Nigerian label Mavin Records has been riding the wave of Afrobeats’ global growth, reaching the milestone of 6bn streams in August this year.
Now that growth may be the platform for new investment in the label, or even a full acquisition. That’s according to Billboard, which reported that potential investors and acquirers include Universal Music Group, Hybe and ‘music asset investors in the financial sector’.
“Mavin’s valuation in the proposed deal is above $125 million and could be worth $150 million to $200 million,” claimed the report.
The identity of the potential bidders shows some of the dynamics at play in the music industry of 2023, if Mavin is seen as an expansion play not just by the biggest western major label, but by the preeminent K-Pop firm too.
That’s on the back of streaming growth epitomised by Mavin’s recent milestone, as well as Spotify’s announcement in June that annual Afrobeats streams on its service increased from 2bn in 2017 to 13.5bn by 2022.