Times Internet has confirmed its acquisition of MX Player for $146 Million to get into the digital content space.
TIL has invested over Rs 1,000 crore to acquire a majority stake in the South Korean video playback app and aims to build a digital-first video streaming platform atop its 350-million install base in India. MX Player, currently installed on over 500 million devices globally, will compete with Amazon Prime Video, Netflix, Hotstar, and Voot with thousands of hours of premium and exclusive content from leading content producers and publishers around the world.
Times said in a statement that MX Player is investing into original, content, with an emphasis on 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. Meanwhile, MX Player will also continue to run its offline video playback features that are currently available.
Gautam Sinha, CEO, Times Internet said in a statement that, “We are building a content experience with the quality of mainstream media, but designed specially and exclusively for Indian millennials that are digital-first.”