Sonos today announced plans to enter a new “billion-dollar” product category in 2024, which many believe will be headphones. Sonos CEO Patrick Spence declined to elaborate on the company’s plans but said the new product will “complement” existing Sonos devices and “delight customers and deliver immediate revenue.”

Spence said he believes Sonos will generate more than $100 million in new product revenue in 2024, and that new product will account for a “significant portion” of that revenue in the second half of the year.

It has been rumored for years that Sonos would enter the headphone market with a pair of wireless headphones that could be similar in design to over-ear headphones like the AirPods Max. Sonos never confirmed its work on headphones, but an internal memo was made Bloombergconfirmed that the company has a headphone division.

Sonos is currently developing wireless speakers, soundbars, and other home theater devices, so headphones seem like a logical next step for the company. Since Sonos makes high-end devices, the first headphones could likely be designed to compete with over-ear headphones from companies like Bose, Sony, Sennheiser, Shure, and Bowers & Wilkins, but Sonos could also target the AirPods market.

Bloomberg said in 2019 that Sonos was targeting a $300 price and focusing on features like audio quality and multi-service compatibility, but it’s been a few years since new details emerged.

Since Sonos speakers are already competing with Apple speakers, a headphone set that will be an alternative to “AirPods Max” and Beats would not be a surprise. Little is known about Sonos’ plans for the headphones at this time, and no specific launch date has been shared.