Qobuz, the French streaming service which sells itself on high-quality, is in receivership and looking for a rescue buyer.
Founder Yves Riesel confirmed that the platform was placed in receivership by the Commercial Court of Paris on Monday (November 9), following an observation period that began in August last year.
“No backup plan has been submitted and no investor has specifically expressed interest during the observation period, which made the [receivership] inevitable,” said Riesel.
“No backup plan has been submitted and no investor has expressed interest.”
Yves Riesel, Qobuz
The French exec called for potential buyers to make themselves known before a deadline of November 16.
According to Le Figaro, Qobuz forecasts a turnover of €7.4 million euros in 2015.
Founded in 2007 by Riesel, Qobuz went on to launch in the UK, The Netherlands and Germany as well as its native France.
It offered both an HQ (24-bit) sound format and a ‘CD-quality’ (16-bit) tier.
Qobuz’s rivals in the HD streaming audio space included TIDAL and Deezer Elite.
News of its troubles comes six months after German streaming player Simfy quit the business.Music Business Worldwide