TIL firms up OTT plans with acquisition of local video platform MX Player
Times Internet (TIL) has confirmed the acquisition of MX Player, the world’s largest local video platform, cementing its plans to enter the video OTT space. TIL has invested over Rs 1,000 crore to acquire a majority stake to build a digital-first video streaming platform atop MX Player’s 350 million install base in India, with thousands of hours of premium and exclusive content from leading content producers and publishers around the world, built for millennial audiences.
MX Player offers best-in-class video playback capabilities and is currently installed on over 500 million devices globally. In India, over 350 million consumers have MX Player installed, and over 175 million consumers use it every month to watch videos, a reach comparable to leading TV channels, and exceeding all other OTT platforms in India.
MX Player is investing aggressively into premium, original, digital-first content, with an emphasis on high quality Hindi and regional production. In its first year, the platform will launch with more than 20 original shows, and over 50,000 hours of premium content across all languages. MX Player will continue to support its offline video playback features that are currently available.
Commenting on the development, Gautam Sinha, CEO, Times Internet, said, “With over 400 million Internet users in India, India presents one of the biggest digital entertainment opportunities in the world. And yet today, most content available is either user-generated or repurposed from broadcast television. We are building a content experience with the quality of mainstream media, but designed specially and exclusively for Indian millennials that are digital-first. 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.”
Karan Bedi, CEO, MX Player, added here, “MX Player will revolutionise digital entertainment in India. Our audience wants premium entertainment content, built for India’s youth, in their language, with compelling stories and movie-quality production. With our experienced team of storytellers, an exceptional technology product, and the support of the Times Group, we will play a vital role in transforming the sector and create new milestones in Indian content.”