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Amazon deal off; MX Player eyes funding
Mint Mumbai
|July 24, 2023
Video streaming platform MX Player, owned by Times Internet Ltd, is exploring options to secure funding after its negotiations with Amazon Inc. for an acquisition hit a roadblock.
In its efforts to sustain operations in the increasingly competitive advertising video-on-demand market in India, the cash-strapped company needs funding, said people in the know, seeking anonymity.
With several players targeting the AVOD market now, MX Player is facing the challenge of staying afloat and relevant, they added. With its blind customer acquisition strategy not yielding results, the platform is now focusing on syndicating content through partnerships instead of creating own original content. With this strategic shift it is seeking to optimise its resources and improve offerings to woo more viewers and enhance engagement.
Queries emailed to spokespersons of both MX Player and Amazon went unanswered till press time.
This story is from the July 24, 2023 edition of Mint Mumbai.
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