Sonos Says Revenue Doubled to $535 Million in 2013
The pioneering wireless music service also insinuates it will step up efforts to protect its patents.
Sonos, which makes a wireless system for streaming Internet music throughout the house, including different playlists in different rooms, said Monday it generated $535 million in revenue in 2013, up 97 percent from a year earlier.
A 12-year-old company run by co-founder and CEO John MacFarlane and headquartered in Santa Barbara, Sonos also said its revenue has grown tenfold since 2008.
The privately held company rarely releases such metrics, but did so Monday in conjunction with a blog post from its general counsel, Craig Shelburne, that lays out its commitment to protecting its patents.
"Wireless speakers and systems represent the fastest growing segment in home audio. The market has seen numerous new entrants, from startups you've possibly never heard of to bigger brands you might know," Shelburne wrote.
Shelburne said in the future Sonos will be "forward-publishing" its patent applications so that they are available to the public roughly 18 months sooner than they otherwise would be.
"We know that others can -- and will -- benefit from the time, energy and investment we have put into our patented inventions, not to mention our products themselves," Shelburne wrote. "And we welcome that learning, but with an honorable caveat: use it to create differentiated products, rather than merely incorporating or copying our invention without our permission."
Sonos has filed for about 200 patents covering its system, which is compatible with iTunes, Pandora, Spotify and other music services. The company has raised at least $125 million from investors that include Kohlberg Kravis Roberts and Index Ventures.