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Google Chromecast Will Disrupt Streaming and TV Forever

Google (GOOG) hit some headwinds this week on poor earnings, but Wall Street is abuzz again with the potential of this tech stock on the heels of a big event Wednesday.

The highlight: The tech blue chip is busting into the TV market and streaming space via Google Chromecast, a $35 HDMI device that is essentially a go-between that links a mobile device — including stubbornly closed-system Apple (AAPL) gadgets like an iPad or iPhone — to your television.

The 2-inch device runs “a simplified version of Chrome OS,” according to Google, powered by USB input and connected to your WiFi network.

Check out Chromecast on Google Play, Google’s online storefront, or look in your local Best Buy (BBY) next week when it goes on sale in retail locations across the U.S.

The device will run apps, hosting only Google-made video services like YouTube at launch with the exception of  Netflix (NFLX) — though you can bet Amazon (AMZN) Prime will be soon to follow. Google Chromecast also will stream audio, from Google Music as well as Pandora (P) at launch.

But the big feature is a “Cast” button that allows users to push video to their televisions via Chromecast — as well as full Google Chrome functionality projected to the TV and controlled via a PC, a way to share your screen easily on a television set.

And it’s a measly $35 to boot. Here’s Chromecast in all its glory via a commercial spot from Google that was just released.

Google Chromecast seems super-exciting and full of potential as Google looks to disrupt the streaming video space.

Entrenched cable companies like Comcast (CMCSA) better watch out — and the smart streaming players will get in line to play ball with Google on this gadget.

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Jeff Reeves is the editor of InvestorPlace.com and the author of “The Frugal Investor’s Guide to Finding Great Stocks.” Write him at editor@investorplace.com or follow him on Twitter via @JeffReevesIP

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