Besides bulking the content library, the AVOD streaming platform has rolled out 10 games
MX Player – the video streaming platform owned by Times Internet Ltd and Chinese technology firm Tencent , is now looking at building additional revenue streams that go beyond content. The OTT platform which rolled out about 10 games, earlier this year, plans to add more. Additionally, it has a partnership with music streaming app – Gaana. “The idea is to keep content at the heart of the game, as we build ancillary services. This would allow us to drive engagement among consumers,” Karan Bedi, CEO, MX Player, told BrandWagon Online.
The streaming platform in the last year has added about 40 shows to its library of original content. This comprises a mix of regional shows such as Queen – the web series besides Hindi shows. It plans to release about 25 more shows in FY2021 – this includes digital-first movies. According to Bedi, the platforms follow a model that consists of shows which are commissioned as well as an exclusive buyout. “The cost of acquisition of theatrical movies are very high. That doesn’t mean that we won’t look at acquiring those films, however right now the focus is to build a library of digital-first films. Also, 30% of the content on the platform is regional content. This includes shows in Marathi, Punjabi, Bengali, among others,” Bedi added.
Interestingly, the platform claims to have a low cost of customer acquisition, when compared to other advertising based video-on-demand (AVOD) players in the business. “The biggest advantage is that we already have a large userbase, besides the fact that we have a large base of gamers, so it’s easier and cheaper to talk to that base instead of using advertising,” he explained.
As per the video streaming platform, it will up its marketing spend by 20% – 25% in the next fiscal. Additionally, it plans to increase reach through tie-ups with Smart TV manufacturers as well as smart devices. “We had been largely focussed on building the reach on mobile, but now we are also looking at other avenues. For instance, the app is now available on Amazon Fire TV Stick and this has helped in the uptake of the app in the last two-three months,” Bedi noted.
Yet to be profitable, as per Bedi, MX Player has just started its journey, “We aren’t pretending that it is a profitable business,” he said.