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Alphabet (GOOGL) Google TV to Boost Prospects Via New Update

Alphabet’s GOOGL division Google is leaving no stone unturned to develop new and innovative features in a bid to bolster the Google TV app.

The company’s release of the latest update of the Google TV app through Google Play Store is a testament to the abovementioned fact.

Per a latest report from 9TO5Google, the company announced that the users of Android TV and Google TV devices will get a new remote control experience within their smartphones and need not have to use physical remote.

The company has equipped the underlined phone-based remote with buttons for TV power and volume, home, back, mute and most importantly Google Assistant.

The new remote control experience will soon be available through the Google TV app and Quick Settings.

We believe the latest move will deliver an enhanced experience to Google TV users, which in turn is likely to boost the adoption rate of Google TV. This in turn will drive Google’s top-line growth in the upcoming period.

The company’s continuous efforts toward technological advancements in its products and services have been aiding it in winning investors’ confidence.

Google’s parent Alphabet has returned 43.6% on a year-to-date basis, outperforming the industry’s rally of 34.5%.

Growing Google TV Initiatives

Google TV is making strong efforts to upgrade with innovative features for increasing consumer engagements to its platform. It recently announced that Android TV and Google TV combined have surpassed 80 million active devices.

Recently, Google TV included a live TV streaming service, FuboTV, on its platform to recommend TV shows and movies.

It also included a new “Watch with Me” section that highlights the TV shows and movies recommended by celebrities.

Earlier last month, Google TV with Chromecast announced to add Sling as an option for the “Live” tab on the home screen, which will enable Sling TV owners to access live sports, news, entertainment and more.

Competitive Scenario

We note that the latest move has given Google a competitive edge against other companies that provide a platform for TV streaming devices including Apple AAPL, Roku ROKU and Amazon AMZN.

In late April, Apple introduced the new Apple TV 4K, which offers high frame rate HDR with innovative color balance technology to provide a better entertainment experience. It also introduced the all-new Siri Remote to access the Apple TV.

Last month, Roku joined forces with TCS Electronics to launch TCL Roku TV models in the United Kingdom in a bid to expand its footprint in the country.

Moreover, last month, Amazon introduced Fire TV Cube, a streaming box with the capabilities of a smart speaker.

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

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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