Following several rounds of negotiations, amazon India paid a sizable sum to acquire MX Player from Time Internet Ltd (TIL). Although the discounted price is unknown, it may be in the range of $40–50 million, or Rs. 350–400 crore in indian rupees. In 2018, TIL purchased MX Player for an estimated Rs 1000 crore. Although TIL and amazon India are keeping quiet about the deal, it is anticipated to close by june 30 of this year. To complete the purchase, the US-based e-commerce behemoth hired a consultancy firm.

Karan Bedi, the CEO of MX Player, will reportedly receive one-third of the deal's proceeds, with the remaining portion going to stockholders. MX Player was the most downloaded OTT app worldwide in 2022 for the uninitiated. It has also received the most downloads in India. However, it is being sold for 25% less than what was paid to buy it initially.

In India, amazon has over 28 million users while MX Player has almost 78 million. The Viacomm 18 IPL broadcast for free on JioCinema, despite having purchased IPL rights for Rs 24,000 crore, is expected to escalate the OTT rivalry in India.

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G GOWTHAM

01/05/2023 11:30 AM