Amazon currently operates Prime Video, a subscription-based service, in India. Credit: xalien/Shutterstock.

Amazon has reached an agreement to acquire assets from Indian streaming services platform MX Player for an undisclosed sum.   

The move is part of Amazon’s strategy to improve its streaming services in India, a fast developing market for digital media consumption. 

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“We are always looking for ways to introduce new products and services that help improve customers’ lives. We are excited to continue to entertain India with the great local originals and exclusive content available across our Prime Video and miniTV services in India,” an Amazon spokesperson was quoted by the Hindu Businessline as saying. 

Since early 2023, talks have been on for Amazon to purchase the Times Internet-owned MX Player.  

Around July 2023, the company called off the agreement, but in recent months, negotiations picked back up. 

The deal values MX Player at less than $100m (Rs8.34bn), a fall from its previous $500m valuation in 2019. 

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The acquisition comes in the wake of a joint venture announcement between Walt Disney and Reliance Industries, aiming to create one of India’s largest TV and digital streaming platforms.  

Amazon’s interest in MX Player reflects the company’s strategy to expand its streaming offerings in India, a key market for future growth. 

Amazon currently operates Prime Video, a subscription-based service, and miniTV, a free ad-supported streaming service launched in May 2021.  

In July 2023, Amazon introduced a standalone Android app for miniTV, reporting an average of 45 minutes per session spent by viewers in December 2023.  

Through miniTV, Amazon aims to bolster its digital advertising revenues in India. 

The acquisition of MX Player, with its reach in tier 2 and tier 3 cities, aligns with Amazon’s efforts to penetrate deeper into the Indian rural market. 

MX Player was purchased by Times Internet for Rs10bn in 2018.