To gain a strong foothold in India’s booming video OTT space, Times Internet (TIL), a Times Group company, on Wednesday confirmed the acquisition of South Korea-based video platform MX Player, in a deal worth Rs 1,000 crore.
With this acquisition, TIL aims to build a digital-first video streaming platform atop MX Player’s 350-million install base in India. Post acquisition, MX Player will continue working as an independent entity with teams across India and China. In its first year in India, the platform is expected to launch more than 20 original shows and about 50,000 hours of premium content across all languages. Also, it will continue to support its offline video playback features that are currently available.
MX Player which currently installed on over 500 million devices globally, will compete with the likes of Amazon Prime Video, Netflix, Hotstar and Voot. Another companies who are also running their operations in Indian OTT video market includes YouTube, Spotify, and Eros Now.
“MX Player will revolutionise digital entertainment in India. Our audience wants premium entertainment content, built for India’s youth, in their language, with compelling stories and movie-quality production,” said Karan Bedi, CEO of MX Player. “With our experienced team of storytellers, an exceptional technology product, and the support of the Times Group, we will play a vital role in transforming the sector and create new milestones in Indian content.”
TIL CEO Gautam Sinha added, “With over 400 million internet users in India, India presents one of the biggest digital entertainment opportunities in the world. And yet today, most content available is either user-generated or repurposed from broadcast television. We are building a content experience with the quality of mainstream media, but designed specially and exclusively for Indian millennials that are digital-first.”
MX Player which ranks among the top 10 apps on Google Play Store, will be made available across Android, iOS, web and other smart platforms.