Alphabet is ceaselessly refining its Google TV abilities with fresh feature upgrades to seize the burgeoning opportunities inherent in the global smart streaming devices market. According to a Statista report, the global smart streaming devices market size anticipates a steady CAGR of 14.7% from 2023 to 2030.
The company has unveiled a new audio switcher for Google TV slated to be available in the coming months. Positioned in the Quick Settings menu, this feature allows users to effortlessly toggle between Bluetooth headphones and TV speakers without delving into the complete Settings menu.
This strategic move expects to fortify Alphabet’s reach among smart TV users.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Insights into Google TV
Supplementing the latest announcement, Google has introduced a “Call notifications” feature on Google TV, allowing select apps to route calls to the TV, with users having the flexibility to manage this feature via the Settings app.
Alphabet has expanded its Google TV content bouquet by integrating a multitude of apps and services such as ABC, Amazon Prime Video, Apple TV+, AMC, and Kocowa, among others. Moreover, the company has extended its Google TV services to several other regions encompassing Brazil, France, Germany, and Japan.
These initiatives are poised to augment the company’s Google TV portfolio, subsequently bolstering the performance of the Google Services segment, a pivotal growth driver for Alphabet. Notably, Alphabet shares have surged by 56.1% in the past year, eclipsing the Zacks Computer & Technology sector’s growth of 45.1%.
The fortified Google Services segment is anticipated to underpin Alphabet’s overall financial performance in the foreseeable future. The Zacks Consensus Estimate for 2024 total revenues stands at $283.39 billion, signaling an 11.26% year-over-year upswing. The consensus mark for 2024 earnings is pegged at $6.74 per share, marking a 15.6% year-over-year growth. The estimate has seen a 0.7% upward revision in the past 30 days.
Rigorous Competition
Alphabet’s concerted efforts to elevate its Google TV offerings position the company to compete robustly against notable industry peers such as Apple, Amazon, and Roku, which are also intensifying their endeavors to gain a strong foothold in the streaming devices market.
Apple recently unveiled a range of engaging original stories for Apple TV+ using Apple Immersive Video, set to be accessible in the Apple TV app on Apple Vision Pro at the outset of February 2.
In a similar vein, Amazon is capitalizing on the burgeoning momentum of its Fire TV line-up. Its collaboration with Panasonic to integrate Fire TV’s personalized streaming experience and Alexa access with Panasonic’s cutting-edge smart TVs for global customers bolsters its smart streaming device offerings.
Meanwhile, Roku is enriching its smart streaming device portfolio with fresh feature updates for Roku TV. The user-friendly features aim to assist users in discovering personalized TV shows and movies by offering tailored recommendations based on prior viewing patterns, location, time, and device.
With Alphabet’s invigorated Google TV offerings, the competition in the streaming devices market is magnifying, promising a compelling landscape for users.