HATFIELD, United Kingdom (VOICE OF NAIJA) – Mavin Records, the Nigerian music label under the ownership of Don Jazzy, is considering a sale or investment, according to Billboard.
Significant bids have reportedly emerged from industry giants like Universal Music Group (UMG) and HYBE.
Sources told Billboard on Friday that the deal’s valuation is estimated between $125 million and $200 million, and that Shot Tower Capital, an independent investment bank, is facilitating the negotiation process.
The strategic move by Mavin Records is aimed at raising funds to fuel its growth, especially considering the anticipated global prominence of the African music industry in the years ahead, sources told Billboard.
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“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 had an impact on the international marketplace in recent years,” the report read.
But even if the investment comes from a strategic investor like UMG or HYBE or any other label or music company, the Mavin management team, led by Don Jazzy, is expected to maintain control over the company’s future direction.
The media outlet stressed that the companies mentioned in the report either chose not to provide comments or did not respond to comment requests at the time of press.
Don Jazzy also has not issued a comment as of the time when the report was published.
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Founded in 2012, Mavin Records has become a major force in African music, representing renowned artists such as Rema, Ayra Starr, Tiwa Savage, and many more on its impressive roster.
Both Rema and Ayra Starr have racked up more than 1.5 billion global on-demand streams, according to Luminate.
Although Rema’s collaboration with Gomez on “Calm Down” is not counted under his artist page; the song has reached 9.07 billion global streams, with 164.5 million and 165.7 million in just the last two weeks, as of 28 September.