One of India's biggest streaming service MX Player might become an Amazon subsidiary. TechCrunch reports, citing sources, that the e-commerce giant is in talks with Times Internet, which currently owns a majority stake in MX Player, in an attempt to explore the possibilities of a takeover.
However, the report adds that the chances of the purported acquisition actually happening any time soon are thin. But if it goes through, it will help Amazon tighten its grip in the video streaming space. The company also has a huge market presence with Prime Video and mini TV.
MX Player started as a video player app for smartphones and a major stake in its parent company was acquired by Times Internet back in 2018 for a sum of $140 million. But after the online streaming boom started, the app pivoted and turned itself into an OTT streaming platform in 2019.
In the same year, MX Player also received a big investment from Tencent Holdings. Since then, the app has expanded its presence overseas and developed original web series in various Indian languages.
Investing its resources in local-language content has allowed MX Player to reach a user base of around 300 million globally. The sources also said that two other buyers have shown interest in taking home MX Player. Let's see where the streaming app lands in the future.