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Is Qobuz going out of business?

Qobuz is a music streaming service that has been satisfying its users with high-quality music for 15 years already. During this period, the company has experienced many things: from global expansion to major financial problems. It was the crisis in 2015 that greatly affected the company’s development. So, is Qobuz going out of business or is the service already managing to avoid the collapse?

Is Qobuz going out of business?

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In November 2015, the streaming service Qobuz, which had been in the lead for years, suddenly announced a crisis. For users and big appreciators of this service, it was a real blow, as Qobuz is one of the few services that does not compress music tracks but preserves their original quality and makes songs sound even better, thanks to the latest technology.

This came as a big surprise, as the service had already been occupying its position in the music market for many years. It offers a unique range of services in comparison to other streaming services.

After the declaration of bankruptcy by the founder of Qobuz Yves Riesel, the company started receiving offers of cooperation from major investors, and very soon the ambitious and creative service solved its financial problems.

It’s great that Qobuz has still managed to overcome the difficulties that are inevitable in the development of every global venture. Today the company can share very good financial results.

What’s more, when the whole world was suffering from a crisis during the pandemic, the music platform Qobuz supported artists by returning the full amount of royalties from one month of service usage to each new customer.

Overall, 2020 has been a banner year for Qobuz. In early June, Qobuz partnered with Quebecor, a major Canadian media company that is the undisputed leader in its field. Obviously, cooperation with such a big brand was profitable for Qobuz and it brought good results.

Already in mid-June, Qobuz managers made a significant decision: they stopped streaming in MP3s and have since been providing access to high-definition content exclusively. Also, later that month, the service introduced another family subscription which not only allows users to create 4 accounts but also saves money, as a subscription costs 2 times less than usual. As you can see, the company is thriving and is certainly not going out of business.

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If you want to use this service, remember to transfer all your content from your current music playlist to the Qobuz platform in order not to lose all your data. To do so, use the special application MusConv. It can move any music content from over 50 streaming services.