This round of investment was led by Tencent
MX Player, the video playback app and streaming service provider announced that it has raised 110.8 million dollars in a new round of funding. This round of financing is driven by Tencent, the internet behemoth of China. The capital is vital for the company as it is looking to increase its footprint in the Indian and global markets.
Tencent is a majority shareholder in MX player, which it bought back in 2017 for 140 million US dollars. MX Player market value stands at 500 million US dollars. Tencent is also invested in some other Indian start-ups including Ganna, Ola, Byju’s, Udaan and Khatabook. Tencent is a very recognizable name in the music and video industry and will help MX Player to improve its service in all spectrums.
The fund will be used to produce more fascinating content
It was emphasized by the CEO of MX Player, Karan Bedi that the new funding will be used to produce more original content for TV and enhance its expertise in licensed content. The company which is broadcasting 15 original web shows is working on 20 more, which will be online by the year-end.
The company has its roots in Korea, at first, it was developed as an app that can run different video formats that are stored in the phone memory. The app is quite a handful as it performed seamlessly with little space and data. It helped the company to capture the emerging market of cheap smart-phones in India. The company now has around 175 million users that access the app on a monthly basis and in the global arena and it has amassed 280 million followers.
MX Player generates revenue through ads and does not charge its users any subscription fee for streaming services. The company launched its streaming service in the middle of 2018, has made a giant leap in a little time as it is now offering access to 200 TV channels, which include their current as well as past shows.
