Amazon to Acquire Key Assets of MX Player from Times Internet

In a strategic move to bolster its presence in the Indian digital entertainment market, Amazon has signed an agreement to acquire select assets of MX Player, an ad-supported video streaming platform, from Times Internet. The deal, which values the live-streaming service at approximately Rs 500 crore ($60 million), marks a significant shift from MX Player’s $500 million valuation in 2019 during a $110 million funding round led by Tencent.

An Amazon spokesperson highlighted the company’s commitment to enhancing its offerings in India, stating, “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.”

The acquisition underscores Amazon’s strategy to expand its user base and strengthen its portfolio of Indian language content, particularly appealing to audiences in non-metro cities. This move follows a previous attempt by Amazon to acquire MX Player in 2022, which was unsuccessful due to valuation disagreements.

MX Player, known for its extensive library of Indian language content and Hindi-dubbed Korean dramas, gained significant traction during the pandemic as live streaming surged in popularity. However, the platform has experienced a decline in viewership in recent years.

Times Internet, which acquired MX Player from a South Korean firm in 2018, has been divesting its content assets. The company previously sold MensXP, iDiva, and Hypp to Mensa Brands in 2022. Additionally, MX Player’s short video app, MX Taka Tak, was merged with ShareChat in a $600 million deal in 2022. The platform also saw the departure of its COO, Nikhil Gandhi, in 2023.

The acquisition of MX Player’s assets by Amazon is expected to enhance the tech giant’s digital content ecosystem in India, leveraging MX Player’s existing user base and content offerings to provide a more diverse and enriched viewing experience on Amazon Prime Video and miniTV.