Alphabet
’s
GOOGL
division Google is consistently introducing new capabilities to the video-streaming platform, Google TV.
According to
9TO5Google
, Google started rolling out a new feature through which users can cast TV shows and movies from multiple streaming services from the Google TV app to their compatible TV with a single tap.
Apart from this, Google is introducing a redesigned Google TV remote which highlights the type of TV, and the content playing on the TV.
With the help of the revamped remote, users can search content, get recommendations and watch the show or movie on their TV without opening the Google TV app.
With the abovementioned capabilities, Google aims to provide an enhanced video streaming experience to users.
This is expected to increase customer engagement on the Google TV platform.
Growing Google TV Initiatives
Apart from the latest step, Google started showing content with audio descriptions to help users with visual impairment understand the movie or TV shows properly.
Google rolled out an innovative capability, Google TV Profiles, which let users create multiple profiles and switch among the same to get a personalized content experience.
Google also released Google TV’s revamped screensaver, which shows customized results for weather, videos, music, quotes, sports score, news, and screensaver photos.
Google’s growing efforts to expand Google TV app globally remain noteworthy. The Google TV app on Android is available in more than 100 countries currently. Google has plans to expand further in the coming months.
Competitive Video Streaming Market
All the aforesaid endeavors will continue to help Google penetrate the growing video 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.
We believe that Google’s growing prospects in this booming market are likely to aid its parent company Alphabet in winning investors’ confidence in the near and the long terms.
Shares of Alphabet have been down 29% in the year-to-date period, outperforming the
Computer and Technology
sector’s decline of 30.7%.
However, Alphabet faces intense competitive pressure from
Apple
AAPL
which is making consistent efforts to capitalize on the above-mentioned prospects.
Apple, which has lost 13.1% 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. Recently, AAPL signed a multi-year agreement with Nike to create and produce sports movies. Further, its growing original and regional content portfolio are helping it to expand its user base.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like
Asure Software
ASUR
and
Airbnb
ABNB
. While Asure Software sports a Zacks Rank #1 (Strong Buy), Airbnb carries a Zacks Rank #2 (Buy) at present. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Asure Software has gained 14.7% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 23%.
Airbnb has lost 39.3% in the year-to-date period. The long-term earnings growth rate for ABNB is currently projected at 20.7%.
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