PR Strategist Explains How Mavin’s Billion Naira Deal With UMG Could Impact Nigerian Music Industry
- Don Jazzy's Mavin record-breaking deal with Universal Music Group is expected to bring about a change in the Nigerian music industry
- Mavin's deal with UMG is reportedly worth a staggering $200 million, which is about N153 billion
- In a conversation with Legit.ng's Olumide Alake, Basito, a music PR strategist, spoke on how Mavin and UMG's new deal would impact the Nigerian music industry
Music strategist Basito shared his opinion on veteran producer Michael Ajereh, aka Don Jazzy's Mavin Records' mouthwatering deal with Dutch–American multinational company Universal Music Group, also known as UMG.
UMG, one of the top three music corporations in the world, reportedly acquired a majority stake worth billions of naira in the Mavin music label founded by Don Jazzy in 2012.
Source: Instagram
Details about the deal revealed Mavin will maintain its autonomy, keeping Don Jazzy as CEO.
Why Mavin sealed a deal with UMG
Basito opined that Mavin, currently home to superstars like Rema and Ayra Starr, sealed a deal with UMG for more comprehensive promotion, especially in the international market, which a brand like the American-Dutch corporation can easily access.
He said:
"Mavin is arguably the biggest label in Nigeria, but the industry is growing rapidly, and Mavin is finding it hard to keep up; the demands have grown bigger than expected, and Mavin needs more hands on deck to push their assets.
"Nigerian labels are partnering with foreign labels already to distribute and market their artists' music on global markets. Mavin decided to take steps further and hand over the majority stake to Universal for better services."
Mavin, UMG deal is good and also complicated
Basito stressed that Mavin's deal with UMG was a good business move but also emphasised that it was complicated.
According to him, more Nigerian music labels could soon follow Mavin's step to solicit foreign investment, ending local labels in the country.
He said:
"Business-wise, it’s a good move, but when you look at its impact on Afrobeats culture in Nigeria, it’s complicated. By complicated, I mean other labels might follow suit, and eventually, we would be left with no Nigerian label; we would be 100% dependent on international labels."
How Don Jazzy's dad reacted to Mavin's new deal
Meanwhile, Legit.ng also reported how Don Jazzy's father, Mavin Grandpa, reacted to Mavin's deal with UMG.
The producer's proud father expressed gratitude to God for keeping him alive to witness his son's success.
"I thank God and I am proud this happened in my life time," he wrote in part.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
