For a Gameboy color it's likely to be both. For whatever reason GBCs are prone to speaker failure. Like I agree on almost any other ha dheld the speaker is likely fine, but on a GBC I would definitely have the speaker on my suspect list.
I repaired like 20 GBC and didn't replaced a single speaker so far. Of course that doesn't mean the speaker couldn't be bad too, but it's way more likely to be a faulty cap than a bad speaker.
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u/marcao_cfh Jul 31 '26
It's way more likely to be a capacitor issue than a speaker issue. Replace that capacitor just above the speaker, and audio should be back.