Olympus finally decided to quit its camera business after 84 years. The major reason behind the company’s decision is the arrival of smartphones, which had damaged the market for separate cameras.
The firm said that it struggled a lot but despite its best efforts, the “extremely severe digital camera market” was no longer profitable. The company faced recorded losses for the last three years.
Smartphones’ Cameras Compel Olympus to Quit Camera Business
Olympus said that it “implemented measures to cope with the extremely severe digital camera market, due to, amongst others, rapid market shrink caused by the evolution of smartphones,”
But after putting its best efforts, Olympus has now decided that the selling cameras and lenses should come to an end. The company stated, “That market very very quickly got swallowed up by smartphones, and turned out not to exist.”
The standalone cameras’ market has fallen dramatically, it dropped by 84% between 2010 and 2018.
Olympus is now is selling off that part of its business after 84 years which was once one of the world’s biggest camera brands. The Japanese camera brand introduced its first camera in 1936 after years of microscope manufacture. After that, the firm continued to develop the camera business over the decades and become one of the top companies by market share.
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