Times Internet, the digital division of the leading Indian media conglomerate Times Group, announced the acquisition of a controlling stake in MX Player, one of the world’s largest video platforms. A popular video playback application will become a full-featured streaming service and will compete with such well-known vendors as Amazon and Netflix in the Indian market. The transaction amount is $ 140 million.
According to the Times Internet, as part of the Times Group, MX Player will offer consumers more than 20 original shows and more than 50,000 hours of premium video content in all languages from leading manufacturers and publishers around the world, and within the first year. The service will be available on major digital platforms (web version, Android and iOS apps) in the next quarter. Director General of MX Player Karan Bedi (Karan Bedi) said that the launch is scheduled before the end of August this year. In this case, users can continue to use the application for offline video playback, as before.
“The main focus for original content is a long show format, which ranges from 20 to 60 minutes per episode and 10 to 20 episodes per season. Our audience is younger than 35 years old, and many do not watch on-air television. We are creating the first digital entertainment platform for this demography, “- Karan Bedi, CEO of MX Player.
MX Player was developed by the South Korean developer of J2 Interactive applications. The audience of the multimedia player in India has 350 million users, of which 175 million use it every month. Globally, MX Player is installed on more than 500 million devices, 80% of users under the age of 34. According to Times Internet CEO Gautam Sinha, this database is twice as high as all premium OTT platforms (the method of providing video services over the Internet) in the country.
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“With more than 400 million Internet users in India, the country is one of the largest digital entertainment venues in the world. And yet today most of the available materials are either generated by users, or re-profiled from on-air television. We create content with the quality of the mainstream media, but specifically and exclusively for Indian millenials, the first digital generation, “- Gautam Sinh, CEO of Times Internet.
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