By Emmanuel Legrand
Qobuz, the French-based high-resolution music streaming and downloading service, has raised €10 million in strategic fundraising from its historic shareholders, the Nabuboto company and the Quebecor Group from Canada. The investment will be used to support the platform's international development. This follows a previous capital increase of €12m in August 2019.
"We are very proud of our latest fundraising milestone of €10m, which shows our historical shareholders’ confidence in our model,” said Qobuz Chairman and CEO Denis Thébaud. “We are ready to step up our international presence to offer a unique offer to those who do not compromise on musical quality.”
Thebaud did not disclosed financial details of Qobuz operations but the company said revenues were up 45% in the last fiscal year compared to the year before.
Strengthening its management team
Qobuz is currently present in 12 countries – in France, where it was launched in 2007, the United Kingdom, Ireland, Germany, Austria, Belgium, Switzerland, Luxembourg, the Netherlands, Spain, Italy, as well as the United States, where it opened a subsidiary in 2019.
To support its international development, Qobuz has strengthened its management team, with the addition of Georges Fornay, a specialist in the entertainment sector, as Deputy CEO, and Céline Gallon as Chief People Officer. In addition, Raphaël Awóṣéyìn, who has held the position of Head of Quality Assurance at Qobuz for over a year, is appointed Chief Customer Officer. In the US, Rachel Silton has been appointed Acquisition and Marketing Manager.
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