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MX Player facing challenges, plans to sell major assets to Amazon

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In Short:

Amazon.com Inc. is set to acquire assets from MX Player to enhance its streaming presence in India. The deal may include the platform, content library, and some employees. This move will strengthen Amazon’s AVoD business. MX Player, once a media player, was bought by Times Internet and turned into a video streaming app. Despite financial struggles, MX Player remains popular with over 300 million users globally.

Amazon Ventures into Indian Streaming Market

Exciting news alert! Amazon.com Inc. is all set to acquire some key assets from Times Internet-backed MX Player to bolster its streaming footprint in India. How cool is that?

Details of the Deal

“We’ve signed an agreement with Amazon. They will purchase some assets from MX Player. The transaction is not yet complete,” shared Karan Bedi, the chief executive officer of MX Player, during a Townhall session.

According to a report by Mint on 29 March, talks of this acquisition had resumed after almost a year since the initial deal fell through. Stay tuned for more updates!

Amazon’s Plan for Indian Market

While the specific details are still under wraps, rumor has it that the deal will include the platform, MX Player’s existing content library, and select employees. Sounds like a game-changer, right? And guess what, this is not a full acquisition, so MX Player’s debt is not covered in the deal. Let’s see what unfolds in the coming weeks!

Amazon’s Statement

“We are always looking for ways to introduce new products and services that help improve customers’ lives. We’re excited to continue to entertain India with the great local originals and exclusive content available across our Prime Video and miniTV services in India,” quoted an Amazon spokesperson. Sounds like we have some binge-watching sessions lined up!

Strengthening AVoD Business

This integration with MX Player is not just a random move. It is aimed at boosting Amazon’s advertiser video-on-demand (AVoD) business. Exciting times ahead for sure!

MX Player’s Journey

Originally developed as a media player for downloaded videos by a South Korean app developer, MX Player was acquired by Times Internet in 2018 for a whopping 1,000 crore ($140 million back then). Fast forward today, it has evolved into an ad-supported video streaming app, boasting over 300 million registered users globally.

Despite a $111 million funding round led by Tencent in October 2019, MX Player has faced financial challenges, leading Times Internet to part ways with certain business segments. But hey, every setback leads to a new opportunity, right?

With a shift in focus from original content to content syndication through partnerships, MX Player is gearing up for a new chapter in its journey. Let’s see where this exciting collaboration with Amazon takes them!

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