Spotify reportedly acquires Don Jazzy’s Mavin Records for N40 billion

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Spotify has reportedly acquired Don Jazzy’s Mavin Records for $70 million, approximately N40 billion.

Music executive and talent manager, Dami’ Adenuga took to Twitter to disclose this on Saturday.

“Spotify acquires Don Jazzy’s Mavin Global, holding company & business entity of Mavin Records for a reported fee of $70m,” he wrote.

See tweet:

https://twitter.com/DAMIADENUGA/status/1510209788591886338

Regarded as one of the shrewdest businessmen in the Nigerian music scene, Don Jazzy recorded massive success with Mo’Hits Records in the mid-2000s and more with Mavin after the former was dissolved.

Mavin Records boasts of rave-making musicians Rema and Ayra Starr as well as Korede Bello, Dr SID, D’Prince, Di’Ja, Johnny Drille, Ladipoe, and DNA Twins.

The Herald learnt that Don Jazzy is presently on a business trip to Los Angeles, United States.

Spotify is one of the largest music streaming service providers in the world with over 406 million monthly active users, including 180 million paying subscribers, as of December 2021.

Founded by Daniel Ek and Martin Lorentzon in Stockholm, Sweden in 2006, the company is available in most of Europe and the Americas, Oceania, and parts of Africa with a total availability in 184 markets.

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