Roku Inc. ( ROKU Quick Quote ROKU - Free Report) has announced a collaboration with Tennis Channel to launch T2, the sports network's second channel, on The Roku Channel in the United States. T2 is set to provide free and year-round access to live coverage of top tennis players and signature events for the vast audience of The Roku Channel, reaching an estimated 100 million people. For convenient access, viewers can easily navigate T2 through the Sports Experience on Roku's Home Screen. This feature simplifies the discovery and access of live, upcoming and on-demand sports content, enhancing engagement and awareness for Roku's content partners while providing a personalized viewing experience. T2's yearly live and encore calendar aligns with most tournaments covered by Tennis Channel, showcasing different matches and players. This unique approach allows viewers with access to both channels to choose between simultaneous competitions from prestigious events, such as the BNP Paribas Open, Roland Garros, Miami Open, Monte-Carlo Masters, Italian Open, Canadian Open, Davis Cup and the Billie Jean King Cup. Shares of this Zacks Rank #3 (Hold) company have gained 158.5% year to date compared with the Zacks Consumer Discretionary sector’s rise of 12.4% due to its extensive collection of content. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. ROKU’s Recent Efforts to Boost Streaming Hours
The company recently unveiled two fresh additions to the Roku Home Screen, such as All Things Food and All Things Home. These new destinations bring together top-notch food, home and lifestyle content from various sources on the platform, creating seamless and engaging discovery experiences.
These new features are expected to boost streaming hours as well as platform revenues in the upcoming quarters. The Zacks Consensus Estimate for ROKU’s 2023 streaming hours is pegged at 105.33 billion, indicating a year-over-year increase of 340.7%. The consensus estimate for 2023 platform revenues is pegged at $2.9 billion, indicating a year-over-year increase of 7.38%. Designed for user convenience, these hubs offer straightforward navigation and personalized recommendations, simplifying the exploration and viewing of genre entertainment directly from the home screen. Both All Things Food and All Things Home will showcase a diverse array of streaming options within their respective categories, encompassing free and subscription-based services, live and linear TV, Premium Subscriptions, Roku Originals and more. These features were added due to a recent survey commissioned by Roku. This recent survey revealed that 64% of streamers rely on genre-based searches when looking for new content, emphasizing the significance of genre preferences in content discovery. According to the survey, nearly 73% of streamers feel that they spend excessive time trying to discover fresh content, underscoring the need for streamlined and efficient content exploration experiences. Roku faces tough competition from giants like Google ( GOOGL Quick Quote GOOGL - Free Report) , Amazon ( AMZN Quick Quote AMZN - Free Report) and Apple ( AAPL Quick Quote AAPL - Free Report) . Google TV has significantly improved its user experience, addressing previous issues with the latest Chromecast model. This device supports a broad range of streaming apps, including popular ones like YouTube and Spotify. However, there may be some limitations in terms of storage management. Amazon Fire TV is deeply integrated into Amazon's ecosystem, giving priority to AMZN's content and featuring a robust voice interface. Yet, at times, it gives the impression of functioning more as an advertising platform for Amazon products rather than providing a diverse app and content ecosystem. Apple TV boasts a refined interface with its attention to detail. While it supports most apps, it appears that AAPL places a stronger emphasis on its Apple TV+ subscription service and app rather than focusing primarily on the hardware itself.