In an attempt to remark its entry in Indian OTT Segment, Times Internet has acquired South Korea based world’s largest local video platform, MX Player in a deal worth 1000 Cr ( $144 Mn).
With new acquisition onboard, Times Internet is planning to build a digital-first video streaming platform taking on the likes of Netflix and Amazon in India.
Notably, the deal marks second big bet for Times Internet in the OTT Segment as earlier in 2016, company had launched its OTT app Box TV. However, the high cost of content had led the service to shut down.
MX Player, developed by J2 Interactive, a South Korean based app will continue to work independently with teams across India and China. The platform currently has 350 million users in India, of whom 175 million use it every month, exceeding all other OTT platforms in the country.
Kiran Bedi, CEO, MX Player stated in an email statement, “This is one of the largest cross-border deals in the digital space. We work closely with the TIL on a number of areas.”
Times Internet is subsidiary of the Times Group that publishes The Economic Times.
Times Internet wants to create a video experience with the quality of mainstream India. “With MX Player and TIL’s tech capabilities, we are uniquely positioned to deliver a world-class streaming experience of high-quality, relevant content for India.”, said Gautam Sinha, CEO, Times Internet.
Additionally, MX Player will bring in exclusive premium content from leading producers and publishers around the world, primarily targeted at millennial audiences. The service will go onboard starting with the web, iOS and Android from next year.