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Monday, March 27, 2023

Amazon in Talks to buy Indian Video Giant MX Player

Amazon in Talks to buy Indian Video Giant MX Player – According to four sources familiar with the situation, Amazon is in talks with Times Internet to examine the possibility of acquiring MX Player, one of India’s largest on-demand video streaming services. This move is part of Amazon’s strategy to expand its entertainment ventures in the key foreign market. It’s important to note that the discussions are still ongoing and may not result in a successful deal, according to three sources. The details of the agreement have yet to be determined. 

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Times Internet and Amazon have not provided a response to inquiries for comment at this time. The sources requested to remain anonymous due to the private nature of the matter. According to two sources, at least two other companies, including Zee-Sony, have shown interest in acquiring the MX Player app owned by Times Internet. The discussions surrounding the acquisition of MX Player are significant, as the app was purchased by Indian conglomerate Times Internet for 140 million dollars in 2018. 

MX Player is well-known for its ability to support a broad range of video formats and its dependability on budget Android smartphones. In recent years, the app has added original content to its offerings and has attracted over 300 million users globally. MX Player has become widely used in markets such as India by offering a vast video catalog that provides consumers with access to live cable TV channels at no cost. The service primarily generates its income through advertising. 

MX Player was one of the first video apps to venture into the short-video format, capitalizing on the opportunity created after TikTok was banned in India in mid-2020. MX Player later merged its short-video business with ShareChat’s Moj in a transaction valued at 900 million dollars. Amazon, which has invested over 7 billion dollars in India in the past decade, has been fiercely vying for a share of the Indian video market. To do so, the e-commerce giant offers discounted Prime Video subscriptions and Prime memberships in India, as well as a free video streaming service supported by advertising.


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