Japanese consumer electronics firm Panasonic Corp will launch about five compact digital cameras next year, which is only half of the number of cameras the company launched in 2013. The hope for Panasonic is to return its business to a place of profitability by the fiscal 2014. The change comes after reports that the company is expecting to under perform and report losses for the second straight year.
According to a report from Nikkei (via Reuters), the company has already begun shifting its focus away from cameras and more toward producing products for businesses, automotive systems and housing fixtures. It has been scaling back from more struggling operations in TVs and other consumer gadgets.
Reuters reports the new cameras coming from Panasonic in 2014 will focus on features such as a high-magnification zoom and will run the customer roughly $300 minimum. The company will also focus on mirrorless single-lens models as well.
Panasonic is not alone in scaling back production of cameras. Olympus and Fujifilm have already made similar announcements that they are cutting back on compact camera production as well.
Global digital camera sales will likely take a hit by more than two million units this fiscal year to about four million, however, by scaling back and refocusing elsewhere, Panasonic hopes to put the company on more of an upswing.
For a company that is struggling, one would think that these five cameras would be lower-end devices, but that is not the case. The compact camera variants will be high-end advanced models that start at $300 or more. While budget variants will still be available in older models, Panasonic's new devices will be geared more toward the serious photographer consumer.
Tell us what you think. Are you upset that no new Panasonic digital cameras coming out this year will be budget-friendly? Are you upset that the electronics maker is scaling back its camera and TV productions? Comment and share your thoughts with us below.
