“I have an older (perhaps 10-15 years old) Onkyo TX 5.1 channel receiver. I have a new smart LG OLED TV which boasts 4K cinema HDR and Dolby Atmos. Will the sound be noticeably improved if I was to use this receiver?”
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I guess it depends on what you imply by improved. Both of these models likely sound the same. The circuitry that runs Dolby Atmos (from personal experience) makes it feel like you have speakers behind you. I only use 3 front (L-Center-R) speakers and I get this effect. To answer your question, If you have Dolby Atmos sources (some are on Youtube) and you are dying to hear it in action, knock yourself out. In fact, if your receiver is as old as you say it is, you can't take advantage of the newer features of receivers such as HDR and HDMI 2.1 At this rate, I would highly recommend upgrading your receiver provided you can get this unit for $229 or less.
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