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Alphabet (GOOGL) Boosts YouTube Music With Redesigned Library

Zacks Equity Research
·3-min read

Alphabet’s GOOGL division Google is consistently adding new features to its music-streaming service, YouTube Music.

According to 9TO5Google, Google started rolling out a redesigned Library tab on YouTube Music for iOS and Android users.

By clicking on the View my option on the updated tab, users can switch between Library, Downloads, Uploads and Device files. The tab also shows options like Playlists, Songs, Albums and Artists to let users filter preferred songs.

With the abovementioned features, Google is providing an enhanced experience to Android and iOS users. This is likely to boost the adoption rate of YouTube Music.

Alphabet Inc. Price and Consensus

Alphabet Inc. Price and Consensus
Alphabet Inc. Price and Consensus

Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote

Growing YouTube Music Efforts

Apart from the latest move, Google recently rolled out 2022 Recap features on YouTube Music to let users view personalized music stats of the entire year.

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Google also rolled out the redesigned album UI on Android tablet. The redesign version shows the artiste’s name, type of media and the release year on top. Options like download, add to library, play, share and an overflow menu are also included.

Google added a capability whereby users can save queues as playlists. The company also rolled out its Recent Played and Turntable widgets to Android users.

We believe that the growing efforts will continue to contribute well to Google’s parent Alphabet’s Google services’ revenues in the upcoming period.

Revenues from the Google services business increased 2.5% year over year to $61.4 billion, accounting for 88.8% of the total third-quarter revenues.

Competitive Music Streaming Market

The growing music-streaming initiatives are positioning Alphabet well to rapidly penetrate the booming global music-streaming market.

Per a Grand View Research report, the global music streaming market is expected to see a CAGR of 14.7% from 2022 to 2030.

Given the upbeat scenario, not only Alphabet but other companies like Amazon AMZN, Apple AAPL and Spotify SPOT are also making strong efforts to capitalize on the above-mentioned prospect.

Amazon is gaining strong momentum in the music streaming market on the back of its expanding global footprint. AMZN offers its premium music subscription service Amazon Music Unlimited to customers. With Amazon Music Unlimited, music lovers can listen to any song anytime and anywhere on all types of devices, including smartphone, tablet, PC/Mac, Fire TV and Alexa-enabled devices like Amazon Echo. AMZN has lost 45.6% in the past year.

Shares of Apple have been down 25.3% in the same time frame. Apple’s music-streaming service Apple Music offers a subscription tier powered by Siri named Apple Music Voice Plan. Using Apple Music Voice Plan, subscribers can access millions of songs, playlists, personalized mixes, genre stations and Apple Music Radio. Music listeners can also download the Apple Music app on their Android tablet or Chromebook supporting Android apps.

Spotify provides commercial free music and ad-supported services to customers. 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. Spotify has lost 61.4% in the past year.

Nevertheless, Google’s growing initiatives toward YouTube Music are expected to help Alphabet gain a competitive edge against aforesaid peers.

Shares of Alphabet have been down 36.7% in the past year compared with the Computer and Technology sector’s decline of 32.5%.

Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Amazon.com, Inc. (AMZN) : Free Stock Analysis Report

Apple Inc. (AAPL) : Free Stock Analysis Report

Alphabet Inc. (GOOGL) : Free Stock Analysis Report

Spotify Technology (SPOT) : Free Stock Analysis Report

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