We all knew it was coming, but does Olympus’s announcement stating that they are backing out of the camera business mark the beginning of the end to digital photography outside of a phone lens?
The legendary company ends its 84-year tenure of camera manufacturing by selling its remaining shares to Japan Industrial Partners (JIP), a firm specializing in the revitalization of companies via carefully considered strategies. The break away from the camera market was long denied as customers noticed the halt in production of any new products, a safe assumption that a company is preparing to let go.
Olympus will now place their continued research and development of innovative medical equipment (such as microscopes and high quality grade lens) at the forefront of their business. The company will announce a new name shortly, signifying an end to the Olympus name brand.
For many, this confirms the highly anticipated suggestion that camera manufacturers are headed out of business due to the high quality cameras installed on smartphones.
The market itself as a whole has fallen by 84% from 2010 to 2018, so in a way the move makes sense, it’s just unfortunate that it has to happen.
Some people were surprised when younger generations didn’t know what “that red room that guy keeps going to” in Stranger Things was, and soon people won’t even realize a separate device was used for taking photos altogether. That is just the way humans and technology evolve, I suppose.
Olympus isn’t the first camera business to walk away after cutting their losses. In April of 2019, SONY announced their withdrawal from the DSLR market. Unfortunately for companies in the camera market, it is highly likely that sometime soon, smartphones will completely replace DSLRs. Society has become so reliable on instant photographs that some believe the only need for a camera will be for nostalgia reasons.
In the words of Lani Rosales, our COO here at TheAmericanGenius… “Thanks Steve Jobs.”