Japanese manufacturer of Hi-Fi went bankrupt
A well-known Japanese Hi-Fi technology manufacturer declared bankruptcy. Thus concludes a chapter in audio history that began in 1946. Onkyo Home Entertainment has filed for bankruptcy with the Osaka District Court, according to Nikkei Asia. Total liabilities are at 3.1 billion yen, or about $ 24 million.
Takeshi Godai, a former Matsushita engineer who aspired to start his own business, founded Onkyo in 1946. The initial Onkyo products were high-quality converters and speakers; over time, Onkyo became a well-known brand.
The company gradually began making turntables, amplifiers, tuners, and other audio equipment. The production quality, technical advancements, and outstanding sound were praised; not only classic Hi-Fi technology but notably AV receivers were popular.
However, with the introduction of digitization and streaming conventional manufacturers, Onkyo has fallen behind. Classic Hi-Fi components extrude multiroom systems, wireless speakers, and several conventional loudspeaker brands abruptly began providing True Wireless headphones.
Onkyo is accused of failing to adapt to the fast-changing audio market, which is increasingly centered on software and music streaming. Some businesses are hesitant to bet on prestige and high pricing, but Onkyo has always been a manufacturer that produced superior mid-range devices at a fair price rather than a pricey High-End.
The media is not discussing Onkya's financial troubles for the first time. Sound United (the company behind the Bowers & Wilkins, Denon, Marantz, Classé, and Polk Audio brands) was supposed to take over Onkyo three years ago, but the merger never happened.
COVID and numerous unlucky incidents in recent years were the final nails in the fictional coffin. If no one works to save the company from bankruptcy, which appears unlikely at the present, Japan's Onkyo will vanish.
Even if the original Onkyo is discontinued, the Onkyo brand should go on. Onkyo's AV division was purchased by VOXX International in 2021 (they own the brand's Jamo, Magnat, Klipsch, and others), thus some output should be unaffected by the bankruptcy.
