On March 22, MX Player, a video streaming platform owned by Times Internet, announced that its Chief Operating Officer (COO), Nikhil Gandhi, will be stepping down from his position to pursue other interests. The company stated that Gandhi is currently serving his notice period to ensure a smooth transition.
Nikhil joined the platform as COO in August 2021 and had played a crucial role in expanding the platform’s geographical reach, enhancing data-driven innovation, and growing the scope and scale of revenue streams, as per the company’s press statement.
“I am proud of all that we have accomplished during my tenure at MX Player. I am especially grateful to Karan and the extraordinary team who worked alongside me to introduce new revenue growth drivers and create so many impactful and digital experiences for our users and stakeholders. I wish them all the best,” Gandhi said in a press statement on Wednesday (March 22).
This development comes amid reports that e-commerce giant Amazon is in talks to acquire MX Player from Times Internet. According to sources, Amazon has initiated the due diligence process for the potential deal. Amazon is reportedly aiming to strengthen its position in the AVoD (advertiser video-on-demand) market through this acquisition.
“Thanks to Nikhil’s contributions, the company is in a strong position, and we are confident that our team, values and talent will continue to thrive, improve business synergy and create even more valuable organizational depth. We sincerely thank Nikhil for his leadership and meaningful contribution in MX Player’s growth and success and we wish him well in his future endeavours,” said Karan Bedi, CEO, MX Player, in a press statement.
In 2018, Times Internet had acquired MX Player for $144 million. However, the current transaction is quoted to be around $109 million (INR 900 crore). The departure of Gandhi from his COO position has sparked speculations regarding the possible implications for the acquisition deal. Nonetheless, MX Player remains optimistic and is focused on continuing its growth trajectory.
Data.ai, a well-known analytics firm formerly known as App Annie, has released a report stating that MX Player, a video streaming platform, was the third most downloaded app for video streaming globally in 2022, following YouTube and Netflix. Additionally, MX Player was the most downloaded video streaming app in India.
The platform has also achieved a significant milestone by becoming the fifth most downloaded entertainment app over the last decade, garnering more than one billion downloads globally, according to Data.ai.
