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Acoustic parts, such as a microspeaker and a dynamic receiver, are essential to generate high-quality sound in the next generation cellular phones. Size reduction of those parts is also an important issue to be adopted by a smaller sized cellular phone. The most realistic approach for the reduction of size is accompanied by integrating at least two parts within a structure. This paper introduces a new development of an integrated microspeaker and a dynamic receiver by considering electromagnetic, mechanical, and acoustic analysis. By sharing magnetic circuit and vibration space, the proposed design shows better sound characteristics maintaining about the same size.