Amazon acquires video streaming platform MX Player
Amazon has agreed to acquire MX Player as part of its strategy to expand its portfolio in India’s thriving market for video streaming services.
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MX Player will add to Amazon's existing video services like Prime Video and MiniTV. The US technology giant is expected to retain the MX Player brand post the acquisition.
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The deal concluded on Wednesday, people in the know said, valuing MX Player at $50-100 million.
Karan Bedi, CEO, MX Player, is likely to join Amazon as part of the transaction, people said.
Amazon did not disclose the size of the acquisition. A spokesperson for Times Internet did not comment.
MX Player is one of the top video streaming apps in India with a 15% market share in terms of monthly active users as of April, according to a UBS report.
The video streaming
