Gandhi is currently serving his notice period at the video streaming platform to ensure a seamless transition
The development comes as ecommerce giant Amazon has started due diligence to buy MX Player from Times Internet
Times Internet bought MX Player for $144 Mn in 2018, though the present transaction is valued at around $109 Mn (INR 900 Cr)
Times Internet-owned video streaming platform MX Player said on Wednesday (March 22) that the chief operating officer (COO) Nikhil Gandhi is stepping down from his post to pursue other interests.
Gandhi is currently serving his notice period at the video streaming platform to ensure a seamless transition. He joined the platform as COO in August 2021.
Nikhil Gandhi was responsible for expanding geographical reach, enhancing data-driven innovation and growing the scope and scale of revenue streams at MX Player, according to the company’s press statement.
“I am proud of all that we have accomplished during my tenure at MX Player. I am especially grateful to Karan and the extraordinary team who worked alongside me to introduce new revenue growth drivers and create so many impactful and digital experiences for our users and stakeholders. I wish them all the best,” Gandhi said in a press statement on Wednesday (March 22).
The development comes when reports of ecommerce giant Amazon buying MX Player from Times Internet came to light. Reportedly, Amazon has already started due diligence on MX Player for the deal.
Times Internet bought MX Player for $144 Mn in 2018, though the conversation around the present transaction has quoted a figure of about $109 Mn (INR 900 Cr). Amazon is looking to strengthen its play in the AVoD (advertiser video-on-demand) space with the acquisition.
“Thanks to Nikhil’s contributions, the company is in a strong position, and we are confident that our team, values and talent will continue to thrive, improve business synergy and create even more valuable organizational depth. We sincerely thank Nikhil for his leadership and meaningful contribution in MX Player’s growth and success and we wish him well in his future endeavours,” said Karan Bedi, CEO, MX Player, in a press statement.
According to a recent report by analytics firm Data.ai, formerly known as App Annie, MX Player was the third most downloaded video-streaming app in the world in 2022, behind only YouTube and Netflix. MX Player was also the most downloaded video streaming app in India.
The platform became the fifth most downloaded entertainment app of the last 10 years, reaching more than 1 Bn downloads globally, according to Data.ai.