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Sonos files for IPO

Wireless speaker manufacturer Sonos, Inc has filed for an initial public offering with a plan to list on the Nasdaq Global Select Market under the symbol “SONO”.

The filing references the emerging trends of home entertainment, music streaming and voice assistants.

“Streaming music is fuelling the music industry’s growth as it drives music consumption and an expanding breadth of content available to consumers,” the filing notes.

“Futuresource estimates that the number of global paid subscribers to streaming music services grew from 29 million in 2013 to approximately 176 million in 2017, and projects this number to grow to 293 million by 2021.

“Voice assistants are disrupting the home audio industry by changing what consumers expect from a home speaker.

“Speakers are now expected to be voice-enabled, software-driven, Wi-Fi-connected computers that can fulfill requests for any audio content, answer questions or complete tasks by listening and responding.

“Industry research projects that by 2022, 50 per cent of all web searches will be voice searches.”

These trends provide a glimpse into what Sonos dubs the Sonic Internet, where audio content on the internet, such as music, podcasts, and movies, can be controlled via voice and played out loud in the home.

“We believe there is a significant opportunity to provide a seamless sound experience that brings connectivity, freedom of content choice, ease of use and high-fidelity sound to the connected home,” the filing states.

Sonos notes that its customers have registered over 19 million products in approximately 6.9 million households globally.

According to the company, Sonos customers listen to approximately 70 hours of content per month and approximately 80 per cent more music after purchasing their first Sonos product.

Sonos disclosed that it generated revenue of US$992.5 million in fiscal 2017, a 10 per cent increase on the previous fiscal year’s revenue of US$901.3 million.

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