Mumbai: Times Internet backed MX Media is expecting to triple its revenue for its advertising video on demand (AVOD) business in the year 2022, according to its CEO Karan Bedi. “We have more than tripled our revenue last year and expect to triple again next year,” he said while speaking about its OTT business.
In 2021, MX Media's OTT platform MX Player successfully scaled to more than one billion downloads and 280 million monthly active users globally. As its user base expands, the platform is effectively monetising its audience base by expanding its video offering. From a client perspective, MX Player is a part of all media plans and comes only second to YouTube in the consideration set for digital video advertising, remarked Bedi.
Moreover, the company’s brand funded content business was spun off into a separate unit MX Studios. Bedi said, “The core focus of MX Studios is to provide brands another outlet to connect to their consumer. Branded content is something we’ve started to grow as a business and are bullish about it for the next few years. In terms of branded content, we’re second only to YouTube. Since, there’s only us and YouTube who have scale when it comes to AVOD in India, we’re very much a part of every client’s marketing plan."
In February, MX Media sold its short video platform MX Takatak to Indian social media company Sharechat (Mohalla Tech) in a deal estimated at $700 million. Notably, MX Takatak was launched only in July 2020. Now, the company will focus on its long format video offerings including on-demand video and its game streaming offering MX Games.
On the content front, the platform recently announced the launch of a reality series called ‘Lock Up’ in partnership with Balaji Telefilms. The show, which premiered on the platform on 27 February, is the streaming service’s first foray into unscripted content.
“We are a data led organisation and were starting to see that our audience was ready for more. We have various partners who have done shows for MX Player and we have a lot of faith in Balaji (Telefilms) and Ekta (Kapoor) as someone who’s reinvented this business many times,” said Bedi.
The OTT platform offers exclusive content in the form of MX Originals and has launched popular series such as “Campus Diaries,” “Bhaukaal 2” and “Raktanchal 2” this year. Despite being an AVOD platform, several MX Originals span across multiple seasons and garner more than 100 million views on the platform. It recently launched MX VDesi to house its international content acquired from Turkey, Latin America, Korea and Middle East and dubbed in Hindi.
MX Player has not shied away from direct monetisation, with the launch of its MX Gold feature which allows subscribers to watch videos without any ads whatsoever. “MX Gold is not monetising access to content but rather it allows you to watch content ad free,” explained Bedi.
“MX Player overall has multiple layers of monetisation. As we go forward, we think there is an opportunity to add on newer monetisation models as we continue to expand our user base. That can be NFTs or other blockchain based currencies. We have said from day one that we are a super entertainment aggregator. Our shows are an important vehicle for taking some of these opportunities and scaling them,” concluded Bedi.
