It has been announced today that the French-based Qobuz, one of the world’s first on-demand music streaming services to offer CD-quality downloads, has been rescued from receivership.
Last month Founder and CEO, Yves Risel told The Violin Channel that "without immediate investor interest bankruptcy was inevitable."
It is understood Denis Thebaud, owner of games and cultural content platform, Xandrie, will acquire the service and cover all operating expenses for at least the next 3 years.
Founded in 2007 and offering popular and classical digital streaming, Qobuz, unlike its competitor Spotify has never provided free-of-charge listening other than within an initial trial period.
It is understood Yves Riesel will remain with the company during the transition period.