Mavin Records Acquired By Spotify See Details

Mavin Records, Nigeria’s premier record label, has been acquired by Spotify, a transnational music streaming platform.

iexclusivenews reports that Mavin Global, the parent company and commercial entity of Mavin Records.

The prominent record label that is home to some of Nigeria’s most well-known musicians.

Has been bought by Spotify, the music streaming platform.

This agreement brings in a new era for the firm that oversees Mavin Records, which will celebrate its tenth anniversary in May.

The Jonzing World imprint, which contains Rema and Ruger, is also part of the holding business.

This acquisition adds another rung to the company’s worldwide ascension. Which began in 2019 with a cash influx from private equity investors eager to support the rise of Afrobeats and Nigerian music.

What You Need To Know

Kupanda Holdings, a joint venture between pan-African investment firm Kupanda Capital. And global private equity firm TPG Growth. Made these earlier investments. Which totaled an undisclosed figure in the millions of dollars.

TPG had previously supported Spotify, Uber, Airbnb, and other multibillion-dollar corporations.

Mavin Records has become Spotify’s latest African-driven development move, with a multi-million dollar contract worth north of $70 million according to industry insiders.

Nigeria was included to the music streaming platform in the first quarter of 2021.

After it had already spread into 40 African countries.

While Africa is quickly becoming a global tech hotspot.

This deal is the largest of its kind for Nigeria’s burgeoning music industry.

Bringing together some of the country’s best musicians.

Including Ayra Starr, LadiPoe, Rema, and Ruger, on a platform that is arguably the largest in terms of music streaming.

For further information on this transaction, which occurred on April 1st, we wish you a Happy April Fools’ Day and a Happy New Month.

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