MUMBAI: Times Internet Limited is making its second concerted over-the-top video push with the acquisition of popular South Korean Android video player MX Player for a reported $200 million.
According to a report from The Ken, TIL is very committed to the application and has plans to expand it once the purchase has been approved. The company, which has a huge presence on the web and mobile app stores in India, reportedly plans to transform MX Player into a video streaming platform rather than keep with the app’s current standalone video player functionality.
This will be TIL’s second shot at video. The Times Group owned digital media company had earlier launched a subscription OTT service Box TV in 2013. However, the service was shut down in 2016 following poor response.
While it will acquire users as part of the deal, content will remain a formidable challenge for TIL’s OTT service. It will likely tap in-house properties for the same besides licensing, The Ken reports.
For the record, J2 Interactive is the South Korea-based development team behind MX Player.
