Alphabet
’s
GOOGL
division Google is consistently making strong efforts to increase customer engagement on the Google TV platform.
Reportedly, Google’s recent move of offering the “What to Watch on Google TV” show from Entertainment Weekly to its users, serves as a testament to the above-mentioned fact.
The “What to Watch on Google TV” show is an extended version of Entertainment Weekly’s “What to Watch” podcast.
Per the report, the “What to Watch on Google TV” show, hosted on YouTube, will be shown once at the end of each month.
Devices like Chromecast with Google TV have been showcasing the “What to Watch” series on Google TV homescreen for the last few days.
On the back of this show, Google TV aims to offer recommendations for popular and good quality shows to its customers, which will enhance their streaming experience. This in turn will likely drive Google’s momentum among the Google TV users. This is expected to boost the adoption rate of Google TV in the days ahead.
Growing Google TV Initiatives
Apart from the latest step, GOOGL started rolling out an innovative capability, Google TV Profiles, which lets users create multiple profiles and switch among the same to get a personalized content experience.
Alphabet also started releasing Google TV’s revamped screensaver, which shows customized results for weather, videos, music, quotes, sports score and news and screensaver photos.
Additionally, Google TV was made available on iOS for iPhone and iPad users. It replaced the Google Play Movies & TV app on iOS.
Also, Alphabet’s growing efforts to expand Google TV app globally remain noteworthy. Currently, the Google TV app on Android is available in more than 100 countries. GOOGL has plans to expand further in the coming months.
All these endeavors will continue to help Google in penetrating the growing streaming market rapidly.
Per a Fortune Business Insights
report
, the global video streaming market is expected to reach $1.69 trillion by 2029 from $473.4 billion in 2022, witnessing a CAGR of 19.9% between 2022 and 2029.
The underlined market has been witnessing significant growth owing to the increasing number of video streaming platforms as consumers are spending more on media and entertainment.
We believe Google’s growing prospects in the booming market are likely to aid its parent company, Alphabet, in winning investors’ confidence in the near term.
Notably, shares of Alphabet have been down 24.9% in the year-to-date period, outperforming the
Computer and Technology
sector’s decline of 31.2%.
Competitive Market Scenario
However, the search-giant faces stiff competition from
Apple
AAPL
given this upbeat scenario.
Apple which has lost 20.3% in the year-to-date period, is continuously witnessing solid momentum across its video streaming platform Apple TV.
Apple’s growing interest in sports streaming remains a major positive. AAPL also signed a multi-year agreement with Nike to create and produce sports movies. Further, its expanding original as well as regional content portfolio is another positive.
Thus, AAPL’s growing initiatives toward its video streaming service remain a major threat to Alphabet’s market position.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Computer & Technology sector can consider stocks like
Aspen Technology
AZPN
and
Advanced Micro Devices
AMD
. While Aspen Technology sports a Zacks Rank #1 (Strong Buy), Advanced Micro Devices carries a Zacks Rank #2 (Buy) at present. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Aspen technology has returned 25.6% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.4%.
Advanced Micro Devices has lost 47.7% in the year-to-date period. The long-term earnings growth rate for AMD is currently projected at 28.1%.
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