Don Jazzy, the Nigerian music producer, says it is non-negotiable for local record labels to remain potently African in the case of partnerships or buyouts involving foreign entertainment companies.
The Mavin Records CEO spoke about the prospects of Nigerian music and the influx of foreign players during a chat with MBW.
Don Jazzy made an example of Mavin and its acquisition of a multi-million dollar investment from Kupanda Holdings, a joint venture between the pan-Africa investment company Kupanda Capital and TPG Growth.
He said the structural changes in Nigeria’s music space have continued to attract deals from companies globally.
The music executive also said this would likely translate to buyouts in the future, threatening the sound originality.
“This is how the industry would grow as a whole. We are definitely going to be seeing more expansions in the coming years. Many mergers are bound to occur and the Afrobeats market share is poised to increase,” he said.
“This forecasts good things for the industry. Healthy competition and collaborations are needed if we are to attain the level of the world’s top music markets. Investments are expected when a profitable venture is discovered.
“Music is no different. Companies across the world would enter into different kinds of partnerships with labels, some would outrightly purchase.
“However, if we are to maintain the culture, then it is important that the management, operations, sound, and the most important moving parts remain potently African. This is non-negotiable.”
According to him, internet access and data cost remain the hurdles Nigeria has to address to facilitate growth.
“Streaming services have completely changed how we work and sell music in Nigeria. Streaming numbers are one of the biggest metrics of success now as an artist and a label,” the music executive added.
“Also, it makes it increasingly easier to gain international audiences for the sounds coming out of Africa.”
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