is anticipated to continue leading the company and maintain a level of influence over its future, even if the investment originates from a strategic investor such as UMG or HYBE, or if another music label or company acquires Mavin entirely.
According to reports, HYBE holds the leading position among potential music industry investors, with UMG ranking second. It’s worth noting that some of Mavin’s prominent artists have their music distributed in the U.S. through various arms of UMG.
For example, Rema’s successful track “Calm Down,” which reached No. 3 on the Hot 100 and continues to chart in the top 10 after 56 weeks, was distributed by Virgin, an independent distribution branch of UMG. Furthermore, the remix of this song by Rema and Selena Gomez is licensed to Interscope, and there are indications that other Mavin artists may be associated with Republic, as Mavin is listed under that label in Luminate.