Paytm, India’s fastest growing digital transaction platform and Tencent, a China-based multi-industry company, are holding talks to invest $100 million (approx ₹700 crore) in OTT (over-the-top) platform MX Player, cited Inc42.
While, based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India. Tencent, on the other hand, is a Chinese conglomerate, founded in 1998. It’s subsidiaries specialise in various internet-related services and products, entertainment, artificial intelligence and technology both in China and globally.
Starting as a South Korea-based video playback application MX Player quickly grew a sizeable user base on Android and was downloaded over 500 million times when it was acquired by Times Internet for $144 million in 2018.
MX player had claimed to have over 70 million daily active users and 650 million downloads worldwide at the time.
According to the Boston Consulting Group report, revenues from OTT content have seen a CAGR (compound annual growth rate) of over 40 per cent in the period of 2005-2017 and are predicted to grow by 20 per cent in the period 2017-2023.
Whereas, in a joint report, FICCI and EY has predicted that the over-the-top (OTT) subscription revenue in India may reach $285.8 million (₹2,000 crore) by 2020.
Other OTT platforms includes Amazon Prime Video, SonyLIV, Netflix, Voot, Zee5, ALTBalaji, Hotstar, and few more.