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.