Times Internet buys MX Player for $146 million

India’s Times Internet Ltd said on Thursday it bought a majority stake in MX Player for over Rs 10 billion  ($145.77 million), as it ventures into the video streaming space. The digital arm of media conglomerate Times Group said MX Player, a video player developed by Korean IT firm J2 Interactive, will be launched with more than 20 original shows with 50,000 hours of premium content in its first year.

MX Player has been reportedly downloaded by approximately 350 million users in India, out of which 175 million users use it every month. Times Internet, which has already been into the audio streaming space with Gaana, is now willing to enter the video streaming space to compete with the likes of Netflix and Amazon Prime Video. The content will be focused for the millenials as a majority of MX Player’s users belong to that demography. The new service will vouch for original shows and could end up offering a premium paid service. Times Internet will offer the service initially on the web alongside Android and iOS devices.

However, MX Player will still continue to support offline video playback for a wide array of file formats.

The move to offer online digital content through existing offline platforms isn’t new. Xiaomi — one of India biggest smartphone manufacturers, collaborated with Hungama to offer some of the latest audio and video content through its Mi Music and Mi Video app.

(source)