A major Japanese company has just filed for bankruptcy. Onkyo, an audio equipment maker, cited $24 million in liabilities in its filing for bankruptcy.
Company was In Existence for 76 Years After Being Established in 1946
The news reportedly came from Nikkei Asia and detailed that the company was not able to keep up to the pace of how music is being listened to today. The lack of adaption to how music is being listened to reportedly led to the demise of the company.
The company has lasted over 70 years and was established back in 1946. During that time, the company was able to gain respect as a brand that audiophiles go to.
Onkyo Joined Sony and Pioneer in the 90s When Tower-Style Component Stereo Systems Became Popular
The early use of AV receivers helped in the company's early success and the company even joined other Japanese brands in the 90s when they all surged into popularity. Onkyo joined Sony and Pioneer when tower-style component stereo systems became popular and although among other audio giants, it now can no longer keep up.
According to the story by Tech Spot, there was a huge shift that happened in the 200s. These included how people started using MP3s with the Apple iPod becoming one of the staples of audio hardware.
Company Fell Behind as the World Adapted to Smaller Sound Systems
The Apple iPod was still discontinued but now, streaming music services like Spotify and others have started to take over. Smartphones have also played a huge role in making music more accessible to regular users.
Home stereo systems started to lose its popularity as the shift of demand went towards mobile solutions and soundbars. Instead of the bulky and space-taking home systems, the modern approach is to have a smaller system that still provides an ample amount of high-quality sound.
Onkyo Bought Pioneer's Consumer Electronics Division in 2025 in an Attempt to Improve Its Business
Onkyo tried to keep themselves relevant in the recent years by trying to launch its own earbuds and headphones attempting to compete with other major players in the space. The company even bought Pioneer's consumer electronics division back in 2015 in an attempt to improve its business as reported by WhatHiFi.
Tech Spot, however, noted that the company was still not able to gain the success that it wanted. There were concerns of delisting the company from the Tokyo Stock Exchange back in January 2021.
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Voxx International and Sharp Corporation Could Still Use the Onkyo Brand Name
After talks of the company's delisting, Onkyo was then purchased by Voxx International and Sharp Corporation. A few months after talks of it being delisted, the company was officially delisted from the stock exchange in August of the same year.
Despite its bankruptcy, Voxx and Sharp might still use the Onkyo brand name due to the them still owning it.
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This article is owned by Tech Times
Written by Urian B.
