After months of delays and speculation, e-commerce giant Amazon is in the final stages of acquiring the video streaming platform MX Player from Times Internet.
According to media reports, Amazon is purchasing MX Player in an all-cash deal valued at slightly over $100 million. Following the acquisition, MX Player’s senior management will join Amazon.
This development follows nearly a year of MX Player being on the market for a potential buyer due to financial constraints. MX Player was initially launched by South Korean company J2 Interactive as a mobile video player in 2011, gaining popularity for its versatility and offline playback capabilities.
In 2018, Times Internet acquired it for $140 million and subsequently transformed it into an ad-supported streaming service in 2019. The platform also received a significant investment from Tencent, offering a mix of original content and licensed shows and movies from various Indian and international studios.
By 2023, however, MX Player faced financial challenges, prompting Times Internet to seek a buyer. Times Internet has been divesting its assets over the past year, selling MX Takatak, Dineout, MensXP, iDiva, and Hypp.
The acquisition of MX Player aligns with Amazon’s strategy to bolster its presence in the competitive video streaming market. This move is expected to enhance Amazon’s content library and expand its reach in India, a key market for streaming services. The integration of MX Player’s management team into Amazon underscores the e-commerce giant’s commitment to leveraging local expertise to drive its growth in the region.
As the acquisition process nears completion, industry observers are keenly watching how Amazon will integrate MX Player’s offerings into its existing Prime Video platform and what new opportunities this acquisition will create in the Indian digital content landscape.
Source: INC42
