Amazon planning to buy Times Internet’s video streaming app MX Player
Apart from Amazon, several top entertainment companies such as Zee and Sony are also reportedly interested in acquiring MX Player.
According to a report from TechCrunch, Amazon is in discussions to potentially acquire the popular Indian video streaming and content platform, MX Player. The talks are still underway and there is no certainty that a deal will be reached. MX Player’s owner, Times Internet, and Amazon are yet to finalize the deal.
Apart from Amazon, several top entertainment companies such as Zee and Sony are also reportedly interested in acquiring MX Player, according to two sources close to the matter. MX Player was purchased by Times Internet for $146 million in 2018, and since then, the entertainment app has grown in popularity, offering users free access to live TV channels, short videos, original content, and more.
The app has become widely popular in India, thanks in part to its extensive video catalogue, which includes access to live cable TV channels at no cost to consumers. The service primarily generates revenue through ads. MX Player was one of the first video apps to venture into the short-video format, taking advantage of the opportunity created after the Indian government banned TikTok in mid-2020. MX Player later merged this business with ShareChat’s short-video offering, Moj, in a $900 million deal.
Amazon, which has invested over $7 billion in India in the past decade, has been vying for a share of the Indian video market. The e-commerce giant offers its Prime Video subscription (and Prime membership) at discounted prices in India and also maintains a free, ad-supported video streaming service in the country.
MX Player has over 300 million users worldwide and generates the majority of its revenue from advertisements. With the surge in video consumption, many major players are reportedly looking to acquire the company. In 2019, MX Player received a funding round led by Tencent, raising $110.8 million in venture capital.
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