Amazon Back For A Second Bite At MX Player
This is the second attempt by the e-commerce giant to purchase MX Player in March of last year; however, the deal fell through at that time
Amazon is reportedly nearing the acquisition of Times Internet-owned OTT platform MX Player. This marks the second attempt by the e-commerce giant to purchase MX Player in March of last year; however, the deal fell through.
According to a media report, the current discussions have progressed to the final stage.
The details of the deal have been finalised, with Amazon having already presented a term sheet to MX Player. Sources quoted in the media report indicate that the deal is valued between $30-40 million. Upon completion of the acquisition, the MX Player team will integrate with that of Amazon's Mini TV. Following the breakdown of negotiations in March last year, the two companies resumed discussions in February of this year.
In hindsight, in 2018, Times Internet made headlines by acquiring MX Player for approximately $140 million (Rs 1,000 crore at the time). This bold move was notable, especially since the company's previous OTT venture, BoxTV.com, had shut down in 2016 after four years of operation.
If the deal goes through, Amazon Prime Video's user base in India could potentially quadruple. Amazon currently has an estimated 28 million users in the country, while MX Player boasts nearly 78 million users. This high-profile acquisition could significantly intensify the competition in India's burgeoning OTT market.
Interestingly, MX Player was ranked as the third most downloaded OTT app globally in 2022, according to the State of Mobile 2023 report by Data.ai. In India, it was the most downloaded app, surpassing Hotstar, Zee 5, JioTV, and JioCinema. Originally launched as a video player in Korea on 18 July, 2011, MX Player was relaunched in 2019 as an OTT platform featuring original programming.
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