Amazon appears to be interested in acquiring the well-known Indian video streaming and content platform MX Player. According to a report from TechCrunch, the discussions are still ongoing and may not result in a deal. The deal has yet to be finalized by MX Player’s owner, Times Internet, and Amazon.
MX Player isn’t the only company interested in acquiring it. According to two sources familiar with the situation, top entertainment companies such as Zee and Sony are also interested in acquiring the company, says the report.
MX Player was purchased by Times Internet for $146 million in 2018. Ever Since the acquisition, the entertainment app has grown in popularity by providing users with free access to live TV channels, short videos, original content, and more.
The app currently has over 300 million users worldwide and generates the majority of its revenue through advertisements. As a result, as video consumption has skyrocketed, many major players are looking to acquire.
Amazon is said to be planning to expand its entertainment business in India. The company has aggressively promoted its Prime Video platform subscription, which is available at a lower price for students and mobile-only users.
We should get more information regarding the acquisition in the coming weeks.