As part of its plan to diversify its offerings in India, where the video streaming service industry is expanding rapidly, Amazon has agreed to purchase MX Player.
MX Player is an addition to Prime Video and MiniTV, two of Amazon’s current video services. After the acquisition, it is anticipated that the US tech behemoth will keep the MX Player name.
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According to a UBS analysis, MX Player is one of the most popular video streaming apps in India, holding a 15% market share in terms of monthly active users as of April.
Amazon is attempting to reach new consumers by acquiring MX Player in an effort to facilitate their transactions and shopping on the site.
Amazon has been attempting to attract customers in non-metropolitan areas by growing its user base in India. Sony was also in talks to buy MX Player, according to a report from ET last year.
Although the precise amount of the transaction was not disclosed by Amazon, the agreement is a calculated move to strengthen its dominance in India’s entertainment market.
About MX Player
Founded in 2011 by Karan Bedi, MX Player is a video streaming app that offers thousands of hours of premium, exclusive and original content from leading Producers and Publishers. It’s a one-stop app for some of the best Movies, TV Shows, Web Series, Music Videos, and Short Videos.
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