The company behind the legendary speaker that you buy your music from and buy your movies from is being forced to give up the business model of selling speakers.
The Canadian company that made the iconic Bose speaker will have to find a new home as the government of the province of Ontario has slapped a moratorium on new audio products that are built on its technology.
In a statement released Thursday, Bose said it is “dying.”
The statement said it will have a hard time finding a buyer for its speakers because of the “unprecedented” threat to its business model.
“We cannot compete on the quality or performance of our products in a world where there are more and more products competing on the same platforms, and there are so many competing products that do not have the same level of innovation,” the company said.
“It’s not a question of ‘if,’ but when.”
Bose has been the darling of audiophiles for years and has sold millions of speakers over the years.
Its speaker range is huge, with its $8,000,000 speaker the largest in the world.
Bose also produces a range of headphones, including the $2,400 Bose Elite, which has a soundstage that can seat eight people.
It was bought by Google for $3.9 billion in December.