The CII-BCG report ‘Blockbuster Script for the New Decade’ said that with over 280 million monthly active users, MX Player was at the forefront of creating regional content to best cater to the demands of its users. The study shed light on the immense resilience that the entertainment and media industry had shown during the Covid-19 pandemic.
According to the report, innovations and new developments in the digital space will lead to more engagement and better adoption of “over-the-top” platforms, a development that will create more demand for regional content.
India’s media and entertainment industry is expected to grow to $55-70 billion by 2030 at a compounded annual growth rate of 10-12%, driven mainly by strong growth in OTT, gaming, animation, and VFX.
The popularity of MX Player has been rising due to the high quality of content offered by the platform. The platform, which enjoys a huge audience outside India as well with a global reach of 13+ countries, offers content in more than 10 languages and, additionally, has also introduced a new category—MX VDesi—that offers international content dubbed into Indian languages like Hindi, Tamil, and Telugu.
The report also highlights MX Player’s continuous efforts to transform the viewing experience for its users, in terms of pricing innovations and strong regional content.
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MX Player was most prominent in the short-video category with MX TakaTak’s Launchpad, which has gained recognition for the brand’s efforts to find and groom content creators.
The pandemic disrupted and transformed consumption habits for content—both at home and outside. This increased the popularity of OTT platforms manifold, wherein consumers adapted to the online streaming culture aggressively and stayed entertained in the comfort of their homes.
The report further said that with the continued support of 4.5 million strong industry players and 1 billion+ consumers, the best is yet to come.
Disclaimer: MXPlayer is owned by Times Internet, the digital arm of the Times Group which publishes The Economic Times newspaper and website.
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