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Amazon (AMZN) to Attract Customers With Fire TV Omni Series

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Amazon (AMZN - Free Report) is constantly expanding its smart television portfolio on the back of product launches.

This is evident from Amazon’s recent introduction of the Fire TV Omni QLED Series featuring the Fire TV Ambient Experience.

The smart TV features a 4k quantum dot technology enabled display with up to 96 local dimming zones, Dolby Vision IQ and HDR10+ Adaptive support, letting users enjoy a cinematic experience. They can also get recommendations based on the day’s top-trending video titles on Fire TV.

Moreover, the device is compatible with Alexa, allowing users to operate the Fire TV Ambient Experience with their voice. With Alexa, users can also listen to music, podcasts or audiobooks or play audio from services like Amazon Music, Spotify, iHeart Radio, TuneIn, Apple Podcasts and Audible.

The Fire TV also permits users to view a broad collection of gallery-quality photos and curated art pieces on their television without any subscription. Users can also get updated with the local or national news by connecting the TV with Amazon Freevee and the Amazon News app.

Reportedly, the Fire TV is presently available on the Amazon platform in the United States and Canada.

On the back of the Fire TV Omni QLED Series, Amazon aims to provide an enhanced television experience to its customers. This is expected to boost the adoption rate of Fire TV.

Growing Efforts to Boost Prospects

Apart from the introduction of Fire TV Omni QLED Series, Amazon is continuously launching media-streaming devices to offer a better streaming experience to customers.

Amazon offers Fire TV stick 4K and Fire TV cube featuring hands-free streaming. Both devices are compatible with Alexa and support the content of Prime Video, Netflix and Hotstar, among others.

Amazon’s growing initiatives in the video-streaming space are expected to help it capitalize on the prospects in the video-streaming market.

Per a Fortune Business Insights report, the global video-streaming market is expected to reach $1.69 trillion by 2029 from $473.4 billion in 2022, witnessing a CAGR of 19.9% between 2022 and 2029.

Competitive Market Scenario

Given the solid growth potential in the video-streaming market, not only the retail giant AMZN but other companies, including Alphabet (GOOGL - Free Report) , Apple (AAPL - Free Report) and Roku (ROKU - Free Report) , are also making strong initiatives to bolster their presence in the space.

Alphabet is gaining momentum in the streaming space with its streaming platforms named Google TV and Android TV, and the media-streaming device called Chromecast. Reportedly, GOOGL introduced audio descriptions on Google TV video content to help users with visual impairment understand the movie or TV shows properly. This is likely to help Alphabet attract visually-impaired customers to its platform.

Apple’s growing interest in sports streaming remains a major positive. Recently, AAPL signed a multi-year agreement with Nike to create and produce sports movies. Further, its growing original and regional content portfolio is helping it expand its user base. Additionally, Apple provides a streaming dongle named Apple TV 4K, backed by the Apple A12 Bionic chip. The streaming stick supports 4K HDR video and Dolby Atmos sound.

Roku is benefiting from strong momentum in average revenue per user and better user engagement. The Roku Channel is witnessing a surge in premium subscription signups, which is a major positive. Further, the Roku streaming stick offers free streaming of TV, live news, sports, music, movies and more in HD format, and is compatible with Alexa and Google Assistant.

Nevertheless, Amazon’s growing product introductions in the streaming space are expected to help it gain a competitive edge over its aforesaid peers.

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