Chromecast, a US$35 device for streaming video and other digital content from a mobile device, could be the bait to get the big fish Google has long sought. If successful, Chromecast could just open up new channels for ad sales, which was Google's biggest source of income.

The newly launched device was another try at tapping billions of dollars worth of TV ads. Yes, Google wants a piece of the pie from marketer ad expenditure. Google wants to get cozy and "cuddle up in your living room" to understand how you are spending your time. In this way, it can serve you with better ads, according to James McQuivey of Forrester Research. "This is all about knowing you and knowing what to give you next," McQuivey added.

Every day, 4 hours and 39 minutes was the amount of time an average American spent of watching TV, according to measurement firm Nielsen. TV ad spending in the US exceeded US$74 billion last year. This represented an 8% increase from 2011, according to Kantar Media.