Last week, Universal Music Group (UMG) CEO Sir Lucian Grainge issued his annual New Year memo to staff—a 3,000-word address reflecting on the company’s operations in 2024. The note touched on a range of topics, from UMG’s Grammy wins and its ongoing advocacy efforts to responsible AI usage and the company’s progress on its artist-centric strategy.

One detail that stood out to me in particular is Grainge’s remark on UMG’s partnership with Nigeria’s Mavin Records and how it will evolve moving forward.

In a report last year, I noted that UMG intends to account for its investment in Mavin as a business combination, meaning Mavin’s financials—its assets, liabilities, revenues, and expenses—will now be fully integrated into UMG’s financial statements.

Grainge’s memo further hints on what this integration would look like, as Mavin will not only continue operating as a key entity within UMG’s structure but will also take the lead in managing all of UMG’s business in Nigeria. Emphasizing the company’s strategic expansion into new markets, Grainge underscored Mavin’s role as an important part of UMG’s broader geographic footprint.

Part of statement reads:

“And we grew our geographic footprint. One example: our partnering with and investing in Mavin Global, whose founders Don Jazzy and Tega Oghenejobo continue to lead that company as well as, going forward, all of UMG’s business in Nigeria.”

In November 2024, I also reported that UMG affirmed Nigeria as a high-potential market for investment and growth, alongside China, India, Vietnam, Indonesia, and Thailand.