Amazon announced on June 6 that it signed an agreement to acquire certain assets from MX Player, a streaming platform owned by Times Internet. This indicates a trend towards consolidating India’s highly competitive video streaming market.
Furthermore, Amazon’s existing video services, including Prime Video and MiniTV will be further complemented with the addition of MX Player. Notably, following the acquisition, the US technology giant Amazon plans to retain the MX Player brand.
A spokesperson for Amazon India said, “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.”
According to sources, the deal, which concluded on Wednesday, valued MX Player at $50-100 million. Notably, as part of the transaction, Karan Bedi, CEO of MX Player, is expected to join Amazon; however, Amazon has not disclosed the size of the acquisition.
According to a UBS report, as of April, MX Player holds a 15% market share in terms of monthly active users and is one of the leading video streaming apps in India. Additionally, MiniTV is free to all users, while Prime Video is available to subscribers of Amazon’s Prime program. The acquisition of MX Player represents Amazon’s effort to attract new users to its platform, encouraging them to engage in transactions and shopping.