Gross has found an exact expression for the density of eigenvalues in
the simplest version of the Kazakov-Migdal model of induced QCD. In th
is paper we compute the spectrum of small fluctuations around Gross' s
emi-circular solution. By solving Migdal's wave equation we find a str
ing-like spectrum which, in four dimensions, corresponds to the infini
te tower of mesons in strong coupling lattice QCD with adjoint matter.
In one dimension our formula reproduces correctly the well-known spec
trum of the hermitian matrix model with a harmonic oscillator potentia
l. We comment on the relevance of our results to the possibility of th
e model describing extended objects in more than one dimension.