Times Internet acquires majority-stake in MX Player for Rs. 1,000cr
What's the story
Times Internet (TIL), the digital venture of the Times of India group, has bought majority stake in Mumbai's local video platform MX Player for over Rs. 1,000cr, as part of its plans to enter the video over-the-top (OTT) space. MX Player is investing aggressively into premium, original, digital-first content, with an emphasis on high quality Hindi and regional production.
Objective
TIL's aim is to build digital-first video streaming platform
"TIL's objective is to build a digital-first video streaming platform atop MX Player's 350 million install base in India," TIL in a statement said. "We are building a content experience with the quality of mainstream media, but designed specially and exclusively for Indian millennial(s) that are digital-first." The platform will launch over 20 original shows and over 50,000-hours of premium content across all languages.
Information
MX Player installed on over 500 million devices globally
MX Player is installed on over 500 million devices globally. Times Internet CEO Gautam Sinha said India presents one of the biggest digital entertainment opportunities in the world with over 400 million Internet users. MX Player will continue to support its offline video playback features.