The company has also attracted a US$110.8-million investment from Tencent and, according to Karan Bedi, CEO of MX Player, in an interview with TechCrunch, said that the new capital will be used for producing more original TV shows and widening licensed content.
MX Player, based in Singapore, was originally just an app for playing video files on mobile phones in South Korea. Times Internet, the company that acquired a majority stake in MX Player in 2017, said that the investment from Tencent is a great sign of confidence in the company.
MX Player is ad-supported and subscription-free. Last year, it started to stream movies and shows, and today offers access to almost 200 TV channels.
Bedi said that the company would use the fresh capital to double-down on producing original TV shows and broadening its catalogue of licensed content.
It is indeed a sign of the times that a company like MX Player which runs video files in a wide range of formats locally stored on a phone is now producing its own original content!