Olympus exits camera business after 84 years

Popular Japanese camera brand Olympus announced plans to get out of business after 84 years.

Hard-hit by the arrival of smartphones which shrunk the market for separate cameras, Olympus said that despite its best efforts they were no longer profitable.

According to reports in BBC, the world's biggest camera company recorded losses for the last three years amid the market for standalone cameras falling dramatically by 84 per cent between 2010 and 2018, by one estimate.

Olympus made its first camera in 1936 after years of microscope manufacture. The expensive Semi-Olympus I featured accordion-like fold-out camera bellows, and the company continued to develop the camera business over the decades.

In a statement, Olumpus said, "We believe this is the right step to preserve the legacy of the brand. We ask for your patience... Olympus sees this potential transfer as an opportunity to enable our imaging business to grow and delight both long-time and new photography enthusiasts."