An ultrasonic speaker system has a first variable gain block, a modulation block, a second variable gain block, an ultrasonic actuator, and a controller, wherein the controller controls gain of the first variable gain block so that a modulation degree of a modulated signal becomes a predetermined value, and when the controller raises the gain of the first variable gain block, the controller lowers the gain of the second variable gain block, while when the controller lowers the gain of the first variable gain block, the controller raises the gain of the second variable gain block.