Amazon to acquire some assets of MX Player
Amazon has confirmed buying out some assets of Times Internet owned video streaming platform MX Player. The deal which is being ironed out, values MX Player at almost a tenth of its $500 million valuation in 2019 on the back of an investment by Tencent, according to reports.
US-headquartered ecommerce giant has signed an agreement to purchase some assets of from . The ad-supported video streaming platform MX Player hosts Indian language content as well as multiple Korean dramas dubbed in Hindi.
The transaction, which is yet to be completed, values the live-streaming service at Rs 500 crore or $60 million according to Mint which first reported the deal. This is a sharp contrast to the $500 million valuation commanded by MX Player in 2019 as part of a $110 million funding round led by Tencent.
“We are always looking for ways to introduce new products and services that help improve customers’ lives. We’re excited to continue to entertain India with the great local originals and exclusive content available across our Prime Video and miniTV services in India,” said an Amazon spokesperson in response to specific queries shared by YourStory.
The acquisition will help Amazon expand its user base and ownership of Indian language content as a hook for non-metro cities. Amazon had previously attempted a buyout for MX Player in 2022 which fell through due to a mismatch in valuation.
MX Player is the latest among Times Internet’s content plays to be sold. The company had previously sold MensXP, iDiva and Hypp to Mensa Brands in 2022.
MX Player which gained popularity during the pandemic as part of the boom in live streaming has seen its popularity dip over the last few years. The platform which was acquired by Times Internet in 2018 from a South Korean firm had also launched a short video app called MX Taka Tak which was later merged with ShareChat in a $600 million deal in 2022. The company also saw the departure of its COO, Nikhil Gandhi in 2023.
Edited by Affirunisa Kankudti