In this paper we describe the spectrum of the quantum periodic Benjamin-Ono equation in terms of the multi-phase solutions of the underlying classical system (the periodic multi-solitons). To do so, we show that the semi-classical quantization of this system given by Abanov-Wiegmann is exact and equivalent to the geometric quantization by Nazarov-Sklyanin. First, for the Liouville integrable subsystems defined from the multi-phase solutions, we use a result of Gérard-Kappeler to prove that if one neglects the infinitely-many transverse directions in phase space, the regular Bohr-Sommerfeld conditions on the actions are equivalent to the condition that the singularities of the Dobrokhotov-Krichever multi-phase spectral curves define an anisotropic partition (Young diagram). Next, we show that the renormalization of the classical dispersion coefficient in Abanov-Wiegmann is implicit in the definition of the quantum Lax operator in Nazarov-Sklyanin. Finally, we verify that the regular Bohr-Sommerfeld conditions for the multi-phase solutions in the renormalized theory give the exact quantum spectrum determined by Nazarov-Sklyanin without any Maslov index correction.