Sonos, one of the world’s leading brands in audio equipment for the home, just made the exciting announcement that they are going public, listed on Nasdaq as SONO.
Sonos first hit the market all the way back in 2005, over the years the company has grown tremendously, offering customers with quality sound equipment that has evolved alongside emerging technologies. With some of their latest offerings featuring integration with leading services such as Apple Music and Airplay 2. The company also recently made the exciting announcement that they would be partnering up with IKEA, in order democratize and really integrate audio equipment as an integral part of the modern home.
In a statement Sonos explained that “Our decision to IPO reflects our long-term thinking about our next phase. We have been private for 16 years and scaled up to $1B. Market trends are supportive for our long-term growth so it feels like a natural time as we enter our next phase of growth and increasing profitability.”
Sonso, in the press release for the IPS that Approximately 38% of new product registrations in 2017 from existing owners looking to expanding their current system. Sonos went on to outline that they have managed a 93% usage rate of equipment sold since 2005, which are still in use in homes today, a true testament to the manufacturing quality behind Sonos products.
When asked about how the IPO will shape products moving forward, Sonos outlined that “This milestone will provide us with more financial flexibility to grow the business – to invest in attractive product or partnership opportunities, accelerate geographic expansion, and execute M&A to build capabilities or pursue new categories.
We’ve only scratched the surface in terms of the number of homes we’re in today. While we certainly foresee a lot of opportunity outside the home, we want to make sure we don’t lose focus on the big opportunity to get Sonos in more homes.”
Sonos has been making big steps to expand it’s product lineup in recent years, introducing the Alexa capable speaker the Sonos One, along with the new Soundbar the Sonos Beam. You can read the review for the Sonos Beam, where Brendan outline how it “fantastic addition to any TV setup, a compact speaker with rich, clear sound all with a bonus Voice Assistant.”
This year Sonos have also pushed what they offer as a brand, pushing Airplay 2 to Sonos speakers as a software update, also allowing the Sonos One and Sonos Bean to access Siri via the included microphone array. And, in an announcement earlier this year, Sonos announced the partnership with Ikea, “a collaboration aimed at democratizing sound and design in the home.”
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