Times Internet (TIL) has acquired video platform MX Player for Rs 1000 crore. Developed by South Korea-based app publisher J2 Interactive, MX Player is a video player app like VLC, QuickTime Player etc, and now it is planning to begin streaming exclusive content as an OTT platform. Times said in a statement that MX Player is investing into original, 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. Meanwhile, MX Player will also continue to run its offline video playback features that are currently available. TIL claims that MX Player currently has 350 million install base in India with a monthly active user base of 175 million users. Gautam Sinha, CEO, Times Internet said in a statement that, “We are building a content experience with the quality of mainstream media, but designed specially and exclusively for Indian millennials that are digital-first.” Note that this is Times' second bet for video streaming business. Back in 2012, it had launched BoxTV, a video content destination modelled on kinds of Netflix, offering premium content, TV and movie video streams across devices, including web browsers. However, the media company shutdown the service as it could not make money. In this interview, TIL's Gautam Sinha said that, "the unit economics were such that it did not allow us to earn money. While we have preserved the technology, we have moved out of the business. Video is important.…
