Mavin Records
The Universal Music Group purchased a majority stake in Nigerian record company Mavin Global, the iconic label founded by Don Jazzy that is home to Rema, Ayra Starr, Crayon and Ladipoe, among others. The deal is expected to be completed by the third quarter, pending regulatory approval, the companies announced.
Terms of the deal were not disclosed. However, Billboard reported in October that Mavin was being shopped by Shot Tower Capital at a valuation north of $125 million, with a sale price in the region of $150 million to $200 million; it was unclear if publishing was involved in the deal. As part of the investment arrangement, Don Jazzy — who founded Mavin in 2012, and also serves as CEO — and COO Tega Oghenejobo will continue to run the label.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG chairman/CEO Lucian Grainge said in a statement announcing the deal. “With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
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Mavin had already established a relationship with UMG, with Rema’s “Calm Down” — the biggest Afrobeats song of all time, which reached No. 3 on the Hot 100 last year — initially distributed by Virgin Music, with its remix featuring Selena Gomez licensed to Interscope; Starr, meanwhile, has a deal in place with Republic. “Calm Down” has racked up more than 1 billion on-demand streams in the U.S. alone since its release, with its global count many multiples higher.
The investment is designed to spur Mavin’s growth around the world, according to a press release, with focuses on both Mavin’s Artist Academy, which nurtures its roster in various musical and performance skills, and its executive leadership team, which is aimed at growing the next generation of African leaders in the music business.
“With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business,” Oghenejobo said in a statement. “UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”
Winning the Mavin auction catapults UMG deeper into the Nigerian Afrobeats scene — the umbrella genre that encompasses Afropop, Afro fusion, high life and others that continues to explode around the globe. In the past several years, artists such as Wizkid, Davido and Burna Boy have blossomed into global superstars, while the likes of Rema, Starr, Tems, Tyla, Ckay, Asake and Fireboy DML have led a wave of young, emerging talent coming from the African continent. The movement has gained momentum to the point that the Recording Academy introduced a new Grammy Awards category for best African music performance, which was awarded to Tyla’s “Water” at the honors earlier this month.
Additional reporting by Ed Christman.
Mavin Records, the hot Nigerian label that’s home to Rema and Ayra Starr, is seeking investment or eying a potential full sale with bidding coming from the the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to sources.
Mavin’s valuation in the proposed deal is above $125 million and could be worth $150 million to $200 million, according to those sources. (It’s unclear if the label owns music publishing and if that is involved.) Sources further say that Shot Tower Capital is shopping 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 had an impact on the international marketplace in recent years.
Even if the investment comes from a strategic investor like UMG or HYBE, or results in another label or music company taking a stake in Mavin or even buying the African music company outright. The Mavin management team, led by legendary Nigerian music business executive Don Jazzy, is expected to remain in place and retain some form of control over its destiny.
Selena Gomez & Rema
Courtesy of Rema*
Among strategic music industry suitors, sources say HYBE is in pole position with UMG in second place, even though some of Mavin’s bigger artists are distributed in the U.S. through various UMG entities. For instance, Rema’s big hit “Calm Down” — which peaked at No. 3 on the Hot 100 and remains in the top 10 on the chart after 56 weeks — was distributed by Virgin, one of UMG’s indie distribution arms; the subsequent remix version by Rema and Selena Gomez is licensed to Interscope; and sources say some other Mavin artist or artists might be going through Republic, as Mavin is listed under that label in Luminate.
Both Rema and Ayra Starr have racked up more than 1.5 billion global on-demand streams, according to Luminate, though Rema’s collaboration with Gomez on “Calm Down” is not counted under his artist page; that song has reached 9.07 billion global streams, with 164.5 million and 165.7 million in just the last two weeks, as of Sep. 28. Several other Rema collaborations are also listed elsewhere in Luminate, which means his overall share of streams is multiple times larger than what he is credited for solely under his own artist page in that system.
Moreover, both Rema’s and Starr’s emergence on the global stage is far bigger than their impact in the U.S. where Rema has 287 million streams and Starr has 203 million streams. Put another way, Rema’s collaboration with Gomez in the U.S., at 861.2 million streams, accounts for less than one tenth of the song’s total activity of over 9 billion streams.
In addition to hot artists like Rema and Starr, Mavin’s roster features more up-and-coming artists like Ladipoe, Crayon, Boy Spyce and Magixx, while its catalog includes music from Tiwa Savage, Wande Coal, Iyanya and Reekado Banks.
For a strategic suitor, the deal comes with other promising benefits besides landing a strong artist roster in a leading music company on the African continent. Winning the Mavin auction would catapult that bidder into a key player in the Nigerian Afrobeats scene — the umbrella genre that encompasses Afropop, Afro fusion, high life and others continues to explode around the globe. In the past several years, artists such as Wizkid, Davido and Burna Boy have blossomed into global superstars, while the likes of Rema, Starr, Tems, Ckay, Asake and Fireboy DML have led a wave of young, emerging talent coming from the African continent. The movement has gained momentum to the point that the Recording Academy has introduced a new Grammy Awards category for best African music performance, which will be awarded for the first time at the forthcoming awards in February.
Beyond that, the buyer would also land the executive talent of Don Jazzy, born Michael Ajerehwho, who has already established Mavin as one of the leading record labels on the continent. Don Jazzy has become a leading figure in the development of the music business in Nigeria, having established Mo’ Hit Records alongside iconic recording artist D’Banj in 2004, before launching Mavin in 2012.
All companies mentioned in this story either declined to comment or didn’t respond to a request for comment by press time.
Amid a wave of Afrobeats artists making inroads on the U.S. charts and American radio in the past few years — headlined by the likes of Wizkid, Burna Boy and Tems, among others — came Rema, the young Nigerian singer signed to Jonzing World and Mavin Records based out of Lagos. Having built a following locally, Rema — who refers to his music as Afrowave — began putting out a series of EPs in 2019 and 2020, landed a spot on the FIFA ’21 soundtrack and nabbed some fashion and branding partnerships as well as higher-profile collaborations with some of Nigeria’s up and coming artists.
But when he finally released his debut album, Rave & Roses, in March 2022, Rema’s star began exploding not just in Africa but around the globe. His album, which was critically well-received, became the launching pad for a tour that stretched into Europe and North America, while his single “Calm Down” began making inroads at DSPs and across the internet. But in August 2022, that buzz erupted after Selena Gomez hopped on the remix to “Calm Down.” Rema’s star then began an inexorable rise: The song debuted at No. 91 on the Hot 100 after its release and it has continued growing ever since, topping the Billboard U.S. Afrobeats Songs chart for 19 straight weeks, reaching a current high of No. 46 on the Hot 100 and, most impressively, reaching No. 1 on the Global Ex-U.S. chart this week. That success helps Mavin Records COO Tega Oghenejobo earn the title of Billboard’s Executive of the Week.
Here, Oghenejobo breaks down how he and Mavin helped Rema grow from local Nigerian singer into one of the most in-demand Afrobeats artists around, how the Gomez collaboration came together and how his team has helped the song continue building, nearly a full year since its initial release — particularly impressive at a time when songs move so quickly in the modern music industry. “We stayed focused, paid attention to the details, got down and did the hard things needed to give the song a more viable shelf-life,” he says. “We connected with the music industry in every city we’ve been to, and religiously attended to the media rounds. It’s a lot of effort and hard work from everyone involved. We are proud, we are happy for the fans who are having a good time with the song, and we keep going.“
This week, Rema’s “Calm Down” remix feat. Selena Gomez topped Billboard’s U.S. Afrobeats Chart for the 19th straight week, and just reached No. 1 on the Global Ex. U.S. chart. What key decisions did you make to help make that happen?
As a label, one of our most important ideals is critical artist development with long-term success in mind. This is the foundation of our earliest work with Rema. After the first year together with him, the world saw his potential just as we did, and his debut project was one of last year’s most anticipated Afrobeats projects. The remix came at the perfect time. We wanted to consolidate on the earlier traction the song had in territories like France and the Netherlands and give the song more life globally. Some of the key decisions that enhanced that success is our aggressive response to the early rollout efforts, and in how we worked with our amazing distribution partners at Virgin Music. They rolled out innovative campaigns in a timely manner and simultaneously with our own marketing efforts as well. The process was made even more seamless by Selena Gomez and her brilliant team at Interscope. Also, it is one thing to have a great song, it is another thing to be able to make it connect with a live audience. Rema’s Rave and Roses Tour of Europe and North America was a great success. Our agency partners WME and CAA were phenomenal in aiding the smart routing of Rema’s performances. The artist’s connection with the creator community on social media, engaging with UGCs, were also key to the song’s success.
The song was originally from Rema’s album Rave & Roses, out last March. How did the remix come together, and what kind of effect has it had?
Let me start by saying, incredible album by the way. So many gems in that project, and we are really excited about people discovering them. On the remix, shout out to our team, to Rema, the good people at Virgin Music, and of course, Selena Gomez and Interscope. The process of creating the song was seamless — as it often is when both artists love the song. Shooting the video and putting it out was our collective work and I am very proud we could make it work despite the complexity in the teams’ schedules. Strategically, Selena Gomez is one of music’s biggest stars and a collaboration with her is sure to expand the song’s reach even more. As expected the song has added new feats for both artists. It’s the No. 1 song on the Billboard Global Ex. U.S. chart — first time for both artists. Same with its place as the No. 1 song on Billboard’s U.S. Afrobeats Chart. This is stunning for us, for Rema and for the culture.
How have you kept the song not just relevant, but continuing to grow for so long, particularly in an era when songs move so quickly?
Honestly, It took a village to keep the momentum going. There is the critical role Rema played with his tour of Europe, North America and Africa. Taking the music across new territories, connecting with new cultures. There is also the creator community — influencers and dancers using the song on TikTok, Reels and on Snapchat. The DJs who keep spinning it, radio, TV and the DSPs who love the song and just keep showing support. All the teams involved — Mavin Records, Jonzing World, Virgin Music and Interscope — have been amazing too. We stayed focused, paid attention to the details, got down and did the hard things needed to give the song a more viable shelf-life. We connected with the music industry in every city we’ve been to, and religiously attended to the media rounds. It’s a lot of effort and hard work from everyone involved. We are proud, we are happy for the fans who are having a good time with the song, and we keep going.
Rave & Roses was technically Rema’s debut, but he’s been building steadily over the years, including with some collaborations and inclusion on a FIFA soundtrack. How have you helped guide his growth to the point where the album was critically embraced when it was released, and the song has become a massive global hit?
Developing and activating new artists is always an exciting challenge for us at Mavin. There was no doubt about Rema’s talent from the start. But as they say, talent without hard work is nothing. There were a lot of things we still had to get right. His branding was important, his sound, his stage presence and a host of other things that needed attention. Rema is an interesting act to work with because he has a vision of how he sees himself. We at Mavin consider ourselves architects who can collaborate and execute this shared vision, and we were able to properly position him and his brand leading up to the project.
In his first year, we established his sonic versatility. We let the world understand that this is an artist with the ability to create new sounds and penetrate new markets. We had a phenomenal first year. We had three EPs in his debut year, and we kept working, recording and creating music. Brands like FIFA saw the potential and we had a great partnership. Rave & Roses was one of the most anticipated debut albums on the continent. We were patient in our approach and so was Rema. When the time came to put it out, we came on strong. “Calm Down” was the project’s lead single — and what a lead single that is!
How have you helped build Rema’s profile globally? And what deals have you made to help facilitate that?
From the onset, we were working on making a global superstar. His branding was made to be relatable with global audiences while retaining the fundamentals of what made him African. His sound is the same. He juxtaposes elements of western music with Afrobeats, interpolates languages and creates an experience that is enjoyable for both local and global fans. Everyone can enjoy a bit of Rema — and that is the charm. As we mentioned earlier, the collaboration with FIFA was great. We also had Beats on board, then Meta, Snapchat, Pepsi, HP. In fashion, we worked with Bohooman, Places+Faces, Jumpman and many others. These are brands that appeal to a young global audience and to Rema himself. They were a perfect fit for his profile and his trajectory.
With Wizkid, Burna Boy and now Rema breaking into the Hot 100, why do you think African artists are starting to see significant levels of success in the U.S.? And where do you see this going moving forward?
It takes tenacity, hard work and innovation. The sound has always been good, and we got even better. The industry is bigger. More competition, more investment, more collaboration, more access. It was only a matter of time and I am glad we are here. The U.S. audience is perhaps the most dynamic and experimental in the world. We can see how big K-pop and Latino music is here. The ambition is to have that level of success. To make more people fall in love with African music. The potential is immense. We will grow even bigger. As I often say, we are just scratching the surface. We used to dream of this, but now it’s time to put in work to properly represent the culture and connect with more listeners in the U.S.
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