Mavin Records, Africa’s industry-leading music label owned by Don Jazzy, has landed a multimillion dollar equity investment partnership with KUPANDA HOLDINGS.
According to the statement sent to okay, Mavin is focused on scaling operations to meet the rapidly growing international demand for African music, on growing its roster and on strengthening its services across A&R, touring, marketing, distribution, publishing and partnerships.
“Our mission is to grow Mavin Global into the music powerhouse of Africa”, explains Michael Collins Ajereh a.k.a Don Jazzy, Mavin Global President and Founder.
“By collaborating with artists, African creatives, local and international partners, we can become a globally recognized household name and the go-to platform for connecting African music with the world.” the statement said.
Mavin is home to iconic African artists like Tiwa Savage and Korede Bello.
Since its inception in 2012, Mavin has been an industry leader in leveraging digital platforms like Youtube, Twitter and Instagram, both to reach local audiences and grow significant fanbases among the African diaspora in the US, Europe and UK. This investment will enable the company to strengthen this advantage as it develops brand partnerships that support its artists’ values and stories. – the statement added
Speaking on the investment Tega Oghenejobo, Chief Operating Officer of Mavin Global said: “With the resources and operational capacity Kupanda Capital brings along with its investment, Mavin is now ready to grow our artist roster and facilitate partnerships at a global scale. We are looking to build an institution that will support the fantastic creative ecosystem in Africa, and move Afrobeats to the forefront of the global industry.”
Nigeria is the most populous country in Africa with a population of 180 million, and its music industry is projected to grow rapidly with increasing smartphone penetration and the popularity of Youtube, Twitter, Instagram and, increasingly, digital streaming platforms. Across Africa, in cities like Lagos and Abidjan, the market for live shows is increasing as well. Meanwhile, according to the most recent publicly available data from industry trade body, IFPI, the global recorded music market grew by 8.1% in 2017, reaching $17.3 billion that year on the strength of digital streaming revenue. That growth is expected to have continued in 2018,presenting an excellent environment for Mavin to market its music globally.
Speaking on the investment Bobby Pittman, Co-Founder and Managing Partner at Kupanda Capital said: “Between Don Jazzy’s leadership in defining the sound of modern Afrobeats and developing top African artists, Mavin Global has a unique advantage and opportunity to build the record label that will accelerate the promotion of African popular music to the world. We are impressed by the Mavin team’s experience and are pleased to partner with them in their next phase of growth.”
Adding on the partnership, Linda Oramasionwu-Leverette, Co-Founder and Partner at Kupanda Capital said: “This partnership is an excellent opportunity for us at Kupanda Capital to deploy our business building capabilities alongside our data-driven knowledge of the African consumer to scale Mavin’s operations across Africa, and globally.”
Korede Bello is among the artists enthusiastic about the partnership.
He said: “I’m overjoyed to be part of this new era for Mavin. With the support of this team, I’m excited to release new music for my fans and connect with even more music lovers across the world.”
