A method and a system are provided for segmenting a multimedia content. The method estimates a count of a plurality of multimedia segments in the multimedia content, and a duration of each of the plurality of multimedia segments in the multimedia content. The method determines a cost function associated with a multimedia segment from the plurality of multimedia segments, based on the count of the plurality of multimedia segments, and the duration of each of the plurality of multimedia segments. The method further determines an updated count of the plurality of multimedia segments, and an updated duration of each of the plurality of multimedia segments until the cost function satisfies a pre-defined criteria. Based on the updated count of the plurality of multimedia segments, and the updated duration of each of the plurality of multimedia segments, the method segments the multimedia content into the plurality of multimedia segments.