Sonos files for IPO
The filing bets on the emerging trends of home entertainment; music streaming and voice assistants.
“Streaming music is fueling the music industry’s growth as it drives music consumption and an expanding breadth of content available to consumers,” says the filing.
“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 the internet’s audio content, 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.”
Sonos notes that its customers had registered “over 19 million products in approximately 6.9 million households globally.”
According to the company, owners of Sonos devices listen to approximately 70 hours of content per month, and approximately 80 per cent more music after purchasing their first Sonos product.
Sonos discloses that it had generated revenue of US$992.5 million in fiscal 2017, a 10 per cent increase on fiscal 2016’s revenue of US$901.3 million.
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