Amazon India has reportedly acquired the MX Player OTT platform from Times Internet Ltd (TIL) at a reduced cost, estimated to be around $45-50 million. Although neither Amazon nor TIL have commented on the deal, sources claim that payments for the acquisition should be completed by the end of June this year. MX Player CEO, Karan Bedi, is expected to receive approximately a third of the agreement’s amount, with the remaining shareholders receiving the rest.
After the acquisition, Amazon Prime Video is expected to expand its consumer base fourfold, with MX Player boasting nearly 78 million users. This move may intensify the ongoing competition in India’s OTT sector, which is currently facing growth challenges, and now, with the Reliance Group joining the fray. MX Player was ranked as the third most downloaded OTT app globally in 2022 and was the most downloaded app in India. However, the platform was sold for almost 25% less than what it was acquired for four years ago.