Alphabet (GOOGL) boosts YouTube Music with new features – June 28, 2022

Alphabetit is (GOOGL Free Report) Google division is sparing no effort to add features to its YouTube Music music streaming service.

Apparently, YouTube Music is preparing to roll out the revamped album UI to the Android tablet.

The revamped version displays the artist name, media type, and release year at the top. Options like download, add to library, play, share, and an overflow menu are also included.

With this recent decision, GOOGL aims to provide an enhanced music streaming experience for Android tablet users. This is likely to increase the adoption rate of YouTube Music.

Thus, the growing adoption of YouTube Music is expected to benefit GOOGL’s financial performance in the short term, which will further help it gain investor confidence.

GOOGL shares were down 20%, outpacing Zacks IT and Technology’s 27.1% decline in the year-to-date period.

Increased YouTube Music Efforts

Apart from the latest move, Alphabet has recently revamped YouTube Music playlists for Android mobiles.

Additionally, GOOGL has introduced shortcut features and an album carousel in the Explore tab of YouTube Music.

GOOGL has added a feature allowing users to save queues as playlists. Alphabet has also rolled out its Recent Played and Turntable widgets for Android users.

Thanks to these recent efforts, Google has positioned itself well to quickly enter the booming global music streaming market.

The market has been witnessing significant growth for some time owing to an increase in mobile ad spend, usage of mobile apps, increase in number of subscription services and user accessibility to content local on music streaming platforms.

According to a report by Allied Market Research, the online music streaming industry is expected to reach $24.7 billion by 2027, growing at a CAGR of 9.8% between 2021 and 2027.

Competitive scenario

In this optimistic music streaming space, Alphabet which carries a Zacks Rank #4 (Sell) faces intense competitive pressure from other companies such as Amazon (AMZN free report), Apple (AAPL free report) and Spotify (PLACE Free Report), who are making constant efforts to capitalize on the aforementioned insights.

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

Amazon is gaining momentum in the music streaming market thanks to its growing global footprint. AMZN offers its Amazon Music Unlimited premium music subscription service to its customers. With Amazon Music Unlimited, music lovers can listen to any song anytime, anywhere on all types of devices, including smartphones, tablets, PC/Mac, Fire TV, and Alexa-enabled devices like Amazon Echo.

Apple’s music streaming service Apple Music offers a Siri-powered subscription tier called the Apple Music Voice Plan. With Apple Music Voice Plan, subscribers can access millions of songs, playlists, custom mixes, genre stations, and Apple Music Radio. Music listeners can also download the Apple Music app on their Android tablet or Chromebook that supports Android apps.

Spotify provides customers with free music and ad-supported services. 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.

Victor L. Jones