The power rating of a speaker is typically listed in two ways:
Nominal or Continuous power rating: The amount of pure power that can be applied to a speaker continuously with a constant signal. Some manufacturers use a pure tone or industry accepted signal (such as a modified version of pink noise) and apply it for a given period of time (typically 2 to 8 hours or more).
Music/Program power rating: Music typically does not have constant tones, there are many instances within a song where the signal is low and amplifier power drops to near 0 watts, which allows for a speaker’s voice coil to cool. Because of this, a speaker is able to accept twice the amount of power from an amplifier, provided the amplifier is not sending a clipped signal (which is momentary DC voltage) to the speaker.
For tweeters and high frequency compression drivers, the power handling rating assumes that an appropriate high-pass filter (passive or active) is used.