Pretty much, yeah. What is a speaker? It’s a mechanical piece of hardware. Sure there’s some software in there that manages it, but at the end of the day it’s a physical object that does work by moving about. The cone moves air back and forth and that’s how it makes sound. Over time, the components eventually become worn by this motion, or how you handle the device may cause components to come loose or break off entirely. As mentioned, as well, the software that manages the mechanical parts may [degrade](https://en.wikipedia.org/wiki/Software_rot) separately too
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