Emerging report indicates that Spotify has acquired Don Jazzy’s Mavin Records for $70 million, approximately N40 billion.
Dami Adenuga, music executive and talent manager made this known via his official Twitter handle on Saturday.
“Spotify acquires Don Jazzy’s Mavin Global, holding company & business entity of Mavin Records for a reported fee of $70m,” he wrote.
Nigeria News House recalls that 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.
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.
