Xandrie acquires e-Onkyo Music to expand into the Asian music market

Xandrie acquires e-Onkyo Music to expand into the Asian music market

by Pranali Mehta

Xandrie SA, the parent company of Qobuz, a high-quality music streaming platform based in France, has reportedly acquired e-Onkyo music, a platform to download high-resolution music, from Onkyo Corporation, a Japan-based electronics manufacturer.

Xandrie is the world's top specialist in entertainment and digital culture. It is presently in the midst of a significant acquisition spree to expand its expertise, overall portfolio, and global reach.

The purchase accelerates Qobuz's Asian growth strategy and comes approximately a year after the company raised more than €10 million ($10.92 million) to support its expansion.

The announcement also comes after the rollout of Qobuz service back in April across Nordic nations; Denmark, Sweden, Finland, and Norway, as well as New Zealand. and Australia. 

According to Qobuz, more growth initiatives should materialize in the following months.

The sale of e-Onkyo music is part of Onkyo Corporation's aim to reorganize its activities as the firm concentrates on its main business.

The assets of Onkyo's e-Onkyo music business have already been transferred to the newly created Xandrie Japan Co Ltd, with Xandrie SA owning 85.1% of the venture, and Onkyo holding 14.9%.

According to Qobuz, the e-Onkyo music takeover will allow the company to expand its high-resolution services and enrich its catalog with local music content like J-Pop.

Established 2005, e-Onkyo music provides extremely high-quality downloadable sound sources in 384kHz/24bit, 32bit (integer), and DSD 11.2MHz formats. As of September 2021, the platform had distributed around 1.07 million music tracks.

Georges Fornay, Deputy CEO, Qobuz, stated that thanks to the e-Onkyo music takeover, Qobuz has made a new step in its international expansion and is successfully following its growth objectives on the Asian market.

As a result of this merger, Qobuz will be able to provide a high-value-added and varied music offering, as well as the most comprehensive high-resolution download offering on the market. Meanwhile, in the long-run, Qobuz also intends to rapidly rollout a streaming service in Japan.

Source credit: https://www.musicbusinessworldwide.com/qobuz-parent-company-xandrie-acquires-japans-e-onkyo-music/

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writRead more...