E-commerce giant Amazon is set to acquire popular media player app MX Player in a deal worth ₹400 crores INR ($53.5 million USD), according to reports. MX Player is currently owned by Times Internet Group, who had acquired the app for ₹1000 crores ($134 million USD) in 2018.
MX Player, which was originally launched as a media player for Android devices in 2011, has since expanded its services to include original content production and streaming. It boasts over 500 million downloads on Google Play Store and has a significant user base in India.Amazon’s acquisition of MX Player is seen as a strategic move to expand its presence in the Indian market. The company has been making inroads in the country’s entertainment industry through its streaming service, Amazon Prime Video, which has been gaining popularity among Indian consumers.
The deal will also give Amazon access to MX Player’s existing user base, which the company can leverage to promote its own services and products. In addition, the acquisition is expected to help Amazon compete more effectively against its main rival in India, Walmart-owned Flipkart, which recently acquired a majority stake in Indian video streaming platform Hotstar.
Times Internet Group, which is owned by India’s largest media conglomerate, Bennett, Coleman & Co., is reportedly looking to divest its non-core businesses in order to focus on its core media properties. The group’s decision to sell MX Player to Amazon is seen as a strategic move that will allow it to streamline its operations and focus on its core businesses.
The acquisition is expected to be completed in the coming weeks, pending regulatory approvals. If successful, it will mark Amazon’s latest investment in the Indian market, following the company’s recent acquisition of Indian retail giant, Future Group. The move is also expected to further intensify the competition in India’s rapidly growing entertainment industry, which has become a battleground for global tech giants seeking to tap into the country’s vast consumer base.