Alphabet’s (GOOGL Quick QuoteGOOGL - Free Report) Google is expanding its content portfolio of Google TV by collaborating with third-party streaming service providers.

On the back of the latest collaboration, the company is adding a slew of apps and services like ABC, Amazon’s (AMZN Quick QuoteAMZN - Free Report) Prime Video, Apple’s (AAPL Quick QuoteAAPL - Free Report) Apple TV+, AMC, Kocowa, Disney+, Peacock and NBC, to name a few, to Google TV.

Further, Google TV not only rebranded existing services like HBO Max to "Max" but also supports the Indian streaming service "aha" and continues to enhance the free channels on the platform.

Additionally, Google TV's "Live" tab supports over 800 channels, including paid services like YouTube TV and Sling TV, and over 80 built-in channels that don't require app downloads.

Also, Google TV extended its services to several other regions, including Brazil, France, Germany and Japan, among others.

Alphabet is expected to gain solid traction across streaming enthusiasts as well as smart TV users on the back of its latest move.

Growth Prospects

The underlined collaboration is in sync with the company’s growing focus on strengthening its footing in the global smart streaming devices market.

Per a Statista report, the global smart streaming devices market size is expected to witness a CAGR of 14.7% during the forecast period of 2023-2030.

Strong prospects in this promising market are expected to instill investor optimism in the stock.

Alphabet has gained 51.5% on a year-to-date basis compared with the industry’s rise of 50.3%.

Moreover, the recent move is expected to aid the Google Services segment’s performance, which constitutes the majority of total revenues.

In third-quarter 2023, Google Services’ revenues increased 10.8% year over year to $67.99 billion, accounting for 88.6% of total revenues.

Our model projects fourth-quarter 2023 Google Services revenues at $72.79 billion, indicating growth of 7.3% from 2022.

Strength in the underlined segment will likely aid its overall financial performance in the upcoming period.

Our model estimate for fourth-quarter 2023 total revenues is pegged at $81.95 billion, indicating year-over-year growth of 7.8%.

Stiff Competition

We note that the expanding Google TV portfolio will allow this Zacks Rank #3 (Hold) company to compete well with some notable industry players like Apple, Amazon and Roku (ROKU Quick QuoteROKU - Free Report) , which are also making concerted efforts to gain a solid footing in the streaming devices market.

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

Notably, Apple introduced the Zoom video conferencing app to its Apple TV 4K, boosting its smart streaming device offerings.

Further, the app, known as “Zoom for Home TV,” utilizes iOS' Continuity Camera feature for meetings, offering calendar integration and easy-to-access shortcuts for upcoming meetings on Apple TV.

Meanwhile, Amazon is enjoying the growing momentum of its Fire TV line-up.

Amazon expanded the Fire TV Omni QLED series with three screen sizes, 43", 50" and 55", featuring a 4K Quantum Dot Technology display, Alexa Ambient Experience and built-in microphones for hands-free control.

Roku, on the other hand, is expanding its smart streaming device offerings with new feature updates for Roku TV.

Recently, Roku introduced user-friendly features for Roku TV in its 'What to Watch' section, including 'Recommendations,' 'Save Lists' and 'Continue Watching.' These features aim to assist users in finding suitable TV shows and movies, offering personalized suggestions based on previous viewing, location, time and device.