Amazon is in talks to acquire Times Internet-owned MX Player. However, the two organizations still could not agree on the contract.
The e-commerce giant is constantly working to expand its entertainment services. The acquisition of MX Player, one of India’s leading video streaming service platforms, will help Amazon expand its presence in the country.
Two other firms have expressed interest in acquiring MX Player. Among them is G-Sony.
The MX Play market has grown significantly in recent times. Its use and popularity has increased due to the convenience of using it on low-cost Android devices in addition to playing different formats or types of videos. MX Player has more than 300 million users worldwide and is most popular in India.
Its users can watch live television channels without paying extra charges. Due to which its popularity has increased a lot. Most of MX Player’s revenue comes from advertising.
The acquisition of Amazon is a very interesting topic for MX Player. It was previously bought by Times Internet in 2018 for $140 million. The video streaming service then merged with ShareChat’s Moj in a $900 million deal to become one of the leading video streaming services in the Indian market.
Those who are concerned believe that the acquisition of MX Player will greatly help Amazon to compete with Google’s exclusive video service YouTube. Currently YouTube has more than 500 million active monthly users.
There are fewer than four million monthly active users of Amazon’s Prime Video subscription and ad-supported video streaming service. MX Player’s current market value is over $500 million. The platform claims to have more than 15 crore active users in India. That’s why it’s a very positive step for Amazon to take the platform under its wing.