Alphabet (GOOGL) Boosts YouTube Music With New Features
Alphabet’s GOOGL division Google is leaving no stone unturned to add features to its music-streaming service YouTube Music.
Reportedly, YouTube Music is gearing up to roll out the redesigned album UI on Android tablet.
The redesign version shows the artiste’s name, type of media and the release year on top. Options like download, add to library, play, share and an overflow menu are also included.
With this recent move, GOOGL aims to provide an enhanced music streaming experience to Android tablet users. This is likely to boost the adoption rate of YouTube Music.
Thus, the increasing uptake of YouTube Music is expected to benefit GOOGL’s financial performance in the near term, which will further help it win investor confidence.
Shares of GOOGL have been down 20%, outperforming the Zacks Computer and Technologysector’s decline of 27.1% in the year-to-date period.
Growing YouTube Music Efforts
Apart from the latest move, Alphabet recently redesigned YouTube Music playlists for Android mobiles.
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In addition, GOOGL introduced shortcut features and an album carousel to the YouTube Music’s Explore tab.
GOOGL added a capability whereby users can save queues as playlists. Alphabet also rolled out its Recent Played and Turntable widgets to Android users.
With these recent efforts, Google positioned itself well to rapidly penetrate the booming global music-streaming market.
The market has been witnessing significant growth for a while owing to an increase in mobile advertisement spending, use of mobile apps, rise in the number of subscription services and users’ accessibility to local content on the music streaming platforms.
Per an Allied Market Research report, the online music streaming industry is expected to reach $24.7 billion by 2027, witnessing a CAGR of 9.8% between 2021 and 2027.
Competitive Scenario
In this upbeat music streaming space, Alphabet which carries a Zacks Rank #4 (Sell) faces intense competitive pressure from other companies like Amazon AMZN, Apple AAPL and Spotify SPOT, which are making consistent efforts to capitalize on the above-mentioned prospects.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amazon is gaining strong momentum in the music streaming market on the back of its expanding global footprint.AMZN offers its premium music subscription serviceAmazon Music Unlimited to customers. With Amazon Music Unlimited, music lovers can listen to any song anytime and anywhere on all types of devices, including smartphone, tablet, PC/Mac, Fire TV, and Alexa-enabled devices like Amazon Echo.
Apple’s music-streaming service Apple Music offers a subscription tier powered by Siri named Apple Music Voice Plan. Using Apple Music Voice Plan, subscribers can access millions of songs, playlists, personalized mixes, genre stations and Apple Music Radio. Music listeners can also download the Apple Music app on their Android tablet or Chromebook supporting Android apps.
Spotify providescommercial free music and ad-supported services to customers. Music lovers can enjoy ad-free music and offline playbacks with Spotify Premium service. SPOT users can enjoy the tablet version of Spotify on their iPad or Android tablets.
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