Waves Audio
Waves Audio makes professional audio plugins and hardware licensing tech for studios and consumer electronics.
On the record
Checkpoint: Resolution of London IPO plan (completion or cancellation)
The call
Waves survives on studio habit and licensing deals, but AI tools are already eating the cheap end of what it sells, and its IPO path is stuck.
Waves Audio makes audio editing software and plugins that recording studios, musicians, and broadcasters use to make sound better. The company has been around for over three decades and makes steady money from selling software subscriptions, plugins, and licensing deals to big companies. The challenge is that new AI tools like LANDR (which masters songs automatically) and smart tools from competitors like iZotope and sonible can now do things that used to require Waves products, and bigger AI audio models might arrive later. The biggest question is whether Waves can go public in London as planned (talks stalled as of mid-2026) to let early investors cash out, and whether the company can avoid forcing users into unpopular subscription changes again like it did in 2023, which damaged trust.
Why
01
AI pressure: LANDR, iZotope AI mixing/mastering, sonible smart:EQ. AI mastering and smart EQ tools automate the exact commodity tasks Waves plugins used to charge for. Could AI do the core job? Only partly.
02
Bigger players: None apparent. No single big tech company is targeting Waves directly, but generative audio models could reshape the category over time. Could a giant copy it? Yes, easily.
03
What protects it. Deep workflow lock-in with studios and engineers, plus B2B Maxx licensing deals with Dell, Samsung, LG that AI rivals cannot easily replace.
What would change this call
Whether Waves' London IPO (targeted ~£300m) completes, is priced, or is formally cancelled within 12 months. Shows whether the equity liquidity path is real or has permanently stalled.
Independent plugin reviews or shootouts comparing Waves StudioVerse/Online Mastering against LANDR and iZotope Ozone. Shows whether Waves is losing its AI-forward positioning to rivals.
Any new Waves subscription, bundling, or pricing change and how users react on forums/social media. Shows whether the 2023 forced-subscription trust problem is repeating.
Independent plugin reviews or shootouts comparing Waves StudioVerse/Online Mastering against LANDR and iZotope Ozone. Shows whether Waves is losing its AI-forward positioning to rivals.
Any new Waves subscription, bundling, or pricing change and how users react on forums/social media. Shows whether the 2023 forced-subscription trust problem is repeating.
Key numbers
- ~$75-100M estimated annual revenue
- 150,000+ users worldwide
- 260-563 employees depending on source
Named risks
- London IPO (~£300m, targeted June 2025) remains unconfirmed as of July 2026 amid weak market conditions.
- AI commoditization of EQ, compression, and mastering erodes pricing power in core plugin categories.
- 2023 forced subscription-only launch and rapid reversal signals repeatable monetization/trust misstep.
- Revenue figures rely on unverified third-party estimates (ZoomInfo, Growjo), no audited financials public.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| LANDR | contesting | Direct AI mastering rival; Waves launched competing Online Mastering service Sept 2023 |
| iZotope | contesting | AI-assisted mixing/restoration tools erode Waves' commodity plugin categories as of 2026 |
| FabFilter | gaining on | Positioned as leader in precision EQ and dynamics in independent buyer's guides, July 2026 |
| Plugin Alliance | contesting | Subscription bundle model competes with Waves' own subscription tier as of July 2026 |
| Slate Digital | contesting | Subscription-based plugin bundles compete for same democratized-access customer base, 2026 |
Questions people ask
- Is Waves Audio profitable in 2026?
- No independently audited profit figures are public. Waves is privately held, founder owned, with revenue estimated near $75.2 million (ZoomInfo, as of 2026-07-06) to $102 million (Growjo, 2022 estimate). The company has operated since 1992 without disclosed losses, but no verified net income figure exists.
- Is Waves Audio going public?
- Waves hired Panmure Liberum in April 2025 to explore a London Stock Exchange IPO valued around £300 million, initially targeted for as soon as June 2025. As of July 2026, no completion has been confirmed, and London IPO activity broadly dried up in early 2026 amid AI valuation fears and geopolitical instability.
- Could AI replace Waves Audio's plugins?
- AI is eroding Waves' commodity categories like EQ, compression, and mastering, with rivals LANDR, iZotope, and sonible shipping competing AI tools. Waves responded with its own AI products, StudioVerse (March 2023) and Online Mastering (September 2023), but signature-artist plugins and DAW integration remain harder for generic AI to replicate.
- Who owns Waves Audio?
- Waves Audio is privately held and majority owned by co-founders Meir Sha'ashua and Gilad Keren as of mid-2025, according to Sky News reporting from June 2, 2025. The company was founded in Tel Aviv in October 1992 and has never been acquired or taken public.
- What happened with Waves Audio's 2023 subscription controversy?
- In March 2023, Waves launched subscription-only 'Waves Creative Access,' eliminating perpetual licenses, which triggered a backlash of over 70 forum pages of complaints. Waves reversed the decision within three days, reinstating perpetual licenses and its Update Plan alongside the new subscription tier.
- Who are Waves Audio's biggest competitors?
- Direct rivals include LANDR in AI mastering, FabFilter in precision EQ and dynamics tools, Universal Audio in analog-emulation plugins, and Plugin Alliance and Slate Digital in subscription plugin bundles. iZotope and sonible also compete in AI-assisted mixing and mastering, pressuring Waves' commodity plugin categories.
Timeline
- 2026-05ILLUGEN 2.0 AI sample generator promoted as part of expanded AI tool lineup
- 2026-04London IPO market broadly dries up amid AI-bubble fears and geopolitical instability
- 2025-06Former BT CEO Gavin Patterson reportedly in talks to chair Waves ahead of listing
- 2025-04Waves hires Panmure Liberum to explore ~£300m London IPO, targeted for June 2025
- 2023-09Waves Online Mastering launched, AI mastering service built with Piper Payne on Azure
- 2023-03-29Waves reverses subscription-only model after major user backlash within three days
- 2023-03-27Waves launches StudioVerse, AI-powered plugin chain recommendation system
- 1992-10Waves Audio founded in Tel Aviv by Gilad Keren and Meir Sha'ashua
Revision history
23 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Waves Audio (2026-07-06)
- Waves Audio (2023-03-25)
- Ex-BT chief Patterson sounded out about £300m Waves Audio float (2025-06-02)
- Audio technology group Waves hello to £300m London float (2025-04-24)
- London IPOs dry up in 2026 as firms fear global volatility and AI bubble (2026-04-08)
- Waves Audio - Overview, News & Similar companies (2026-07-06)
- Revenue, Competitors, Alternatives (2022-04-16)
- Waves About Us
- wikipedia.org (Waves Audio infobox) (2026-07-23)
- Gilad Keren, CEO, Waves Audio, Ltd. (2017-12-15)
- Waves U-turn on subscription-only model due to backlash (2023-03-29)
- Waves Introduces StudioVerse AI-Powered System For Plugin Chains (2023-03-27)