Times Internet re-enters video OTT space with acquisition of majority stake in MX Player for Rs 1000 cr
MUMBAI: Times Internet Ltd. (TIL), the digital arm of Times Group, has entwred the video over the top (OTT) segment with the acquisition of MX Player, the world’s largest local video platform, for Rs 1000 crore.
TIL said it has invested over Rs 1000 crore to acquire a majority stake in MX Player. The company will build a digital-first video streaming platform atop MX Player’s 350 million install base in India, with thousands of hours of premium and exclusive content from leading content producers and publishers around the world, built for millennial audiences.
TIL has a presence in the video OTT space through Box TV. However, that platform has been lying dormant without any new content addition.
According to TIL, MX Player offers best-in-class video playback capabilities, and is currently installed on over 500 million devices globally.
In India, over 350 million consumers have MX Player installed, and over 175 million consumers use it every month to watch videos, a reach comparable to leading TV channels, and exceeding all other OTT platforms in India.
MX Player is investing aggressively into premium, original, digital-first content, with an emphasis on high quality Hindi and regional production.
In its first year, the platform will launch with more than 20 original shows, and over 50,000 hours of premium content across all languages. MX Player will continue to support its offline video playback features that are currently available.
MX Player CEO Karan Bedi shared, “MX Player will revolutionise digital entertainment in India. Our audience wants premium entertainment content, built for India’s youth, in their language, with compelling stories and movie-quality production. With our experienced team of storytellers, an exceptional technology product, and the support of the Times Group, we will play a vital role in transforming the sector and create new milestones in Indian content.”
TIL CEO Gautam Sinha added, “With over 400mn internet users in India, India presents one of the biggest digital entertainment opportunities in the world. And yet today, most content available is either user-generated or repurposed from broadcast television. We are building a content experience with the quality of mainstream media, but designed specially and exclusively for Indian millennials that are digital-first. With MXPlayer and TIL’s tech capabilities, we are uniquely positioned to deliver a world-class streaming experience of high-quality, relevant content for India.”