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Wed Jun 24, 2020, 09:03 PM

Olympus quits camera business after 84 years

Olympus, once one of the world's biggest camera brands, is selling off that part of its business after 84 years. The firm said that despite its best efforts, the "extremely severe digital camera market" was no longer profitable.

The arrival of smartphones, which had shrunk the market for separate cameras, was one major factor, it said. It had recorded losses for the last three years.

The Japanese company made its first camera in 1936 after years of microscope manufacture. The company continued to develop the camera business over the decades, becoming one of the top companies by market share.

The market for standalone cameras has fallen dramatically - by one estimate, it dropped by 84% between 2010 and 2018.

Olympus Corporation, however, will continue. The company never stopped making microscopes, and has turned its optical technology to other scientific and medical equipment such as endoscopes.


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