Bluetooth was designed as a low power connection. It maxes out around 1Mbps compared to WiFi at 600Mbps or more. Audio streams are roughly 300Kbps, so at most you can have two or three streams at a time.
Audio, unlike most data, is time sensitive so even short hiccups will make it sound terrible.
It might be possible to use multicast to broadcast a single stream to multiple devices, but it doesn’t seem to be used much.
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