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Sonos Inc., the maker of multiroom speaker systems, said revenue almost doubled to $535 million in 2013 as consumers increasingly used wireless technology with music services like Pandora in the home.
The closely held maker of high-fidelity speakers and streaming software is disclosing its revenue for the first time. Sonos is attempting to expand from its base of music enthusiasts to grab a bigger share of the $10 billion home-audio market, said Tom Cullen, a company co-founder, in an interview. The Santa Barbara, California-based company, which raised $40 million in 2012, is operating at break-even, he said.
“We’ve set ourselves up as the best-kept secret in electronics, but the scale of everything we’re trying to achieve really requires us to do things differently,” Cullen said.
Nine years after the company pioneered the whole-home wireless stereo market, it faces competition as bigger consumer electronics makers build products for the fastest-growing category in home audio.
Samsung Electronics Co. (005930), based in Suwon, South Korea, in October introduced the Shape music system, while closely held Bose Corp. developed its SoundTouch speakers. Bang & Olufsen A/S (BO) has released new wireless systems developed under an audio standard known as WiSA, in which Sharp Corp. (6753) and Pioneer Electronics Co. also are members.
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