Alphabet’s Google (NASDAQ:GOOGL) is actively expanding YouTube Music’s capabilities to tap into the growing music streaming market. With a predicted CAGR of 14.4% between 2023 and 2030, Alphabet added a song search feature for YouTube Music on Android devices. This new feature includes a dedicated button next to the voice search, enabling quicker access by tapping the search icon in the top-right corner. This move is expected to increase YouTube Music’s subscriber base.
In addition to the song search feature, Google introduced a “Trim Silence” feature in version v6.43.52 of YouTube Music. This feature allows users to skip silence stretches in a podcast, resulting in shorter runtimes. Moreover, Google redesigned the Now Playing feature on YouTube Music for the web, offering a full-screen experience with a Song and Video switcher, minimize button, overflow menu, and cast controls.
Google also added new notifications for YouTube Music on Android and iOS, informing users about new releases and playlists. These notifications include music recommendations, playlist updates, podcast recommendations, product updates, and recaps. Users have the option to disable these notifications in their preferences.
These efforts to enhance YouTube Music are expected to boost Alphabet’s Google Services segment, which is a key growth driver for the company. Alphabet’s shares have risen 45.9% in the past year, outperforming the Computer & Technology sector’s growth of 44.6%. The strengthening Google Services segment is anticipated to contribute to Alphabet’s overall financial performance in the future. The Consensus Estimate for 2024 total revenues stands at $286.52 billion, indicating a year-over-year growth of 11.7%.
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Author Stephanie Bédard-Châteauneuf 