Onkyo files for bankruptcy

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freitasm

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#296020 14-May-2022 22:36

Classic Japanese audio brand Onkyo files for bankruptcy - Nikkei Asia

Japanese audio equipment maker Onkyo Home Entertainment filed for bankruptcy at Osaka District Court on Friday, with total liabilities of around 3.1 billion yen ($24 million).

The Osaka-based company was delisted in August. It was unable to keep pace with changes in how people listen to music, as users shift from audio equipment like compact stereo systems -- once Onkyo's core business -- to devices like smartphones for streaming services.

Two Onkyo subsidiaries that handled original equipment manufacturing -- such as assembling speakers for other brands -- and sales representation of audio equipment filed for voluntary bankruptcy in March.

Since then, Onkyo has essentially stopped doing business except management of an already-sold subsidiary. The company told Nikkei it "tried to maintain business on a smaller scale, but could not stop cash-flow problems from worsening."

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#2914088 15-May-2022 08:01

That’s a shame. I have three Onkyo AV Receivers employed around the house. None in particularly taxing roles anymore. I like the flexibility Receivers provide, but then I’m old school.

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MikeB4

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#2914089 15-May-2022 08:15

Not surprising. A walk around and electronics store and there are very little traditional style Hifi equipment. We have a stereo system that now seldom gets used. We are currently looking for a streaming type system like Sonos.

eracode

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#2914160 15-May-2022 10:33

MikeB4: Not surprising. A walk around and electronics store and there are very little traditional style Hifi equipment. We have a stereo system that now seldom gets used. We are currently looking for a streaming type system like Sonos.

Heading OT but here's a vote for Sonos. Sonos has a few detractors here on GZ - audiophiles who prefer AV receiver HT setups - but if that's not you, Sonos is brilliant IMO.

We have two Sonos-based HT setups, each with soundbar, surrounds and sub. They switch automatically between TV and music streaming - and it's simple if you want to play the streaming music in both rooms at the same time. The sound may not be perfect if you're an audiophile but is very good - particularly with their Atmos-compatible Arc soundbar. I also like the relatively minimalist footprint of Sonos.

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tieke

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#2914202 15-May-2022 12:52

It's a real shame that Google ditched their audio chromecast devices - I have one plugged into the back of my Onkyo receiver, and another three or four plugged in to various amp/speaker combinations around the place.

It is just such a simple and flexible way to add smarts to existing speakers, which can then be added to existing synchronised speaker groups (upstairs/house etc) and all controllable by my Google Home devices. I bought an extra couple when they went EOL, but it's entirely possible that Google just breaks them some day.

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#2914219 15-May-2022 13:22

eracode:

MikeB4: Not surprising. A walk around and electronics store and there are very little traditional style Hifi equipment. We have a stereo system that now seldom gets used. We are currently looking for a streaming type system like Sonos.

Heading OT but here's a vote for Sonos. Sonos has a few detractors here on GZ - audiophiles who prefer AV receiver HT setups - but if that's not you, Sonos is brilliant IMO.

We have two Sonos-based HT setups, each with soundbar, surrounds and sub. They switch automatically between TV and music streaming - and it's simple if you want to play the streaming music in both rooms at the same time. The sound may not be perfect if you're an audiophile but is very good - particularly with their Atmos-compatible Arc soundbar. I also like the relatively minimalist footprint of Sonos.

Or, like me you have a combination of both for different purposes. Yamaha rx plus B&W's for the Home Cinema, playing vinyl etc and Sonos Play dotted around the house for casual listening and running the outdoor Polk speakers (through a connect and Sony amp).

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#2914227 15-May-2022 14:10

So are we expecting clearance sales then?

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Dunnersfella

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#2914243 15-May-2022 15:10

Onkyo the AVR company has not been owned by Onkyo Corp from Japan for a while now.

Onkyo = the company listed as going bankrupt by freitasm.

Onkyo the AVR brand is now owned / licensed / whatever by the Premium Audio Company - who are owned by the VOXX group, the private equity firm that also owns Jamo, Klipsch etc.

VOXX isn't actually a manufacturer, so they are pieced together (in Vietnam I think???) by another part of the venture, Sharp.

VOXX also owns Integra (in theory the C.I. only brand that is now sub-distributed by SNAP, the owners of Control4)... This is, in theory a tweaked version of Onkyo, with more features on-board to aid integrators - but in reality they are about as different from Onkyo as Denon is from Marantz.

Pioneer is now licensed to VOXX (well, P.A.C.) as they have a distribution network, which sort of makes sense as all three brands were tied together under the previous ownership of Gibson (yes the guitar manufacturer that thought they would become an electronic product powerhouse)... who went broke a while ago too.

I have lost count of the times that Denon / Marantz / Onkyo / Integra have been bought, sold, bought again, sold again etc etc.

In fact, the old owners of Denon / Marantz (Sound United) announced they were going to buy Onkyo / Integra / Pioneer just before MASI did, but by all accounts they lifted the skirt and didn't like what they saw underneath it - then bailed on the deal.

The new owners of Denon / Marantz are called MASI and they are a medical supply company who is looking to leverage Denon + Marantz's distribution network for their consumer facing medical products.

How well that works in the long run, who knows. But with the massive storm that tech companies are currently fighting, I wouldn't be putting my money into their shares.

I looked up VOXX, Sonos and MASI (owners of Denon / Marantz) and their share prices would make you cry if you'd taken a punt on them 12-18 months ago.

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#2914254 15-May-2022 17:46

Dunnersfella:

VOXX isn't actually a manufacturer, so they are pieced together (in Vietnam I think???) by another part of the venture, Sharp.

haha I thought VOXX was a white van deal.

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#2914320 15-May-2022 20:29

My beef with sonos and I have three... Was the sudden announcement they were going to brick all their old speakers. They rolled over after the outcry with an app for older speakers vrs new app for newer speakers..

But the trust has taken serious dent.

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#2914323 15-May-2022 20:44

tieke:

It's a real shame that Google ditched their audio chromecast devices - I have one plugged into the back of my Onkyo receiver, and another three or four plugged in to various amp/speaker combinations around the place.

And the fact you could use old speakers/amps like that is why they had a hard time selling chromecast software to audio companies to include in their speakers.

Richard rich.ms

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#2914342 15-May-2022 22:40

Chromecast baked into audio products isn't the main issue... that was the terms that Alphabet put on the usage of their standard.

You not only had to hand over your plans re: how your products work, you also needed to inform them when you were bringing out new products AND when a new software update would roll - 6 months ahead of time!

I knew very little about their business practices in the audio space until it was laid bare during the Sonos vs Google lawsuit.

If I owned an amp / speaker company I wouldn't accept their terms either!