Google TV: This New YouTube App is Sweet

Google’s (NASDAQ:GOOG) foray into television was something of a bust when Google TV first was released, but the search provider is now hoping to amend that by publicizing its new and improved capabilities. The first of these, on of which is the new and improved YouTube app, now available as a download from the Android Marketplace.

The YouTube app has improved and specifically more rapid navigation, as well as new add-ons to the UX, the chief of which is the “Discover” feature, which essentially imports YouTube channels into Google TV, thus increasing its “browsibility.” It is also easier now to navigate various playlists and subscribe to specific favorites using a remote.

But though the app has certainly been improved, it fails to follow through on Google’s hype, leading some to speculate that more announcements may be coming later this week (if not later today).

Here’s how Google shares are reacting to the news:

Google Inc. (NASDAQ:GOOG): GOOG shares recently traded at $613.07, up $7.16, or 1.18%. They have traded in a 52-week range of $473.02 to $670.25. Volume today was 865,319 shares versus a 3-month average volume of 2,989,930 shares. The company’s trailing P/E is 20.59, while trailing earnings are $29.76 per share.

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