LONDON and LAGOS, Nigeria, Jan. 31, 2019 /PRNewswire/ -- Lagos-based MAVIN RECORDS, Africa's industry-leading music label, announces its multimillion dollar equity investment partnership with KUPANDA HOLDINGS. Mavin is focused on scaling operations to meet the rapidly growing international demand for African music, on growing its roster and on strengthening its services across A&R, touring, marketing, distribution, publishing and partnerships.
"Our mission is to grow Mavin Global into the music powerhouse of Africa," explains Michael Collins Ajereh a.k.a Don Jazzy, Mavin Global President and Founder. "By collaborating with artists, African creatives, local and international partners, we can become a globally recognized household name and the go-to platform for connecting African music with the world."
Mavin is home to iconic African artists like Tiwa Savage and Korede Bello and has shaped the sound of Afrobeats music. Since its inception in 2012, Mavin has been an industry leader in leveraging digital platforms like YouTube, Twitter and Instagram, both to reach local audiences and grow significant fanbases among the African diaspora in the US, Europe and UK. This investment will enable the company to strengthen this advantage as it develops brand partnerships that support its artists' values and stories.
Nigeria is the most populous country in Africa with a population of 180 million, and its music industry is projected to grow rapidly with increasing smartphone penetration and the popularity of YouTube, Twitter, Instagram and, increasingly, digital streaming platforms. Across Africa, in cities like Lagos and Abidjan, the market for live shows is increasing as well. Meanwhile, according to the most recent publicly available data from industry trade body, IFPI, the global recorded music market grew by 8.1% in 2017, reaching $17.3 billion that year on the strength of digital streaming revenue. That growth is expected to have continued in 2018, presenting an excellent environment for Mavin to market its music globally.
About Kupanda Holdings:
Kupanda Holdings is a joint venture between Kupanda Capital and TPG Growth. TPG Growth is known for its ability to grow and scale businesses, and TPG's investments includes media heavyweights like Spotify, CAA, STX, Vice Media and Cirque du Soleil globally, and TRACE media in Africa.
SOURCE Mavin Records