Times Internet Ltd, the digital
business arm of media conglomerate Times Group, is planning to foray into video
streaming with the acquisition of South Korea based video platform MX player
for Rs 1,000 crore.
The deal marks the biggest
acquisition till date by Bennett, Coleman and Company Ltd (BCCL), Times
Internet’s parent firm, as a group and reflects its bullish outlook on the
digital space. BCCL’s earlier big-ticket overseas acquisition – radio network
Virgin Radio in 2008.
The platform will house premium and
exclusive content from leading content producers and publishers around the
world, which means it, will compete with the likes of Amazon Prime Video,
Hotstar and Netflix. MX Player claims that its app, which houses a basic
video player, has been installed on 500 million devices worldwide. The video
player will continue to support the offline video playback features that are
currently available.
MX
Player is investing in premium, original, digital-first content, with an
emphasis on Hindi and regional production. In its first year, the platform will
launch with more than 20 original shows, and over 50,000 hours of premium
content across all languages.
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