MX Player has disclosed its agenda of substantially investing in original content to compete with video-sharing giant, YouTube.
For the first few years, MX Player is planning to pour in nearly 100 crore rupees ($14.6 million) with primary concentration on making premium content.
Media and telecommunications think-tank, Media Partners Asia, projected that by 2022, the online video industry would reach $1.6 billion in revenue.
Experts in the sector believe content is a pricey strategy and will put new and existing providers to a financial test.
Formerly an offline video player, MX Player will become an official video streaming application in a few weeks. Its CEO, Karan Bedi, revealed their intent of making 50,000 hours of quality programming.
Bedi is looking forward to getting audience numbers rising and transforming the platform into the only largest digital platform-based library of original content.
In MX Player’s recent entry to video streaming, it intended to create 20 original shows. They are in Hindi and other regional dialects like Marathi, Tamil, and Telegu.
The service provider is currently transforming itself as an attractive brand for advertisers to gain an advantage versus its mainstream rivals like YouTube.
Streaming live TV channels, the new MX Player application is reported to be available for everyone. MX Player is trying out OTT Application on MX Player Beta, a different version of the video player which can be availed through the Google Play Store.
In India’s streaming scene, YouTube is dominant with roughly 120 million daily active users and 180 million monthly active users. MX Player falls into the second place with 65 million daily active users and 172 million monthly active users.
Times Internet, the digital arm of the Times Group, the largest India-based media conglomerate, acquired the lion’s share of the Seoul-based MX Player to the tune of $200 million this year.
Initially released in 2011, the application has been one of the most popular Android video players. Widely used in Sri Lanka, Bangladesh, Iran, and Pakistan, MX Player has crossed 500 million installations on the Google Play Store which is among its significant milestones.