Sonos poised to enter brand-new market in 2024 & it totally makes sense
Sonos’s CEO Patrick Spence has hinted that it is exploring a new multi-million-dollar product line to be introduced next year.
During his earnings call, long-time CEO Patrick Spence has hinted that the company is all set to “a new multi-billion dollar category.”
Though he stopped short of specifically mentioning headphones as an upcoming product and said, “our entry into a new multibillion-dollar category in the second half of the year that will complement our current offering, delight customers, and drive immediate revenue.”
The company seems excited about the new product line and expects to reap rewards from its R&D investment to help gain the lost momentum. It was also reported that Sonos saw its revenue decline by 5.5% and faced challenges from various quarters.
Sonos could be sound competition to Sony, Bose, and others
Sonos aims to generate over $100 million from new product introductions and is expected to be a major source of the company’s revenue later next year. We may see multiple products in the personal audio category based on what the company has said.
According to a report by Bloomberg, Sonos might have been working on wireless headphones for at least four years but has not released a product till now.
Sonos’s acquisition of Mayht also aligns with its long-term goal of making compact speakers that produce massive sound output.
As the company has been operating in the audio segment for quite some time and is searching for ways to increase its revenue, dabbling into headphones makes sense. We just can’t wait to get our hands on what the folks at Sonos are creating.