Alphabet’s (GOOGL - Free Report) division Google is bolstering its presence in the music streaming market on the back of updated features on YouTube Music.
Reportedly, the company has started testing a feature called ‘live scrolling lyrics’ with the new Casting UI.
While casting YouTube Music from an Android phone to Chromecast Ultra, a new UI would appear, with live lyrics scrolling in the middle, and album artwork, song name and artist name placed on the right with left-aligned text.
In the older UI, the description about the album artwork, song name and artist name is placed in the center.
The live lyrics feature is likely to enhance users’ music streaming experience.
This, in turn, is likely to drive user momentum across YouTube Music, which will get reflected in the performance of YouTube in the near term.
Growing Music Streaming Market
The latest move bodes well for Alphabet’s growing music streaming efforts.
In regard to the live lyrics feature, Google’s latest partnership with MusixMatch for static lyrics in order to increase its lyrics coverage remains noteworthy.
Apart from the live lyrics feature, the company recently unveiled private listening stats for the last seven days. Also, it rolled out 2022 Recap features on YouTube Music, which show personalized stats, including top songs of each season and other details like top artists, tracks, music videos and playlists.
The company made a wide roll-out of the multi-select feature on YouTube Music. Users get an overflow menu of Add to playlist, Play next, and Add to queue on a bottom toolbar, with the addition of the multi-select feature.
The introduction of features and improvements in the search algorithms on YouTube Music remain noteworthy.
The company rolled out the repeat feature in YouTube Music during casting sessions. The feature allows users to repeat whole albums, playlists and individual songs.
With its growing endeavors, Google remains well-poised to rapidly penetrate the booming global music streaming market.
The uninterrupted access to high-quality audio files without the need for downloading, which generally takes up time and phone memory, is a key catalyst.
Per a report by Grand View Research, the global music streaming market is expected to see a CAGR of 14.7% between 2022 and 2030.
We believe that Google’s growing momentum in such a market is likely to aid Alphabet in winning investors’ confidence in the near term.
Notably, shares of Alphabet have lost 40.5% over a year.
Intensifying Competition
Alphabet, which currently carries a Zacks Rank #4 (Sell), is constantly facing stiff competition from companies like Apple (AAPL - Free Report) , Amazon (AMZN - Free Report) and Spotify (SPOT - Free Report) , which are also leaving no stone unturned to bolster their presence in this booming market.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Apple is continuously gaining steam in the underlined market with its expanding Apple Music subscriber base. It offers several songs, with world-class music experts and tastemakers curating thousands of playlists and daily selections.
The introduction of Apple Music Sessions, exclusive live releases featuring some of the world’s most prolific artists and emerging artists, all in Spatial Audio, remains noteworthy.
Amazon is enjoying solid momentum across its Amazon Music Unlimited, a premium music subscription service that allows Prime members to stream millions of songs. The growing global footprint of Amazon Music remains another major positive.
The company’s move to integrate artist merchandise into the Amazon Music app remains a major positive. Its Wondery buyout remains noteworthy.
Meanwhile, Spotify, which dominates the music streaming market, is benefiting from premium subscriber growth. Its solid focus on the personalization of playlists enhances the music experience for users. The company’s deep focus on expanding podcast content remains another major positive.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
Alphabet’s (GOOGL - Free Report) division Google is bolstering its presence in the music streaming market on the back of updated features on YouTube Music.
Reportedly, the company has started testing a feature called ‘live scrolling lyrics’ with the new Casting UI.
While casting YouTube Music from an Android phone to Chromecast Ultra, a new UI would appear, with live lyrics scrolling in the middle, and album artwork, song name and artist name placed on the right with left-aligned text.
In the older UI, the description about the album artwork, song name and artist name is placed in the center.
The live lyrics feature is likely to enhance users’ music streaming experience.
This, in turn, is likely to drive user momentum across YouTube Music, which will get reflected in the performance of YouTube in the near term.
Growing Music Streaming Market
The latest move bodes well for Alphabet’s growing music streaming efforts.
In regard to the live lyrics feature, Google’s latest partnership with MusixMatch for static lyrics in order to increase its lyrics coverage remains noteworthy.
Apart from the live lyrics feature, the company recently unveiled private listening stats for the last seven days. Also, it rolled out 2022 Recap features on YouTube Music, which show personalized stats, including top songs of each season and other details like top artists, tracks, music videos and playlists.
The company made a wide roll-out of the multi-select feature on YouTube Music. Users get an overflow menu of Add to playlist, Play next, and Add to queue on a bottom toolbar, with the addition of the multi-select feature.
The introduction of features and improvements in the search algorithms on YouTube Music remain noteworthy.
The company rolled out the repeat feature in YouTube Music during casting sessions. The feature allows users to repeat whole albums, playlists and individual songs.
With its growing endeavors, Google remains well-poised to rapidly penetrate the booming global music streaming market.
The uninterrupted access to high-quality audio files without the need for downloading, which generally takes up time and phone memory, is a key catalyst.
Per a report by Grand View Research, the global music streaming market is expected to see a CAGR of 14.7% between 2022 and 2030.
We believe that Google’s growing momentum in such a market is likely to aid Alphabet in winning investors’ confidence in the near term.
Notably, shares of Alphabet have lost 40.5% over a year.
Intensifying Competition
Alphabet, which currently carries a Zacks Rank #4 (Sell), is constantly facing stiff competition from companies like Apple (AAPL - Free Report) , Amazon (AMZN - Free Report) and Spotify (SPOT - Free Report) , which are also leaving no stone unturned to bolster their presence in this booming market.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Apple is continuously gaining steam in the underlined market with its expanding Apple Music subscriber base. It offers several songs, with world-class music experts and tastemakers curating thousands of playlists and daily selections.
The introduction of Apple Music Sessions, exclusive live releases featuring some of the world’s most prolific artists and emerging artists, all in Spatial Audio, remains noteworthy.
Amazon is enjoying solid momentum across its Amazon Music Unlimited, a premium music subscription service that allows Prime members to stream millions of songs. The growing global footprint of Amazon Music remains another major positive.
The company’s move to integrate artist merchandise into the Amazon Music app remains a major positive. Its Wondery buyout remains noteworthy.
Meanwhile, Spotify, which dominates the music streaming market, is benefiting from premium subscriber growth. Its solid focus on the personalization of playlists enhances the music experience for users. The company’s deep focus on expanding podcast content remains another major positive.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
Get the latest research report on AMZN - FREE
Get the latest research report on AAPL - FREE
Get the latest research report on GOOGL - FREE
Get the latest research report on SPOT - FREE