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Alphabet (GOOGL) Boosts Google TV Efforts With FAST Channels
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Alphabet (GOOGL - Free Report) is making concerted efforts to strengthen its Google TV offerings in a bid to boost the viewing experience for its users.
Per a 9to5Google report, Alphabet’s division Google recently added a slew of Free Ad-Supported Television (FAST) channels to Google TV.
The latest additions include ION+, Yahoo Finance, The FBI Files and Property & Reno, among others.
Alphabet is expected to gain solid traction among smart TV users on the back of these new FAST channels.
Growing Google TV Efforts Aid Prospects
Per a Statista report, the global smart streaming devices market is expected to witness a CAGR of 8.98% during the forecast period of 2024-2029. Alphabet is well-positioned to capitalize on this solid growth opportunity on the back of its growing Google TV efforts.
Google added a generative AI-powered description feature to Google TV by leveraging its in-house generative AI model, Gemini, to generate auto descriptions for movies and TV shows, reducing viewers’ search time.
These AI-generated summaries will be curated to suit a viewer’s personal preferences of a particular genre or actor, catering to their individual interests. It will also allow Google TV to reach a wider audience by translating these summaries into their native languages.
Google has also released a minor refresh with circular app icons and smaller app sizes to Google TV, allowing Chromecast with Google TV to show nearly 10 apps at once compared to the previous seven.
Amazon partnered with Microsoft’s (MSFT - Free Report) gaming unit, Xbox, in a bid to boost its streaming device offerings.
With the Microsoft deal, Amazon will bring a slew of games like Starfield, Fallout 4 and Horizon 5 to its Fire TV stick models, allowing subscribers to play cloud-enabled games directly through the Xbox app on select Fire TV devices.
Roku, on the other hand, introduced Roku Smart Picture, a set of generative AI-powered features that uses machine learning and content partner data to adjust backlighting, uniformity and colors based on the TV type, thereby automatically optimizing brightness and colors. The platform aims to set a new standard for streaming excellence, ensuring users can automatically set the viewing experience of all Roku TV models.
Conclusion
Strengthening the Google TV capabilities, along with robust Android, Search and YouTube offerings, will drive the Google Services segment’s performance, which has been a key growth catalyst for Alphabet. The company’s shares have rallied 30.5% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s growth of 24.9%.
This apart, Alphabet’s robust cloud division, growing momentum across Google’s mobile search and strengthening generative AI capabilities are other positives.
These factors are expected to continue driving the overall financial performance of the company in the near term.
The Zacks Consensus Estimate for 2024 total revenues stands at $291.26 billion, indicating year-over-year growth of 13.6%.
The consensus mark for 2024 earnings is pegged at $7.60 per share, indicating a 31.03% rise from the year-ago figure. The figure has been revised upward by 0.4% in the past 60 days.
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Alphabet (GOOGL) Boosts Google TV Efforts With FAST Channels
Alphabet (GOOGL - Free Report) is making concerted efforts to strengthen its Google TV offerings in a bid to boost the viewing experience for its users.
Per a 9to5Google report, Alphabet’s division Google recently added a slew of Free Ad-Supported Television (FAST) channels to Google TV.
The latest additions include ION+, Yahoo Finance, The FBI Files and Property & Reno, among others.
Alphabet is expected to gain solid traction among smart TV users on the back of these new FAST channels.
Growing Google TV Efforts Aid Prospects
Per a Statista report, the global smart streaming devices market is expected to witness a CAGR of 8.98% during the forecast period of 2024-2029. Alphabet is well-positioned to capitalize on this solid growth opportunity on the back of its growing Google TV efforts.
Google added a generative AI-powered description feature to Google TV by leveraging its in-house generative AI model, Gemini, to generate auto descriptions for movies and TV shows, reducing viewers’ search time.
These AI-generated summaries will be curated to suit a viewer’s personal preferences of a particular genre or actor, catering to their individual interests. It will also allow Google TV to reach a wider audience by translating these summaries into their native languages.
Google has also released a minor refresh with circular app icons and smaller app sizes to Google TV, allowing Chromecast with Google TV to show nearly 10 apps at once compared to the previous seven.
Competitive Advantage
Strengthening Google TV is helping Alphabet, which carries a Zacks Rank #3 (Hold) at present, to compete well against notable industry players like Amazon (AMZN - Free Report) and Roku (ROKU - Free Report) , which are also making concerted efforts to gain a solid footing in the smart streaming devices market. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amazon partnered with Microsoft’s (MSFT - Free Report) gaming unit, Xbox, in a bid to boost its streaming device offerings.
With the Microsoft deal, Amazon will bring a slew of games like Starfield, Fallout 4 and Horizon 5 to its Fire TV stick models, allowing subscribers to play cloud-enabled games directly through the Xbox app on select Fire TV devices.
Roku, on the other hand, introduced Roku Smart Picture, a set of generative AI-powered features that uses machine learning and content partner data to adjust backlighting, uniformity and colors based on the TV type, thereby automatically optimizing brightness and colors. The platform aims to set a new standard for streaming excellence, ensuring users can automatically set the viewing experience of all Roku TV models.
Conclusion
Strengthening the Google TV capabilities, along with robust Android, Search and YouTube offerings, will drive the Google Services segment’s performance, which has been a key growth catalyst for Alphabet. The company’s shares have rallied 30.5% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s growth of 24.9%.
This apart, Alphabet’s robust cloud division, growing momentum across Google’s mobile search and strengthening generative AI capabilities are other positives.
These factors are expected to continue driving the overall financial performance of the company in the near term.
The Zacks Consensus Estimate for 2024 total revenues stands at $291.26 billion, indicating year-over-year growth of 13.6%.
The consensus mark for 2024 earnings is pegged at $7.60 per share, indicating a 31.03% rise from the year-ago figure. The figure has been revised upward by 0.4% in the past 60 days.