Have you heard the name MX Player? If so, you might recognize it as a media file playing app for Android devices. It also has an app for iOS, but in India MX Player is best known as a video streaming service under Times Internet. Most recently, Amazon reportedly bought part of MX Player.
According to sources, Amazon acquired MX Player for under $100 million. The company was previously valued at $500 million. But it is said that because they have been trying to sell for two years due to financial problems, they agreed. Some MX Player executives will be absorbed into Amazon. This acquisition is part of Amazon's strategy to expand their services to remote areas in India.
In India, MX Player is the third most popular video streaming platform after Hotstar and Jio Cinema. MX Player is also popular among young users and in urban areas. With Amazon still working with local telecommunications companies for more affordable subscription prices, they expect users in rural areas to be able to enjoy their services more easily.
Sony is said to be among the other candidates interested in taking over MX Player to combine with the ZEE5 service which is in second last place as a video streaming platform in India. For now it is still uncertain if the content from MX Player will be taken globally or will remain limited to Indian users only.