Universal Music Group (UMG), the world's leading music entertainment company, has announced a significant investment in Mavin Global, a prominent Afrobeats label. This deal grants UMG a majority stake in the label, further solidifying its presence in the rapidly expanding Afrobeats landscape.
Mavin Global, founded by music producer Don Jazzy, is home to several popular Afrobeats artists, including Rema, whose global hit "Calm Down" has garnered over 300 million streams on Spotify alone, and Ayra Starr, a rising star in the genre.
The deal between UMG and Mavin Global is subject to regulatory approval and is expected to close by the end of the third quarter of 2024.