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Universal Music Group Acquires Majority Stake In Mavin Records

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UMG Acquires Majority Stake In Mavin Records | Fab.ng

Putting rumours to rest, Universal Music Group, the world’s largest music company, announced on February 26, 2024, that it has acquired a majority stake in Mavin Records Music. This significant acquisition is still awaiting regulatory approval.

“Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin). The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024,” the press release reads.

You may remember a previous report on Fab.ng, which mentioned an article published by Billboard about the possibility of Mavin Records being bought by international music companies like Universal Music Group (UMG) and HYBE.

The Billboard report stated that Mavin Records was in talks with a potential buyer, with the sale possibly exceeding $100 million.

Don Jazzy, the founder and leader of the music brand, appeared on the “Zero Conditions Podcast” and confirmed that he was open to the idea of selling his company. However, he emphasised that any such deal must allow him to remain in charge of the label’s operations.

Here, we directly quote Don Jazzy regarding the acquisition:

” I’m proud of the artists, careers, and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”

Universal Music Group’s chairman and CEO, Sir Lucian Grainge, stated:

“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. 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.”

While the official press release didn’t disclose the specific financial details of the acquisition, it did confirm two key points:

  • TPG Exits Completely: TPG, a previous investor in the music brand, has fully divested their stake in the company.
  • Kupanda Capital Remains Involved: Kupanda Capital, another former investor, will retain a minority ownership interest in Mavin Records. Additionally, they will continue to offer strategic guidance to the label.

This acquisition officially makes Mavin Records a subsidiary of Universal Music Group (UMG), the world’s largest music company. UMG boasts a diverse portfolio of other record labels, including Def Jam, Motown, Interscope, Polydor, Republic Records, and Virgin Music.

Get more updates here.

FAB FRESH

Young Jonn Drops Debut Album, “Jiggy Forever”

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Young Jonn Drops Debut Album, "Jiggy Forever" | Fab.ng

Jiggy Forever” is a fun and varied album with 16 tracks that take listeners on a journey through different moods and places.

The album starts with love songs. “Hold On” featuring Sean Paul has a deep and longing feel, inspired by the Caribbean Islands.

Next, the album shifts gears to celebrate success. Tracks like “50 Million” and “Full My Tank” (featuring Zlatan and Don Jazzy) boast about financial achievements and the Lagos lifestyle.

“Maya Maya” with Ya Levis is a stylish song about a passionate young romance, with a French-Congolese twist.

The album also includes some previously released hits:

  • “Aquafina” (an Amapiano love song with 30 million streams and 1 million YouTube views)
  • “Sharpally” (a popular track with over 30 million streams)
  • “Big Big Things” (a confidence anthem featuring Seyi Vibes and Kizz Daniel)

Young Jonn Drops Debut Album, "Jiggy Forever" | Fab.ng

“This album is really special to me. I feel like most people don’t really know who I am. They just have an idea,” Young Jonn said. “But this project uncovers the real me. Each track is like a snapshot of life’s roller coaster, touching on love, hustle, and finding my way in a world that sometimes feels upside down.”

Young Jonn’s transition from being a producer to a music artist began in 2021 when he signed an Artist Recording Agreement with Nigeria’s leading record label, Chocolate City Music. He released his first project, Love Is Not Enough Vol. 1, which received critical acclaim.

He also collaborated with popular Afrobeats artist Davido on a remix of his debut single, ‘Dada’. Following the success of Vol. 1, he released Love Is Not Enough Vol. 2. On April 12, 2024, he released ‘Jiggy Forever’, showcasing his talent for creating hit songs.

Listeners can now enjoy Young Jonn’s musical expertise through this latest release.

Check out more music updates here.

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MUSIC

Spotify’s 100 Greatest R&B Songs Include Songs By Wizkid, Tems, And Oxlade

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Spotify's 100 Greatest R&B Songs Include Songs By... | Fab.ng

Spotify released a list of the greatest R&B songs according to things like how good they are, how popular they are, and how much cultural impact they have.

Wizkid’s “Essence” with Tems is the highest-ranked African song at number 21. It’s a huge hit, with over 230 million streams. Tems also has a solo song on the list, “Free Mind,” at number 29 with over 144 million streams. That song was a big deal in the US and UK.

Wizkid shows up again on the list with Chris Brown’s song “Call Me Everyday” at number 71. Oxlade also made the list with his viral hit “Kulosa” at number 88.

There are a few other African artists on the list, too. Tyla’s song “Water” won a Grammy in 2023 and is at number 60 with over half a billion streams. Libianca, a Cameroonian-American singer, has her song “People” at number 99 with nearly 600 million streams.

SZA’s “Snooze” is number one on the whole list, followed by Frank Ocean, Daniel Caesar & H.E.R., Beyonce, and Bryson Tiller. The rest of the top 10 include Solange, Summer Walker, Rihanna, Jazmine Sullivan, and Chris Brown with Drake.

Also, check out the full list of the greatest R&B songs on Spotify on their website.

Check out more music updates here.

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MUSIC

Shallipopi Surprises Fans With New Album Announcement

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Shakespopi: Shallipopi Surprises Fans With New Album | Fab.ng

Nigerian rap sensation Shallipopi is exciting his fans with a double dose of birthday cheer! April 12th, 2024, is about to become a major day for Shallipopi and his supporters. This is a day he’s declared “Pluto Day” for reasons that will soon become clear. On this special date, Shallipopi isn’t just dropping one gift for his fans; he’s dropping two. The first is a brand-new single titled “Shakespopi.”

The title hints at a playful connection to the legendary playwright William Shakespeare. Shallipopi has a history of weaving philosophical themes into his music. With a title like “Shakespopi,” it seems he might be continuing this trend. Perhaps the song’s lyrics explore ideas so profoundly that they’d impress even the bard himself. Shallipopi has previously referred to himself as the “foremost philosopher of his generation.” This alluded to his philosophical musings in his track “Oscroh (Pepperline).”

An even bigger surprise for fans

But “Shakespopi” is just the opening act for Shallipopi’s birthday extravaganza. The even bigger surprise for his fans is the release of his sophomore album, also scheduled to drop on April 12th. This exciting news comes a mere six months after the release of his debut album, “Presido La Pluto.” This album solidified Shallipopi’s place in the Nigerian music scene.

The upcoming single and album mark Shallipopi’s first releases of 2024 and set the stage for a busy year ahead. Hot on the heels of these releases, Shallipopi will be embarking on a historic joint tour with fellow rapper Odumodublvck.

It’s a whirlwind of activity for Shallipopi. With a new album, a hot single, and a major tour on the horizon, it’s clear he’s determined to make his birthday an unforgettable celebration for himself and his fans. One thing’s for sure: April 12th, or “Pluto Day,” as Shallipopi has declared it, is sure to be a landmark date for the rapper and his ever-growing fanbase.

Check out more music updates here.

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