by INTRODUCTION
On June 6, Amazon announced its plans to acquire certain assets from MX Player, a streaming platform owned by Times Internet. This move by the online tech giant signifies a trend of consolidation in India’s highly competitive video-streaming market.
Our company is constantly seeking innovative ways to bring new products and services to our customers, aiming to enhance their overall quality of life. We are thrilled to announce our commitment to providing the people of India with a wide range of engaging local content and exclusive offerings through our Prime Video and miniTV platforms in India,” stated a representative from Amazon.
According to data traffic insights from Similarweb, MX Player is ranked as one of the top three video players and editors app categories in India. Additionally, it is also listed among the top 50 Android apps in terms of usage in the country. In a recent development, Amazon has agreed to acquire certain assets of MX Player. The deal, which was finalized earlier this week, is estimated to be valued between $80-100 million.
Amazon has been engaged in negotiations to purchase MX Player, a key player in the ad-supported streaming market in the country, since the beginning of 2023. The deal was initially cancelled around July 2023, but discussions have been revived in the past few months.
In 2018, Times Internet completed the acquisition of MX Player, a popular media player in India. Fast forward to 2022, Times Internet decided to sell off the short-video platform MX Takatak to ShareChat, a vernacular social media platform. This move marked a strategic shift in Times Internet’s portfolio, focusing on different aspects of the digital media landscape.
CONCLUSION
Amazon’s recent acquisition of MX Player signifies the e-commerce giant’s strategic move to attract a fresh wave of users by facilitating seamless transactions and shopping experiences on its platform. With a keen focus on broadening its reach in the Indian market, Amazon aims to engage customers residing in non-metro areas. Interestingly, reports from ET revealed that Sony was also exploring the possibility of acquiring MX Player, indicating a competitive landscape in the digital entertainment sector.
According to sources, it has been reported that Karan Bedi, the current CEO of MX Player, is expected to become a part of Amazon as a result of the transaction.
