Our Core Mission And Values Will Remain Intact – Don Jazzy Speaks On Partnership With Universal Music
Music executive and entrepreneur, Michael Collins Ajereh aka Don Jazzy has stated that the core mission and values of his label, Mavin Records, will remain intact despite a majority stake acquisition by Universal Music Group.
In a statement obtained by Nydjlive, Don Jazzy expressed his excitement at the new partnership.
He revealed the partnership will “bring more music, innovation, and opportunities, allowing us to showcase African talent worldwide.”
He allayed the fears of many who believe the new partnership will be detrimental to African talents.
“While we embark on this exciting new path, our core mission and values will remain intact, ensuring that the essence of Mavin and our commitment to pushing musical boundaries continue to thrive.
This step forward is a testament to the dedication of our artists, staff, and, importantly, you, our fans, whose unwavering support has been instrumental in reaching this moment. Together, we look forward to making history, breaking more records, and building a lasting legacy.”
Founded in 2012 by artist, producer, music executive and entrepreneur, Michael Collins Ajereh (aka Don Jazzy), Mavin has played a prominent role in breaking Afrobeats artists within Africa, and globally.
The news of the new partnership arrives around five years after Mavin secured a multi-million dollar investment (in 2019) from Kupanda Holdings, a joint venture between pan-Africa investment company Kupanda Capital and TPG Growth.
TPG has now fully exited the business, while Kupanda Capital will a remain minority investor and strategic adviser.
According to UMG, Mavin will “maintain autonomy” over its strategy and future talent development. As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company.
The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.
UMG also said on Monday that the partnership will accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally, expand the reach of its existing roster and continue building its business into “a super-serving, pan-African entertainment company”.
This mission, according to UMG, is anchored in two initiatives: Mavin’s Artist Academy, which trains new talent in music and performance skills and builds connections within the roster, and their executive leadership program, which seeks to develop the next generation of music industry talent in Africa.
In 2022 Africa represented the fastest-growing continent for recorded music consumption, with Sub-Saharan Africa growing at 34.7% YoY, according to the IFPI, the only region to grow more than 30% that year.
