Amazon is teaming up with Times Internet to investigate the acquisition of MX Player, one of India’s largest on-demand video streaming services, according to four sources familiar with the matter, as the US e-commerce group looks to expand its entertainment ambitions in the future in a major way. overseas market.
Deliberations are ongoing and may not lead to a deal, three sources warned. The terms of the deal are yet to be finalized. Times Internet and Amazon did not immediately respond to a request for comment.
According to two sources, at least two other players, including Zee-Sony, have expressed interest in acquiring the Times Internet app.
The considerations are notable for MX Player, which was acquired by Indian conglomerate Times Internet in 2018 for $140 million. The video app, popular for its support of a wide variety of video formats and reliability on low-cost Android smartphones, has expanded into original content in recent years, amassing over 300 million users worldwide.
MX Player has gained widespread adoption in markets such as India, in part by offering its wide video catalog to consumers for free. Instead, the service gets most of its revenue from advertising.
Amazon is aggressively competing for a share of the Indian video market. The e-commerce group offers Prime Video subscription (and Prime membership) at discounted prices in India and also maintains a free ad-supported video streaming service in the country.
This is an evolving story. More to follow.