Xandrie SA, parent company of the French high-quality music streaming platform Qobuz, has acquired the Japanese music download platform e-onkyo, from the Japanese electronics manufacturer Onkyo Corporation.
This acquisition marks the acceleration of Qobuz’s growth strategy in Asia and comes a year after Qobuz raised 10 million euros (approximately $ 10.92 million) to finance its expansion.
Today’s news also follows the launch of the Qobuz service last April in the Nordic countries (Sweden, Denmark, Norway, Finland), as well as in Australia and New Zealand.
Other expansion projects “should materialize” in the coming months, according to Qobuz.
Onkyo Corporation says the sale of e-onkyo music is part of a plan to restructure its business as the company focuses on its core business.
Onkyo transferred the assets of its e-onkyo music business to the new company Xandrie Japan Co Ltd.
Xandrie SA owns 85.1% of the shares of Xandrie Japan Co Ltd and Onkyo 14.9%.
Qobuz asserts that the acquisition of e-onkyo music is an opportunity to expand its high-resolution offering and âenrich its catalogâ with local content such as J-Pop.
Launched in 2005, e-onkyo music offers very high quality downloadable sound sources 384kHz / 24bit, 32bit (integer) and DSD 11.2MHz. In September 2021, the number of music tracks distributed by the platform was around 1.07 million.
âUltimately, Qobuz also aims to quickly launch a streaming service in Japan.
Georges Fornay, Qobuz
Georges Fornay, Deputy CEO of Qobuz, declared: âThanks to the acquisition of e-onkyo music, Qobuz is taking a new step in its international development and successfully pursuing its ambitions for growth in the Asian market.
âThis union will allow Qobuz to offer a high added-value and eclectic musical offer as well as the most complete high-resolution download offer on the market.
âUltimately, Qobuz also aims to quickly launch a streaming service in Japan.Music trade around the world