Don Jazzy’s Music label, Mavin valued at $150m

Maureen Aguta

Mavin Global, the Nigerian music label behind one of the biggest worldwide hit songs of the last two years, has held talks with strategic and financial partners in recent weeks which have valued the company as high as $150 million, according to a person with knowledge of the discussions. It confirmed an earlier report by Billboard.

The label, founded by veteran Nigerian hitmaker/producer Don Jazzy in 2012, launched the career of Afrobeats star Rema, whose song “Calm Down” has been streamed over 10 billion times on various platforms, including a remix with U.S. star Selena Gomez. Other Mavin artists include Ayra Starr who has had hundreds of millions of streams and is among the Grammy nominees for Best African Music Performance. The new category, introduced this year, is another sign of the worldwide popularity and influence of music from the continent.

The potential strategic partners have included the world’s biggest music company Universal Music Group and HYBE, the Korean entertainment group behind K-Pop act BTS. There has been a wide range of valuations for the Lagos-based label as potential partners try to gauge whether Afrobeats is a passing pop trend or set to diversify into other African subgenres. The majority of Mavin’s revenue comes from streaming but it also has a partnership model with its artists, such as supporting an upcoming Rema collaboration with Nike’s Jordan brand.