Spence, who bought his Sonos system in 2010 and joined the company two years later wireless speakers now account for about 60 per cent of the roughly US$10-billion global high-end speaker market, Mr. Reviewers and customers loved the products, which today range in price from US$150 to US$700. The pricey devices they invented and began selling in 2005 produced quality sound and were sleek, sturdy and simple to use. They believed listeners should be able to control the system and pick any song they wanted from their couches, while doing away with the tangle of wires connecting audio equipment, according to a 2014 Bloomberg Businessweek article. Sonos was founded in 2002 by former CEO John MacFarlane and three other dot-com-era entrepreneurs with no audio technology or hardware business experience who set out to transform the stereo system for the internet age. Without the shift to voice, however, it’s safe to assume Sonos wouldn’t have been close to ready to face an audience of public investors. “Does a great product necessarily make for a great investment?” Sanford C. The stock hit US$23.60 last week and has since eased back to close at US$19.15 Tuesday, but many questions linger. The Sonos prospectus noted revenue growth has been volatile and that investors should expect “short-term fluctuations and uneven product cadences.” “Our model is completely different” than other consumer electronics firms that have gone public – and disappointed investors – such as Fitbit Inc. Close to 40 per cent of sales last year were to repeat buyers 27 per cent of its customers have at least four Sonos products. Sonos’s products are built to last for years and many sales come from customers expanding their Sonos systems, whose wireless speakers can be placed in multiple rooms in a house, playing music from any streaming service or nearby computer and controlled through smartphones. Sonos has partnered with tech giants Amazon, Google and Apple to offer their voice assistant platforms through its high-end speaker hardware while also competing with those companies, which all sell their own speakers.
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