NEW DELHI: Times Internet (TIL), a Times Group company, on Wednesday confirmed the acquisition of the world’s largest local video platform MX Player, which will help it gain a strong foothold in India’s booming video OTT space.

TIL has invested over Rs 1,000 crore to acquire a majority stake in the South Korean video playback app and aims to build a digital-first video streaming platform atop its 350-million install base in India. MX Player, currently installed on over 500 million devices globally, will compete with the likes of Amazon Prime Video, Netflix , Hotstar and Voot with thousands of hours of premium and exclusive content from leading content producers and publishers around the world.

“MX Player will revolutionise digital entertainment in India. Our audience wants premium entertainment content, built for India’s youth, in their language, with compelling stories and movie-quality production,” said Karan Bedi, CEO of MX Player. “With our experienced team of storytellers, an exceptional technology product, and the support of the Times Group, we will play a vital role in transforming the sector and create new milestones in Indian content.”

MX Player has been consistently ranked among the top 10 Android apps since 2012. It will be made available across Android, iOS , web and other smart platforms. TIL CEO Gautam Sinha said, “With over 400 million internet users in India, India presents one of the biggest digital entertainment opportunities in the world. And yet today, most content available is either user-generated or repurposed from broadcast television. We are building a content experience with the quality of mainstream media, but designed specially and exclusively for Indian millennials that are digital-first.”

