Lossless streaming service Qobuz has been bought by Xandrie, a French entertainment company, and now promises to expand and improve its service.

Xandrie is to take over the assets of Qobuz, excluding any liabilities, and will continue to run the service under the same name, alongside its own portfolio of entertainment and technologogy companies.

Qobuz went into receivership last year, with co-founder Yves Riesel now admitting it had "failed to achieve its goals" over the last three years. Riesel said he would now leave the company in a blog post on the Qobuz website.

Xandrie was established in 2012 and is part of the Thébaud group, which has a range of digital entertainment interests. The company recently established 'allbrary', a digital library for music, books, games, videos and more.

The two services will run separately but the new owners hope to pool resources in order to strengthen "the Qobuz brand, services and positioning" and to help the brand grow worldwide.

Qobuz was the first streaming service to offer CD-quality lossless streams, plus a Sublime download/streaming hybrid subscription option and hi-res audio streaming on Android.

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The company has clearly struggled to compete in a streaming market now featuring the likes of Apple Music and Spotify, as well as lossless options from Tidal and Deezer Elite. Fresh investment will aim to change that in 2016.

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