MX Player Settles No. 1 in India’s Streaming OTT Market
MX Player, India’s entertainment super app stayed at the top of the streaming charts in India and was recognized as a go-to platform for audience to watch original content crafted exclusively for Indian audience.
In its latest report—“Blockbuster Script for the New Decade” Confederation of Indian Industry (CII) and Boston Consulting Group (BCG) shed light on the immense resilience that the entertainment and media industry has shown during the COVID.
According to the report, the new developments in the digital space will intensify the adoption of OTT platform thereby resulting in more demand of regional content by the audience. India’s Media & Entertainment industry is expected to grow to $55-70Bn by 2030 at 10-12% CAGR, driven mainly by strong growth in OTT, Gaming, Animation and VFX.
While the unprecedented challenges posed by COVID-19 continue to stay relevant for several businesses, it bought in new opportunities for the entertainment industry to grow. The pandemic disrupted and transformed the consumption habits for content – both in home and outside. This increased the popularity of OTT platforms manifolds, wherein the consumers adapted to the online streaming culture aggressively and stayed entertained in the comfort of their homes. The report further states, with the continued support of ~4.5 million strong industry players and ~1Bn+ consumers, the best is yet to come.
As per the study, with over 280 million Monthly Active users, MX Player was at the forefront of creating regional content to best cater to the demand of its users. It is because of the quality content offered by the platform, that it enjoys a huge audience outside India as well with a global reach of 13+ countries. The platform offers content in over 10 languages and additionally, has also introduced a new category – MX VDesi that offers international content dubbed to Indian languages like Hindi, Tamil and Telugu.
The report also highlights MX Player’s continuous efforts to transform viewing experience for its users, in terms of pricing innovations and strong regional content. Apart from this, the platform also features interactive ads, called MX Specials curated to meet the business needs of the advertisers like Gujarat Tourism and MG Motors.
Standing true to its name – India’s Entertainment Super App, MX Player was most prominent in the short form videos category with MX TakaTak’s Launchpad that has gained recognition for the brand’s efforts to find and groom content creators. Home to over 48Mn unique content creators, MX TakaTak is a home-grown platform that offers a wide variety of short form content and creation tools across genres.
Starting the new year on a good note, there is a significant increase in quality content consumption and creation, thereby promising a good year ahead for the entertainment industry