MX Player’s COO Resigns During Amazon Acquisition Discussions
- ByStartupStory | March 22, 2023
On March 22, MX Player, the video streaming platform owned by Times Internet, announced that its Chief Operating Officer (COO) Nikhil Gandhi is stepping down from his position to pursue other interests. To ensure a smooth handover, Gandhi is presently serving his notice period at the video streaming platform. He had joined the platform as COO in August 2021.
According to a press statement by MX Player, Nikhil Gandhi played a key role in expanding the platform’s geographical reach, boosting data-driven innovation, and growing revenue streams during his tenure as Chief Operating Officer. In a statement released on March 22, Gandhi expressed pride in the team’s accomplishments and thanked them for introducing new revenue growth drivers and delivering impactful digital experiences for the platform’s users and stakeholders. The news of Gandhi’s departure comes amid reports that Amazon is considering acquiring MX Player from Times Internet, and has started due diligence for the deal.
In 2018, Times Internet acquired MX Player for $144 Mn, although recent reports surrounding a potential deal with Amazon have cited a figure of approximately $109 Mn (INR 900 Cr). Amazon’s interest in the acquisition is said to be driven by a desire to strengthen its presence in the advertiser video-on-demand (AVoD) space. MX Player CEO Karan Bedi expressed confidence in the platform’s team, values, and talent to continue thriving and creating organizational depth following the departure of Chief Operating Officer Nikhil Gandhi, who Bedi thanked for his contributions to MX Player’s growth and success.
MX Player, the video streaming platform owned by Times Internet, was ranked third globally for the most downloaded video streaming app in 2022, after YouTube and Netflix, according to a report by analytics company Data.ai (formerly App Annie). The platform was also the most downloaded video streaming app in India. In the last 10 years, MX Player has become the fifth most downloaded entertainment app globally, with over 1 billion downloads worldwide, according to Data.ai.
Follow Startup Story
Related Posts
