Dolby Labs, known for its innovative audio technologies, has a rich history and a portfolio of core audio codecs, Atmos, and Dolby Vision. Its business model revolves around licensing, earning royalties from consumer electronics and content providers. Dolby's success stems from strategic decisions, such as focusing on simplicity, backward compatibility, and leveraging branded technologies. The company's revenue mix has shifted to reflect changing consumer content consumption patterns, with TVs and mobile devices becoming significant contributors.