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News
Olympus Bows Out of MP3 Player Market
Tuesday, November 8th, 2005 at 2:00 PM - by Jeff Gamet
Olympus announced on Wednesday that is it leaving the MP3 player market. The company stated that it couldn't match Apple's dominance in the digital music player market, according to a Reuters article. It also noted that its net profit dropped dramatically compared to last year.
Olympus took its biggest hit in the MP3 player and digital camera markets. In an effort to shore up profits, the company decided to drop MP3 players from its product line up, and focus instead on higher-end model digital cameras.
Olympus isn't the first company to fall prey to the iPod's popularity. Creative Technology announced earlier in the week that it was refocusing its MP3 efforts towards profitability instead of market share.
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