The COVID-19 pandemic has presented challenges for the camera industry which was already on the ropes from declining consumer sales year over year.
We’ve reported on the financials of other companies and how they are struggling, and now it looks like Fuji is no different than the rest of the pack. The company announced its first-quarter results for this year and it was pretty much what you would expect.
“In the photo imaging business, a decrease in demand for color paper and the spread of COVID-19 pandemic resulted in a decline in revenue. … In the electronic imaging field of the optical device and electronic imaging business, temporary closure of retailers and less opportunities to take photos due to the COVID-19 pandemic resulted in a decline in revenue. The sales of FUJIFILM X100V, a high-end model of compact digital camera launched in February 2020 and FUJIFILM X-T4, a mirrorless digital camera highly known for its high-speed AF and high video performance, launched in April 2020, are steadily increasing, despite the digital camera industry is facing severe challenges. We will continue providing value-added products and revitalizing the market, along with sharing the joy of taking photos.”
And it wasn’t just consumer sales that were down.
“In the optical device field, revenue decreased, reflecting a decline in demand for broadcast and cinema lenses, as well as reduced sales in vehicle-mounted lenses due to stagnation in automotive industry. With an aim to accelerate business growth, we are expanding business fields by developing and launching innovative products that satisfy changing needs of the market, such as ultra-short throw projectors and long throw security cameras.”
It isn’t all doom and gloom, however. Depending on how you take it, Kodak’s pivot to pharmaceutical chemicals production was some welcome news for that company’s employees. The ongoing SEC investigation and stock-trading drama aside, however, that is pretty much the only bright light right now.
What do you think of the current state of things in the camera business? Let us know your thoughts in the comments section below.
Be sure to check out some of our other photography news articles on Light Stalking by clicking here.
