Universal Music Group (UMG) has announced a majority investment in Nigeria-born imprint Mavin Global, expected to close in the second half of 2024.
In a statement released earlier today, UMG noted Mavin’s acceleration of the Afrobeat genre over the years, praising its “rapid growth and commercial success”.
It comes five years after Mavin struck a multi-million dollar investment from Kupanda Holdings, a joint venture between investment companies Kupanda Capital and TPG Growth.
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