Alphabet GOOGL is doubling down on its efforts to enrich Google TV capabilities as it seizes the burgeoning opportunities in the global smart streaming devices market. According to a report by Statista, the global smart streaming devices market is poised to experience a CAGR of 14.7% from 2023 to 2030.
In line with this vision, the company has confirmed the forthcoming launch of an audio switcher for Google TV.
This forthcoming feature, slated to be integrated into Google TV’s Quick Settings, will empower users to seamlessly transition between Bluetooth headphones and TV speakers without navigating to the full Settings menu.
Alphabet is primed to garner significant traction among smart TV users following this strategic move.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Insights into Google TV
Beyond the recent announcement, Google has introduced the “Call notifications” feature on Google TV, allowing select apps to route calls to the TV and giving users the ability to toggle this feature on and off in the Settings app.
Alphabet has expanded its Google TV content repository by incorporating a variety of apps and services such as ABC, Amazon’s AMZN Prime Video, Apple’s AAPL Apple TV+, AMC, and Kocowa, among others.
Moreover, the company has extended the reach of its Google TV services to several new regions, including Brazil, France, Germany, and Japan, among others.
All of these initiatives are set to fortify the company’s Google TV offerings, thereby bolstering the performance of the Google Services segment, which has been a pivotal growth driver for Alphabet. Over the past year, Alphabet shares have surged by 56.1%, outperforming the Zacks Computer & Technology sector’s growth of 45.1%.
The strengthening Google Services segment is anticipated to be a key catalyst for the company’s overall financial performance in the foreseeable future.
The Zacks Consensus Estimate for total revenues in 2024 stands at $283.39 billion, signaling a year-over-year growth of 11.26%.
The consensus estimate for 2024 earnings is set at $6.74 per share, reflecting a year-over-year growth of 15.6%. This estimate has been revised upward by 0.7% in the past 30 days.
Amidst Stiff Competition
Alphabet’s concerted efforts to enrich its Google TV offerings will position the Zacks Rank #3 (Hold) company favorably against prominent industry players such as Apple, Amazon, and Roku ROKU, who are also intensifying their endeavors to carve a substantial niche in the streaming devices market. Explore the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apple recently unveiled a collection of immersive original stories for Apple TV+ using Apple Immersive Video, which will be available in the Apple TV app on Apple Vision Pro starting February 2.
In addition, Apple introduced the Zoom video conferencing app to its Apple TV 4K, known as “Zoom for Home TV,” which leverages iOS’ Continuity Camera feature for meetings, offering calendar integration and convenient shortcuts for upcoming meetings on Apple TV.
Meanwhile, Amazon is riding high on the growing momentum of its Fire TV lineup.
Amazon collaborated with Panasonic to integrate Fire TV’s personalized streaming experience and Alexa access with Panasonic’s top-of-the-line smart TVs for global customers, fortifying its smart streaming device offerings.
On the other hand, Roku is expanding its smart streaming device offerings with new feature updates for Roku TV.
Roku introduced user-friendly features for Roku TV in its ‘What to Watch’ section, including ‘Recommendations,’ ‘Save Lists,’ and ‘Continue Watching.’ These features aim to assist users in discovering suitable TV shows and movies, while providing personalized suggestions based on previous viewing, location, time, and device.
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