Times Internet, the digital arm of Indian media giant Times Group, has confirmed its acquisition of South Korean video app MX Player. The deal is reportedly worth Rs 1,000 crore, or $140 million.
With this acquisition, Times Internet plans to build a digital-first video streaming platform in India, where MX Player reportedly has 175 million active monthly users. The app is installed on 500 million devices globally.
In its first year in India, the platform is expected to launch more than 20 original shows and about 50,000 hours of premium content across all languages. Also, it will continue to support its offline video playback features that are currently available.
Karan Bedi, CEO of MX Player, said:
“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.”
Times Internet chief executive Gautam Sinha added:
“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 re-purposed 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.”
MX Player ranks among the top 10 apps on Google Play Store.