Amazon announced on June 6 that it has reached an agreement to acquire certain assets from MX Player, a streaming platform owned by Times Internet, indicating consolidation in India’s competitive video streaming market.
An Amazon spokesperson stated, “We are constantly seeking ways to introduce new products and services that enhance customers’ lives. We are excited to continue entertaining India with the excellent local originals and exclusive content available on our Prime Video and miniTV services.” The transaction is pending completion, the company added.
According to sources, the deal values MX Player at less than $100 million, a significant decrease from its $500 million valuation during its last funding round in 2019.
The acquisition is expected to strengthen Amazon’s ad-supported streaming service, miniTV, which is currently integrated into the flagship shopping app on Android and iOS. Last year, Amazon launched a standalone mobile app for miniTV. Additionally, Amazon operates Prime Video, a subscription-based streaming service bundled with its Prime subscription.
This development coincides with Walt Disney’s plans to merge its India unit with Reliance Industries as part of a joint venture announced on February 28. The merger combines the businesses of Viacom18 and Star India to create one of India’s largest TV and digital streaming platforms.
Once completed, Disney+ Hotstar, the leading subscription-based video streaming platform in India, and JioCinema, a significant player in ad-supported video streaming, will have a single owner. Analysts at brokerage firm Bernstein estimate that the combined entity will capture about 85 percent of India’s video streaming audience.
