Google confirmed the news in a press release from Fox Sports, saying that it will be providing its cloud-computing capabilities to the popular sports network by “logging, discovering and storing video assets.” The company stated that it will implement cloud technology to transform and maximize production capabilities by utilizing artificial intelligence (AI).
Google Cloud CEO Thomas Kurian said on July 14, “Machine learning is opening up a whole new era of value creation and data-driven innovation in media and entertainment. He added, “Once a company has a more complete understanding of its audience, users and content, it’s amazing what businesses can accomplish with that data.”
The work will involve labeling video clips with minute information such as player jerseys, key plays, and interviews. Fox Sports will tap into Google Cloud’s organizing capabilities for video search that will archive footage more efficiently and will provide an easy-to-use interface that will allow broadcasters to access material quickly. The partnership will also advance Google’s development of its machine-learning AI system for video clip information filtering.
Fox Sports Executive Producer said, “We’re excited to team with Google on this project that will allow Fox Sports to take the next step toward the most state-of-the-art workflow for accessing all of our media.” He continued, “It’s been amazing to see all the different tools that Google Cloud will provide our network to transform the way we work, while also helping to make the way we create content so much easier for our production teams.”
Adding the the sports network to its cloud computing clientele represents another recent win for the Google Cloud portfolio. On July 8, Google Cloud became Deutsche Bank’s (DB) data provider with a 10-year deal. Following this, on July 9, GOOGL forged a multi-year agreement with Renault (RNLSY) to provide the automaker with its enterprise-level services.
Mizuho Securities analyst James Lee reiterated a Buy rating on Alphabet on July 13 citing Google Cloud’s platform as being an attractive option also for retailers because Amazon’s large online retail reach represents their primary competition. The analyst raised his price target from $1,560 to $1,650 which implies 10% upside potential.
Google’s stock is up 12% year-to-date with a Strong Buy analyst consensus that breaks down into 28 Buy ratings versus 1 Hold ratings and no Sell rating. The $1,566.04 average price target suggests 4% upside potential for the shares in the coming 12 months. (See Google’s stock analysis on TipRanks).