Alphabet (GOOGL) Updates Google TV With Profiles Feature

Alphabet’s GOOGL division Google continues to make strong efforts to bolster its footprints in the streaming world on the back of its Google TV platform.

The company has started rolling out an advanced feature, Google TV Profiles, widely, which was announced last year.

The feature was introduced to address the issue that Google TV supports only one user profile on its home screen. With Google TV Profiles, users can now create multiple profiles, as it converts any existing Google accounts into a Profile.

Hence, the underlined feature allows users to switch among profiles, offering them a personalized content experience.

Consequently, the latest move is expected to drive the company’s user momentum and Google TV’s adoption rate.

Alphabet Inc. Price and Consensus

Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote

Growing Google TV Efforts

Apart from the latest move, the company recently started rolling out Google TV’s revamped “Proactive” screensaver, which offers recommendations for certain types of content. It also provides weather forecasts.

Apart from these, the Google TV app was recently made available on iOS. It replaced Google Play Movies & TV app on iOS.

Also, Google started rolling out redesigned Google TV, which includes a bar named “Highlights” with the news feed.

In addition to the above-mentioned efforts, the company has been making aggressive efforts toward the expansion of Google TV across the world. Notably, Google TV on Android is currently available in more than 100 countries. Further, the company is gearing up to expand.

Wrapping Up

Google remains well-poised to cater to the increasing demand for streaming services on the back of its growing Google TV efforts, which will help it expand its presence in the booming streaming market.

Per a report from Grand View Research, the global video streaming market is expected to witness a CAGR of 21.3% between 2022 and 2030.

According to a Fortune Business Insights report, the particular market is expected to hit $1.7 trillion by 2029, seeing a CAGR of 19.9% between 2022 and 2029.

We note that the growing prospects of Alphabet in such a promising market are expected to aid it in winning investors’ confidence in the days ahead.

Notably, Alphabet has lost 26% on a year-to-date basis compared with the Zacks Computer and Technology sector’s decline of 32.3%.

Zacks Rank & Stocks to Consider

Currently, Alphabet carries a Zacks Rank #3 (Hold).

Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Avnet AVT, Aspen Technology AZPN and Amdocs DOX. While Avnet and Aspen technology sport a Zacks Rank #1 (Strong Buy), Amdocs carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Avnet has gained 8.9% in the year-to-date period. The long-term earnings growth rate for AVT is currently projected at 37.2%.

Aspen technology has returned 21.7% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.4%.

Amdocs has gained 5.6% in the year-to-date period. The long-term earnings growth rate for DOX is currently projected at 10%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.