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Hello readers,
I have to confess, over the last few weeks, I’ve been binging shows like The Boys and Kim’s Convenience. One is a superhero series on Amazon Prime and the other is a lighthearted family sitcom on Netflix. Both very contrasting, I know! Whenever I’m free, my fingers rush unconsciously toward the icons of these apps.
Many in India, though, are not privileged enough to have a subscription for these services – a gap that local advertising-driven over-the-top (OTT) streaming platforms have taken advantage of. The rise of these services may even have accelerated cord-cutting in India – something that most TV broadcasters in the country vehemently deny.
Covid-19 seems to have accelerated this process, as it has pushed people toward video-streaming platforms with TV channels airing reruns. I was surprised to learn that MX Player – one of the latest companies to enter the market – is now the most viewed local video app in India, with 200 million monthly active users in a country of 1.3 billion people. It also seems to be raking in revenue.
What’s more is that the Tencent-backed company has some big plans to take on Disney+, Hotstar, and Netflix in international markets. And with a little more money, it certainly can be a big challenger. It’s currently in advanced talks to raise US$200 million as part of its ongoing series B funding.
With such drama unfolding behind the scenes, it might just be comparable to the series I watch on video-streaming services. I’d name it “Video-stream Wars.” Not good enough? Maybe you can suggest a better name?
— Collin Furtado, journalist at Tech in Asia
THE BIGGEST STORIES
1️. India’s most viewed local video app is raising $200m, sees 400% growth
Tencent-backed MX Player will use the fresh funds to invest in more original content and expand in its new markets.
2️. Here’s why Carousell boycotted its 11.11 Singles’ Day sales event
Carousell said it looks to continue using its platform to spark a change in Southeast Asians’ long-term consumption patterns.
3️. Why is Patrick Grove starting a new property marketplace?
While Instahome can potentially solve a lot of problems for renters, agents, and landlords, is its business model truly scalable and sustainable?
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