# Canon's Fiscal Year 2013 Financial Results Released



## JVLphoto (Jan 29, 2014)

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<p>Canon’s a very large company, often we forget that consumer cameras and lenses are just a small fraction of that, to get an idea of the scope have a look at their financial results for 2013 (if you’re into looking at other people’s money.) Links are PDF’s</p>
<ul>
<li><a title="Fiscal2013" href="http://www.canon.com/ir/results/2013/rslt2013e.pdf" target="_blank">Financial Results for 2013</a></li>
<li><a title="Presentation PDF" href="http://www.canon.com/ir/conf2013/conf2013e.pdf" target="_blank">Presentation material for 2013</a></li>
</ul>
<p><strong>An excerpt on digital cameras:

</strong><em>“Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share despite the challenging environment, which was marked by a drop in demand in Europe and China due to the economic downturn, although demand in Japan continued to expand. In particular, the EOS 5D Mark III and 70D advanced-amateur-model digital SLR cameras continued to realize healthy growth. Furthermore, in Japan, the new entry-level EOS Digital Rebel SL1 and T5i cameras proved popular. As for digital compact cameras, although total sales volume declined due to the market slowdown and the increasing popularity of smartphones, sales volume increased from the previous year for high-added-value models incorporating features that differentiate them from smartphones, such as large-size image sensors and models like the PowerShot SX50 HS and SX510 HS, which feature high-magnification zoom lenses.”</em></p>
<p>With almost no mention of mirrorless and it’s impact on the DSLR or compact market.</p>
<p>Via [<a title="The Digital Picture" href="http://www.the-digital-picture.com/News/News-Post.aspx?News=8909" target="_blank">TDP</a>]</p>
<p><strong><span style="color: #ff0000;">c</span>r</strong></p>
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## neuroanatomist (Jan 29, 2014)

> Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share...



So despite the trolls, DRones, and naysayers, Canon is still doing something right (namely, selling more dSLRs and lenses than their competitors).


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## dvunkannon (Jan 29, 2014)

> Improve product mix of interchangeable-lens cameras



Which are the DSLR and high end compact segments.


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## LarryC (Jan 29, 2014)

neuroanatomist said:


> > Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share...
> 
> 
> 
> So despite the trolls, DRones, and naysayers, Canon is still doing something right (namely, selling more dSLRs and lenses than their competitors).



And Anhauser-bush sells the most beer and Toyota sells the most cars. That does not mean they make the best products in their respective spaces. What they are all doing well is marketing, like buying out Scott Kelby, or top NASCAR teams, and positioning products for mass consumption.


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## 2n10 (Jan 29, 2014)

neuroanatomist said:


> > Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share...
> 
> 
> 
> So despite the trolls, DRones, and naysayers, Canon is still doing something right (namely, selling more dSLRs and lenses than their competitors).



LOL, imagine that. : So many self centered, unrealistic people in the world.


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## Eldar (Jan 29, 2014)

neuroanatomist said:


> > Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share...
> 
> 
> 
> So despite the trolls, DRones, and naysayers, Canon is still doing something right (namely, selling more dSLRs and lenses than their competitors).


It´s only due to their great advertising


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## J.R. (Jan 29, 2014)

LarryC said:


> neuroanatomist said:
> 
> 
> > > Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share...
> ...



The products may not have the most features but they simply work for a very large majority of the market. Insofar as cars are concerned, you can buy a Porshe just like you can buy a Hasselblad.


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## neuroanatomist (Jan 29, 2014)

LarryC said:


> And Anhauser-bush sells the most beer and Toyota sells the most cars. That does not mean they make the best products in their respective spaces. What they are all doing well is marketing, like buying out Scott Kelby, or top NASCAR teams, and positioning products for mass consumption.



Ok, then…please define what constitutes the "best product". 

Now…is your definition the same as mine? As my neighbor's? As the 347 people living in Manton, CA? As the 8,337,000 people living in New York City? 

It's simply not possible to define a universal "best." But it's reasonable to assume that the majority of people buy the product that _they_ think is the best, _for them_, meeting their needs in terms of features, quality, cost, availability, and innumerable other factors that go into such a decision. Unlike all the _subjective_ opinions spewed across the internet and elsewhere, yours and mine included, it is an *objective fact* that more people have decided that Canon dSLRs and lenses are the best, for them…and have done so consistently for >10 years.


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## ajfotofilmagem (Jan 29, 2014)

neuroanatomist said:


> LarryC said:
> 
> 
> > And Anhauser-bush sells the most beer and Toyota sells the most cars. That does not mean they make the best products in their respective spaces. What they are all doing well is marketing, like buying out Scott Kelby, or top NASCAR teams, and positioning products for mass consumption.
> ...


If I photographed at ISO 100, static objects, with tripod, lens stopped down 2 points, and needed to print paper larger than one meter in length, and lighten the shadows in PP, the "best" for me would be D800. : But, as my use is completely different from the described above, the cameras and lenses canon has been the best for my use.  I suspect that most photographers also do not currently use your camera as described above, and therefore 5D mark iii (inferior theoretically) sell more. 8)


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## cliffwang (Jan 29, 2014)

neuroanatomist said:


> > Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share...
> 
> 
> 
> So despite the trolls, DRones, and naysayers, Canon is still doing something right (namely, selling more dSLRs and lenses than their competitors).



Canon surely should sell more dSLRs and lenses than others. The key should be the market shares. If the Canon's dSLRs and lenses market shares are shrinking, that means Canon is not doing something right.


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## 9VIII (Jan 29, 2014)

> sales volume increased from the previous year for high-added-value models incorporating features that differentiate them from smartphones, such as large-size image sensors and models like the PowerShot SX50 HS and SX510 HS



Looks like high end compacts are here to stay.


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## Pag (Jan 29, 2014)

While I believe Canon's cameras are quite good and obsessing about dynamic range or pixel count is mostly pointless, it's also wrong to say that the company who sells the most is automatically making the best product. There are many factors that impact the sales of a brand, and quality is just one of them.

The amount of lock-in cameras enjoy (because if you have lots of Canon lenses, you're less likely to switch to Nikon even if you believed they had the better camera) ensure Canon will stay in the lead for a while yet. However, if they fail to innovate and drive the photography business forward and just rely on their brand power, I fear they may lose ground in the long term. Leaders do change over time -- IBM and Nokia were leaders in computers and cellphones, and look where they are now.


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## jeremypark (Jan 29, 2014)

what is interesting is that the new technology in the 70D and the overall great video and high MP features in the 5D3, are providing the growth areas.... seems like an acknowledgement to expanding premier video and high MP cameras which is good for my needs... albeit that they are slow to actually do so!


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## 100 (Jan 29, 2014)

neuroanatomist said:


> Unlike all the _subjective_ opinions spewed across the internet and elsewhere, yours and mine included, it is an *objective fact* that more people have decided that Canon dSLRs and lenses are the best, for them…and have done so consistently for >10 years.



The only fact is the sales number, the reason (best for them) is speculation on your part unless you mean that whatever people buys is always the best for them at that moment, but in that case I smell a petitio principii. 

You don’t have to universally define “best” to understand that “best selling” is not equal to “best product” in the same way that “best dynamic range” is not equal to “best product”. 

We buy what we buy for a whole bunch of reasons. Wants, needs, budget, knowledge (or the lack of it), ego, status, indoctrination, propaganda, reviews, expectations, dreams, beliefs, even facts sometimes.


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## neuroanatomist (Jan 29, 2014)

100 said:


> neuroanatomist said:
> 
> 
> > Unlike all the _subjective_ opinions spewed across the internet and elsewhere, yours and mine included, it is an *objective fact* that more people have decided that Canon dSLRs and lenses are the best, for them…and have done so consistently for >10 years.
> ...



Excluding the small number of people extorted or otherwise coerced to purchase a 'luxury' product not of their choosing, I'd say it's a pretty reasonably assumption that people but what they believe is best for them at that moment. All of the factors you list, and the myriad of unmentioned factors, are consistent with that assumption. 

You're right that the only real facts are that Canon has led the dSLR market for the past 10 years, and has sold more dSLRs and lenses than their competitors during that period. Latin logic aside, I'm sure there are reasons for their success.


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## Don Haines (Jan 29, 2014)

neuroanatomist said:


> 100 said:
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> 
> > neuroanatomist said:
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There is the best, and then there is the best you can afford or carry. None of us shoot with the best......


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## neuroanatomist (Jan 29, 2014)

Don Haines said:


> There is the best, and then there is the best you can afford or carry. None of us shoot with the best......



Again, what is 'best'? Which takes better pictures - the camera/lens that you can afford and therefore purchase, or the one you can't afford and therefore don't have the opportunity to use? Which one is 'best' for you?


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## Don Haines (Jan 29, 2014)

neuroanatomist said:


> Don Haines said:
> 
> 
> > There is the best, and then there is the best you can afford or carry. None of us shoot with the best......
> ...



The best is something like the camera on the Hubble telescope 

None of us shoot with the best, we shoot with what best suits our individual needs.


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## neuroanatomist (Jan 29, 2014)

Don Haines said:


> None of us shoot with the best, we shoot with what best suits our individual needs.



Exactly...and based on sales figures, Canon 'best suits' the 'individual needs' of more photographers.


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## privatebydesign (Jan 29, 2014)

Don Haines said:


> neuroanatomist said:
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> > Don Haines said:
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Well the Hubble suffered from a very embarrassing quality control issue on first use that necessitated a trip into space to change a load of it. Also the "body" has been upgraded several times along the way. So even "the best" can suffer quality control and IQ issues.


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## LarryC (Jan 30, 2014)

neuroanatomist said:


> 100 said:
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> > neuroanatomist said:
> ...



But the reality is that product sales is influenced heavily by marketing, including sponsorships, product placements and market presence (i.e. white lenses at sporting events), not by objective comparisons. Most people buy most products based on perceived and "marketed" value, and are rarely well informed about the products they purchase. I would also argue that while some might believe that this isn't true for high end pro camera buyers, that in fact it is those same product placements, white lenses at games and sponsored "big name" photographers that do in fact significantly influence camera purchases. It is very hard to not be influenced by branding and marketing.

In fact, I can't think of many (any?) companies that sell the most of anything that is also considered by "objective informed consumers" to make the "best" of that product. Maybe Canon is an exception? I have no doubt many Canon owners would like to think so.

Canon makes wonderful products that no doubt are the "best" for many well informed users. But one of the problems with being the biggest company is the need to make products that will appeal to the broadest base of users in order to maintain that sales volume, and that often translates to an apparent reluctance to introduce significantly innovative new products, perhaps partly because the bigger they are they less they feel compelled to do so.


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## 100 (Jan 30, 2014)

neuroanatomist said:


> 100 said:
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> > neuroanatomist said:
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I don’t dispute your “pretty reasonably assumption”, I just pointed out it’s not the “objective fact” you tried to sell it for in your previous reaction.

It’s also a reasonable assumption that there are reason for Canons success. 

Canon doesn’t specify sales numbers per product as far as I know, but I guess Rebels and kit lenses outsell FF camera’s and L-glass by a substantial margin and it’s safe to assume most buyers in that segment of the market don’t let things like dynamic range of the sensor or corner resolution of their lens influence their buying decision. 

Pricing, performance, design, innovation, marketing, advertising, reliability, competition, brand loyalty, word of mouth, after sales… They all contribute to the result. 

Just to give an example: I bought a 5D3 in April 2012. Soon after that the light leak problem appeared and I received an e-mail from Canon (I’m a cps member); they admitted their mistake, and asked me to send it to them so they could fix it. 
Nikon had the left focus problem with the D800 and after that the oil spatter problem with the D600. They refused to admit there was a problem which resulted in a lot of bad press. Their D600 sales suffered to the point they had to bring out a D610. 
It’s just one of many things other than camera specs that determine the rate of success


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## neuroanatomist (Jan 30, 2014)

The bottom line is that there is no universal "best" dSLR, just as there's no "best" car (the 'best' racing coupe would be lousy at hauling a load of cow manure!). Everyone's needs are different. 

Absent objective criteria to judge 'best', if we want to compare brands objectively, we're left with "most." It's not perfect, but then few things are.


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## docsmith (Jan 30, 2014)

I have to say...what an odd reaction to what really is good news. Canon is a profitable, viable company. I know the source of the negativity, that they won't be forced to innovate until their bottom line is hurt, but I also like to think that it is good to know that even in a down economy for cameras, Canon is doing well and will be around for awhile longer to service my gear and sell me more. I doubt we can say the same for all the camera manufacturers out there.


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## Woody (Jan 30, 2014)

docsmith said:


> I have to say...what an odd reaction to what really is good news. Canon is a profitable, viable company. I know the source of the negativity, that they won't be forced to innovate until their bottom line is hurt, but I also like to think that it is good to know that even in a down economy for cameras, Canon is doing well and will be around for awhile longer to service my gear and sell me more. I doubt we can say the same for all the camera manufacturers out there.



+1


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## Arctic Photo (Jan 30, 2014)

privatebydesign said:


> Don Haines said:
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> 
> > neuroanatomist said:
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And it's not very portable. I wouldn't bring it to a portrait shoot. What about AF?


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## Northstar (Jan 30, 2014)

docsmith said:


> I have to say...what an odd reaction to what really is good news. Canon is a profitable, viable company. I know the source of the negativity, that they won't be forced to innovate until their bottom line is hurt, but I also like to think that it is good to know that even in a down economy for cameras, Canon is doing well and will be around for awhile longer to service my gear and sell me more. I doubt we can say the same for all the camera manufacturers out there.



A very good point.


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## Northstar (Jan 30, 2014)

neuroanatomist said:


> > Within the Imaging System Business Unit, interchangeable-lens digital cameras maintained their top market share...
> 
> 
> 
> So despite the trolls, DRones, and naysayers, Canon is still doing something right (namely, selling more dSLRs and lenses than their competitors).



I would guess by the way they worded this, that they lost market share, but still maintained the lead. If they had increased their leading market share position, they almost assuredly would have stated that here.

Just making a point about the clever way that statements can be worded to give a positive (or negative) spin.


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## Steb (Jan 30, 2014)

JVLphoto said:


> ..., the EOS 5D Mark III and 70D advanced-amateur-model digital SLR cameras ...



Did they just call the 5D3 an advanced-amateur-model?


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## Don Haines (Jan 30, 2014)

Arctic Photo said:


> privatebydesign said:
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> > Don Haines said:
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Somehow I think focus is set to infinity......

As I said above, _none of us shoot with the best, we shoot with what best suits our individual needs_.


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## Random Orbits (Jan 30, 2014)

Northstar said:


> I would guess by the way they worded this, that they lost market share, but still maintained the lead. If they had increased their leading market share position, they almost assuredly would have stated that here.
> 
> Just making a point about the clever way that statements can be worded to give a positive (or negative) spin.



Canon might have lost share this year, but the relevant comparison is market share over several years. From past charts I've seen, market shares can shift several % points year-to-year.


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## neuroanatomist (Jan 30, 2014)

Steb said:


> JVLphoto said:
> 
> 
> > ..., the EOS 5D Mark III and 70D advanced-amateur-model digital SLR cameras ...
> ...



Indeed they did. The 1-series are the 'pro' bodies. OTOH, Canon Europe lists the 5DIII in the pro section.


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## docsmith (Jan 30, 2014)

neuroanatomist said:


> Steb said:
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> 
> > JVLphoto said:
> ...



Marketing professionals write these blurbs and make these classifications to help them sell camera bodies. Professional photographers take photos with the tools they have. The two really have very little to do with one another. It is actually funny, but pros often use what is most cost effective and not necessarily the "technical" best product. Several pros I know haven't upgraded much of their gear since, well, when was the D300s released? 

Just to admit at how effective the marketing classifications are, I did desire the 1DX ever so slightly more when I read that and I did feel my 5DIII ever so slightly diminished. But of course, I am over it now....


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## Random Orbits (Jan 30, 2014)

neuroanatomist said:


> Steb said:
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> > JVLphoto said:
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Oh good! DxO Optics Pro should then move the 5DIII to the standard version and save US customers $100. :


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## gwflauto (Jan 30, 2014)

I just read this statement from yesterday:
Smartphones and tablet computers are adding sophisticated lenses and sensors, eroding demand for Canon’s PowerShot compact models *and EOS high-end sets and leading to the first annual drop in shipments of single lens reflex models.* Canon expects to sell 7.6 million single-lens reflex cameras in 2014, which is 50,000 fewer than last year, while sales of compact models are forecast to drop 20 percent to 10.5 million units, the company said. 
The upper end camera market seems to be affected too. We don't know, what the balance sheets of other makers will show.


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