Spotify reportedly acquires 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.
According to Dami’Adenuga, he wrote that, “Spotify acquires Don Jazzy’s Mavin Records Global, holding company and business entity of Mavin Records, for a reported fee of $70m”.
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.
Spotify, is one of the largest music streaming service providers in the world with over 406 million monthly users, including 180 million paying subscribers, as of December, 2022.
The company is available in most of Europe and the Americas, Oceania, and parts of Africa with a total availability in 184 markets.
Edited by Ngozi Akunne
The Herald
