The competition in the OTT market is no joke and in most parts of the world, where streaming services are used market leaders have been Netflix, Disney Plus and Amazon's Prime Video.

In a step towards expanding its huge portfolio of movies and TV shows, Amazon.com Inc said on Wednesday that it is buying Metro-Goldwyn-Mayer (MGM), an almost 100 year old famous Hollywood production house.

MGM is home to among other famous movies, the James Bond franchise. Amazon is expected to close the deal for a whopping $8.45 billion (approximately Rs. 61, 496 Cr), leaving no stone unturned to ramp up competition with its rivals.