That is definitely a serious mealybug infestation. Unfortunately, that is not what is causing your Majesty Plam to develop brown tips and lose fronds. Majesty Palms simply do not hold up indoors even in the sunniest locations. They will do okay outside on a patio during the warmer months but deteriorate rapidly when brought indoors. In general, they require lots of direct sunlight and copious amounts of water. When they are under stress, as yours is, then they are very susceptible to plant pests such as mealybugs and spider mites.
Frankly, I think it is a waste of time and energy for you to try and treat the pests because the plant is going to continue to deteriorate even if you eradicate the pests, which is not easy.
I am sorry that retailers sell these Palms for indoor use. And I am sorry I don't have better news for you.