Casio will stop manufacturing digital compact cameras following continued losses in the market, according to a report on the Japanese financial publication Nikkei.
According to an article on Nikkei’s website, Casio lost some 500 million yen in the fiscal year ended March 2017. As we all know by now, the rise of smartphones have decimated the once vibrant compact camera market, and Nikkei says Casio has decided it won’t be able to increase its market share.
As a result, it says Casio has decided to restructure its business and exit this market. Like other companies, its plan appears to be to develop premium products for the camera market.
Though there is no further information on what those might be at this time. However, last year Casio launched the unfortunately named G’z Eye action camera, which was well-regarded upon its launch. Its possible this could signal the company’s shift in direction.
The Nikkei report states (according to a Google translation of the Japanese original text):
Casio Computer has decided to withdraw from unprofitable compact digital camera by 24th. The number of compact digital camera shipments has declined sharply and it seems that it was judged that future market expansion can not be expected. In the future we plan to specialize in high value added camera products. The digital camera business posted a loss of 500 million yen in the fiscal year ended March 2017.