The deal marks Tencent’s second investment into a Times Internet asset, after it invested in Gaana, the music streaming platform, in 2018.
MX Player, one of the world’s largest local video players and OTT platforms in India has received $110 million (Rs. 775 Crores) in fresh funding from Tencent and Times Internet.
Times Internet acquired a majority stake in MX Player in 2018 from Zenjoy, a mobile-games company that remains an investor in the company. With over 175 million monthly active users in India and over 275 million monthly active users worldwide, MX Player is one of the leading video platforms on smartphones globally. Since its formal OTT launch in February 2019, MX has leapfrogged the competition to become the second-largest video streaming platform in India.
MX Player’s ‘everytainment’ vision – with offline video playback, video streaming, music streaming, and more, positions it to be a leading player in the digital entertainment landscape.
Speaking on the investment, Karan Bedi, CEO MX Player said, “We’re happy to welcome our new partners, whose investment is a glowing endorsement of our stellar growth and huge future potential. Our vision is to be one of the world’s largest entertainment platforms, serving our users across their online entertainment needs, starting with streaming video and beyond.”
Satyan Gajwani, Vice Chairman, Times Internet said, “MX Player was our most ambitious investment last year, and it has the potential to change mobile entertainment in India and in the world. It plays an important part of Times Internet’s strategy of being the largest consumer platform in India, and we’re excited to have Tencent help us in this mission.”
Jeffrey Li, Managing Partner, Tencent Investment said, “Within a relatively short period of time, MX Player has leveraged its vast user base and rich content library to be one of the leading video-streaming services in India. As the smartphone user base continues to expand in India, we look forward to working with MX Player to further grow its platform by delivering original content and differentiated user experience.”
India’s Video OTT market (currently pegged at Rs. 23,000 cr or $3.3bn) will grow at 29% annually, reaching nearly Rs. 62,000 Cr ($8.9 billion) by 2024, according to a recent KPMG report. 90% of this is led by AVOD.