Amazon has finalized an agreement to acquire assets of the Indian video streaming service MX Player from Times Internet, in a move aimed at expanding its presence in India’s smaller cities and towns.
The acquisition, which values MX Player at just over $100 million, way lower than its previous $500 million valuation, will drive Amazon’s video streaming offerings in the country.
The acquisition is not a full buyout; Amazon will take over certain assets of MX Player, leaving out some elements of the company. This acquisition comes after nearly two years of negotiations, with Amazon aiming to integrate MX Player’s content with its own Prime Video and miniTV services in India.
Amazon’s services will now be more popular in smaller Indian cities and towns, regions where MX Player has a strong foothold.
Post-acquisition, Amazon plans to retain the MX Player branding, leveraging its popularity and established user base. MX Player is particularly popular in smaller cities and towns, areas that Amazon’s e-commerce services have struggled to penetrate effectively.
With the integration of MX Player’s broad content library, which includes local originals and exclusive shows, Amazon aims to attract a wider audience and bolster its market share in the highly competitive Indian OTT sector.
Amazon has been expanding its video streaming services in India, offering affordable Prime subscription variants and partnering with local telecom operators.
The addition of MX Player’s assets is expected to complement these efforts, providing Amazon with a significant boost in content and user base.
MX Player, originally a South Korean video player app, was acquired by Times Internet in 2018 for approximately $140 million. Since then, it has evolved into a comprehensive ad-supported video streaming platform, gaining substantial popularity across India.
Following the acquisition, Amazon plans to retain the senior management team of MX Player, integrating their expertise into Amazon’s broader operations. This is a way to ensure continuity and leverage the existing team’s knowledge and experience in the Indian market.
The partnership will ensure continued entertainment in India with the great local originals and exclusive content available across Prime Video and miniTV services.
