Sonos (NASDAQ:SONO) is set to make its long-awaited move into the headphones business with a release as early as April priced at upwards of $400, Bloomberg reported on Tuesday.
The publication stated that people familiar with the matter told them the company is also aiming to introduce a TV set-top box, competing with products from Apple (NASDAQ:AAPL) and Roku (NASDAQ:ROKU) Inc. The TV set-top box is scheduled to be released as early as the end of 2024 at a price of between $150 to $200.
There are also further new products expected, with the company said to be developing new amplifiers and in-ceiling speakers, a higher-end TV soundbar, new subwoofers, an update to the portable Roam speaker, and a version of its Era 100 speaker, as well as a planned update of the voice control system, video service and upgraded smartphone app.
Bloomberg said the new products are part of a move by Sonos management to boost growth at the audio technology business, which suffered a revenue decline in the past year, with demand for smart speakers cooling.
However, the publication cautioned that the timing and details of the releases could shift as the products get closer.
Reacting to the report, analysts at Craig-Hallum stated that headphones are a no-brainer for Sonos. With the brand already having a cult following, the firm believes a headphones product is unlikely to cannibalize the rest of the company’s wireless speaker and home theater products.
Last week, Bloomberg also reported that Sonos is cutting jobs in its product development organization ahead of the company's expansion into headphones. SONO's Chief Product Officer Maxime Bouvat-Merlin reportedly announced the move in an email to employees.