Osaka and Hong Kong Onkyo Corporation (Onkyo) and WOOX Innovations (WOOX ) today announced that they have entered a comprehensive, long-term partnership that spans product development and distribution. The two companies will initially focus on creating high-fidelity Bluetooth speakers and headphones under the Onkyo brand.
Consumers are looking for hassle-free, high quality music whether theyre at home or on the go. High-fidelity headphones and Bluetooth speakers are a key part of that experience. This is reflected in consumer demand: the global market for wireless home audio, including those incorporating Bluetooth or Wi-Fi connectivity, continues to see strong growth both in Japan and the rest of the world. With the market for high resolution audio already at an advanced stage in Japan, the partnership also provides the opportunity to establish Onkyos expertise in this area worldwide.
The partnership with WOOX Innovations presents a great opportunity for growth: both through collaboration on product development and through WOOXs extensive global sales organization, which is present in more than and manages sales in over 100 countries, said Munenori Otsuki President, CEO of Onkyo Corporation. Onkyo has long been highly regarded for its development of audio and speaker products, and with this partnership we will accelerate growth and improve our business performance.
WOOX, the former audio and lifestyle entertainment business of Netherlands-based Royal Philips, was acquired by Gibson Brands in June 2014. This follows the strategic partnership entered into by Onkyo and Gibson in January 2012. The agreement further advances Gibson Brands ambition to become the largest music lifestyle company in the world.
Todays announcement is an important step forward in the implementation of our multibrand strategy, where we will collaborate with our partners in Gibson Brands to create and bring to market innovative products across a range of brands, said Wiebo Vaartjes, CEO of WOOX Innovations. Onkyo has a great heritage, advanced technology capabilities and a strong brand: this partnership will create value for our companies, for our retail customers and most importantly for consumers.
Onkyo is a leader in providing hi-res audio. Its Hi-Res music download store, e-onkyo music, is the largest Hi-Res music download store in Japan where it has been running since 2005. In January 2015 Onkyo announced the launch of Hi-Res music download stores in the US, UK and Germany. The company continues to pioneer Hi-Res audio across the full music chain from creation and recording to listening. This includes developing a new method of enjoying Hi-Res audio in a non-PC environment and introducing products capable of working with Master Quality Authenticated (MQA), a new audio format for high-resolution music sources developed by Meridian.
As a result of the partnership, Onkyo and WOOX will be able to respond quickly to changing user needs and rapidly advancing technology. Focusing on fast-growing market segments, the two companies will introduce products designed around their users lifestyles and, in terms of sound quality, which put the listener right at the center of performances from their favorite artists.
About WOOX Innovations
From great sound quality, to advanced technology and sophisticated design, WOOX Innovations strives to improve the entertainment experience. Headquartered in Hong Kong and with over 1,900 employees worldwide, we develop and market products in sound, home entertainment and related accessories. WOOX Innovations is a Gibson Brands company and a brand licensee of Royal Philips. For our latest news, go to www.woox.com/news/.