This has to be animatable, so my first idea was to just to a standard fluid simulation, but is this something that you can achieve by just dropping a mesh into an active fluid sim? I seem to always have problems getting both large and smaller bubbles to appear and behave right. And it seems pretty computationally heavy given the large domain and high resolution that would be required. Maybe there is a better way to do this? I’m pretty out of my element when it comes to simulations, so I have no idea whether I need a different approach, or I just have to tweak my simulation settings.
I haven’t tried making this, but from the top of my head, I would probably have a spline that encircles the speaker and then generate geometry on the spline using geometry nodes. Then put a particle system on the geometry generated from the spline and emit tiny bubbles.
And to add to @Hugo-Jonsson 's suggestion…if you analyze it a bit more there is a secondary swirl from the bottom and around the speaker…which could be done with an animated icosphere and tiny bubbles…the large bubbles around the frame could just be other icosphere. The last effect might be done with the explode modifier and a ton of tiny bubbles to get that vaporized effect…
I would suggest you start looking at Blender 3.5 with Simulations…
