Amazon India has reportedly acquired the popular OTT platform MX Player from Time Internet Ltd (TIL) after several rounds of talks. The exact amount paid for the acquisition is unknown, but it is estimated to be in the range of $40-50 million (Rs 350-400 crore). This marks a significant markdown from the estimated Rs 1000 crore that TIL had acquired MX Player for in 2018.
While neither Amazon India nor TIL has officially confirmed the deal, sources suggest that it will be completed by June 30th of this year. Amazon India is said to have hired a consulting firm to help with the acquisition process. Interestingly, MX Player's CEO Karan Bedi is expected to receive one-third of the deal amount, with the rest going to shareholders.
MX Player is a popular OTT platform that was the most downloaded app of its kind globally in 2022. It has also been downloaded the most in India. With this acquisition, Amazon India stands to gain access to MX Player's nearly 78 million users in addition to its existing user base of around 28 million.
It is worth noting that the OTT war in India is heating up, with Viacom18 streaming IPL for free on JioCinema despite acquiring IPL rights for a staggering Rs 24,000 crore. This move is expected to intensify competition in the Indian OTT market.
MX Player was originally launched as a video player in Korea, but was later rebranded as an OTT platform in 2019. TIL ran the platform for four years before deciding to sell it to Amazon India. With the acquisition of MX Player, Amazon India is expected to strengthen its position in the Indian OTT market and compete with other major players in the space.