The photography world is losing a giant, as Olympus has announced that they are exiting the camera industry.
According to the company, the evolution of smartphones has caused a rapid shrink in the market. Despite implementing measures to cope with the “extremely severe digital camera market,” they have been operating losses for three consecutive years.
As a result, Olympus will be carving out the Imaging business and will be acquired by Japan Industrial Partners (JIP). This way, the camera division can operate in a more compact, efficient, and agile becoming self-sufficient.
The signing of the agreement will take place on September 30, 2020, and the transaction will be closed by December 21, 2020.
