8 Best Music Stocks to Buy According to Hedge Funds

6. Sonos, Inc. (NASDAQ:SONO)

Number of Hedge Fund Holders: 20

Sonos, Inc. (NASDAQ:SONO) revolutionizes how people listen and connect to sound. In a period where nobody had heard of music streaming, the firm’s founders came up with the mission of bringing music to every home, wirelessly, in multiple rooms, from PCs and the Internet, with good sound. The company was founded in 2002. The firm offers effortless listening with its wide variety of products. Users can have access to expertly curated music stations, original shows, and over 60,000 broadcast channels globally from Sonos Radio.

While Sonos introduced the world to multi-room music over 20 years ago, it plays in over 15 million homes. In April, the firm revealed its most extensive app redesign ever. The firm enabled listeners to organize their favorite playlists, stations, albums, and more from over 100 services on one customizable Home screen for an unparalleled streaming experience. Commenting on the major development, Maxime Bouvat-Merlin, Chief Product Officer of Sonos, stated:

“As the only audio brand with an open platform offering extensive choice, Sonos makes it easy to control your system and curate your favorite sounds all in one place. Our reimagined app delivers the industry’s most streamlined streaming experience by bringing a world of content and intuitive control to the Home screen.”

For Q3, Sonos, Inc. (NASDAQ:SONO) recorded revenue of $397.1 million, up 6% year-over-year. Although there were problems with the firm’s new app which was introduced in May, the CEO referred to the unfortunate event as ‘one chapter in our over twenty years of delighting customers’ and is hopeful of fixing the issues as the top priority. These problems include missing features and bugs as reported by customers.

Sonos, Inc. (NASDAQ:SONO) is well known for its unparalleled sound experience, simplicity of use, thoughtful design aesthetic, and an open platform. With a large addressable market, the firm has a lot of room to grow and improve.