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The video streaming market in India is on track to be worth $1.7 billion in the next four years, according to PricewaterhouseCoopers.īedi, who spearheaded Eros Now’s India business before joining MX Player, said users are increasingly enjoying the original shows. Even Hotstar’s monthly user base plummets below 60 million in the months following the cricketing season, people familiar with Hotstar’s internal figures have told TechCrunch.įiguring out what exactly resonates with the users in India, the world’s second largest internet market, is the billion-dollar question. (Facebook recently grabbed a slice of it, too.)īut cricket alone can’t help a streaming service win and sustain customers. The service has cashed in on the popularity of cricket to boost its numbers.īedi said MX Player is working on building new entertainment experiences, but sports content is not something it is exploring. The reason is simple: Cricket drives most of the sports streaming in India and Star India has secured rights to most of such content. Hotstar reported 300 million monthly active users and 100 million daily active users during the ICC Cricket World Cup tournament.
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The firm, which runs dozens of TV channels in India, operates Hotstar, the market-leading video streaming service. Star India has emerged as one of the gems in Disney’s new portfolio.
Thanks to the acquisition of 21st Century Fox, Disney now owns Star India. Missing from the list is Star India, the largest TV network in the country. The service, which introduced movies and shows streaming in mid-2018, today also offers access to about 200 TV channels, their current and back catalog of shows, and a music streaming feature through an integration with Gaana.īedi said the company has tied up with all-web show producers such as HoiChoi in India and three of the top five TV local cable networks, including Sony and Sun. MX Player is ad-supported and does not charge users any monthly subscription fee. Globally, the app has amassed more than 280 million users. In fact, India is MX Player’s largest market, with 175 million monthly active users, Bedi said.
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The app did all of this while consuming little resources, an ability that helped it win tens of millions of users with low-cost Android smartphones in emerging markets such as India. MX Player originated in Korea as an app that could run video files in a wide-range of formats locally stored on a phone. The Singapore-headquartered firm’s push into original shows and licensed content underscores one of the strangest evolution for a video app. The firm, which has so far added 15 original shows to its platform, has already commissioned production of another 20 by year-end, he said. Karan Bedi, CEO of MX Player, said in an interview that the video app will use the fresh capital to double down on producing original TV shows and broadening its catalog of licensed content.
“Tencent is a leading global force in music and video, and there’s a lot for us to learn and leverage from their capabilities,” he added. The addition of Tencent - which has invested in a handful of Indian startups including Times Internet-owned Gaana, ride-hailing giant Ola, ed tech startup Byju’s, B2B e-commerce startup Udaan and a bookkeeping service for merchants, Khatabook - “is a great sign of confidence,” said Satyan Gajwani, vice chairman of Times Internet.
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Times Internet, which acquired a majority stake in MX Player in late 2017 for $140 million, also participated in the Series A financing round. The post-money valuation of MX Player was $500 million, a person familiar with the matter told TechCrunch. MX Player, a popular video app that offers both local playback and streaming services, said on Wednesday that it has raised $110.8 million in a new financing round led by Chinese internet giant Tencent as the video app looks to expand its business in India and other international markets.
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