“Wireless speaker company Sonos Inc filed for an initial public offering on Friday, riding on the back of increasing popularity of streaming music though smartphone apps on connected audio systems,” Nikhil Subba reports for Reuters.

“Sonos’ hi-tech speakers and the company’s tie-ups with around 100 music streaming providers including Apple Music, Pandora, Spotify and TuneIn have helped attract audiophiles around the world,” Subba reports. “Backed by KKR Stream Holdings LLC, Sonos has grown to become a big player in the competitive home audio market, battling established players such as Bang & Olufsen, Bose and Sony as well as iPhone maker Apple… Sonos, founded in 2002, recently introduced voice-controlled speakers integrated with Amazon’s Alexa technology, putting them in direct competition with Apple’s HomePod speakers, which are powered by Siri.”

“The filing did not reveal how many shares Sonos planned to sell or their expected price. The company set a placeholder amount of $100 million to indicate the size of the IPO,” Subba reports. “It is targeting a valuation of about $2.5 billion to $3 billion according to some reports.”

Read more in the full article here.

MacDailyNews Take: Good luck, Sonos.

Competing with Apple in the high end smart speaker market (they only market in which Apple competes currently) is going to be a tall order. No smart speaker will ever work as well for Apple product users as Apple’s own smart speaker(s). And that’s not even taking Apple’s massive monetary and retail advantages into account.

According to new data from Slice Intelligence, Apple’s launch outperformed its competitors on the first day of release, selling 9x more units than the Sonos One and outselling the Google Home Max by a factor of 11.MacDailyNews, February 2, 2018

SEE ALSO:
Sound quality shootout: Apple HomePod vs. two Sonos Ones – March 16, 2018
Apple’s HomePod vs. Sonos One with Alexa – March 1, 2018
WSJ reviews Apple’s HomePod: Sounds far better than the popular smart speakers from Amazon, Google, and Sonos – February 6, 2018
How will Sonos compete against Apple’s HomePod? – February 2, 2018