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MSN Money: The staggering collapse of the camera market
Traditional camera manufacturers, “should be worried,” says Andy Yang, CEO of photo sharing site 500px. “The software keeps getting better on smartphones. Within 10 years, there will probably be a convergence," between what DSLRs can do and what's possible on smartphones.
No surprise to anyone with a smartphone in one's pocket: people share photos far differently than they did a decade ago, and that's changed the hardware they need. Rather than downloading photos from a camera card and then posting to a shared website — or even more archaic, printing a roll of film — billions of consumers simply point, tap and share via text or app.
Sales for compact point and shoot cameras have collapsed to an estimated 13 million in 2016 from a peak of 121.5 million in 2010, according to the Camera and Imaging Products Association.
This article caught my eye because it is a perfect example of how technological change and market conditions can drive a product and the manufacturers to scale back production and lay-off people unless the company has anticipated the changes and capitalized on the changing trends. Some companies are innovative and survive. Some die. It's the way it has always been throughout history.
People move on...they migrate, much the same as my parents did in 1952 when market changed the economics of their existence. Nobody played the blame game. We just adapted. My Dad learned new skills.