It's been a bad summer for Sonos. What can the company do to make things right with customers?
Sonos has had a bad summer. It hasn’t been a particularly easy few years for the upscale wireless audio company — its stock is basically one-third of where it was in early 2021 — but this summer has been especially brutal.
Then things started going wrong. Very wrong. Everyone’s situation is different, of course. Different individual Sonos speakers. Different generations of speakers. Differing speaker pairings. Different music services. But issues seemed nearly universal. Maybe it was a favorite feature that disappeared — something as simple as a sleep timer. Or maybe you’d struggle to get music to play at all. I found a little respite in a third-party app, but that’s not a good answer.
That’s not nothing. But the more cynical view is that you’re being compensated for Sonos’ major missteps by being given the opportunity to spend more money. With Sonos. Nor do I particularly care about the business side of things. Has Spence done well during his tenure? Probably. Otherwise he wouldn’t have been elevated from chief commercial officer to CEO, and he wouldn’t have been at Sonos for a dozen years now.
“While the redesign of the app was, and remains, the right thing to do, our execution — my execution — fell short of the mark,” Spence said in the earnings call. “Since I took over as CEO, one of my particular points of emphasis has been the imperative for Sonos to move faster. That is what led to my promise to deliver at least two new products every year — a promise we have successfully delivered on. With the app, however, my push for speed backfired.
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