Canon considers halt to film camera development

TOKYO (Reuters) - Japan's Canon Inc. (7751.T: Quote, Profile, Research) said on Thursday that it would consider halting development of new film cameras as it focuses resources on digital models, the latest sign of the rapidly fading role of film in photography.
A spokesman at Canon, the world's largest digital camera maker, said it would consider whether it needs to continue developing both compact and single lens reflex (SLR) film models because the markets for both are shrinking.
Canon said it would continue to produce and sell existing models and make a final judgment on the business in the future while monitoring market demand.
Canon's statement follows an announcement earlier this year by rival Nikon Corp. (7731.T: Quote, Profile, Research) that it would stop producing most of its film cameras, expect for a few professional products.
Konica Minolta Holdings Inc. (4902.T: Quote, Profile, Research), meanwhile, has said it would exit the camera and photo film markets, where it has been losing money amid stiff competition and weak demand.
The photographic film and film camera markets have been shrinking rapidly in the past few years due to the rising popularity of digital cameras, which can take and store photos without the need for film.