Canon’s 2023 Financials

[Canon Rumors Guy]

Canon today released their 2023 financials and the outlook in Camp Canon is bright and sunny. Canon overall had a net sales increase of 3.7% for fiscal 2023 when compared to 2022. This translated to an operating profit increase of 15.9% from 20232. Canon says this about their imaging department for this fiscal year. Detailing

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[koenkooi]

So how did Canon do? Well, that's a bit tricky this year as importantly and disappointingly Canon has changed the format that they have followed for around the last 10 years.

So they pulled a Sony

 

[David - Sydney]

Definitely dooomed as canon hasn’t authorised 3rd party rf af lenses (besides cosina)

 

[Gino_FOTO]

Canon find a clever loop how to make cameras relevant once again,
e.g.
R8+200-800 is best value combination, in territory, where phones just won\'t be able to compete for long-long years ahead.

 

[neuroanatomist]

Definitely dooomed as canon hasn’t authorised 3rd party rf af lenses (besides cosina)

You’re right, but for the wrong reason. The real reason is that they haven’t launched a 35/1.2L.

 

[Bonich]

You’re right, but for the wrong reason. The real reason is that they haven’t launched a 35/1.2L.

the 35/1.2 will never gonna compete the iPhone ;-)

 

[roby17269]

You’re right, but for the wrong reason. The real reason is that they haven’t launched a 35/1.2L.

Yes, so sad to see them disappearing from the market... I did warn them but did they listen to me?

 

[neuroanatomist]

Thanks for the summary, Richard. Don't worry that this tread has gone off the rails rather rapidly. I mean, once you've said that Canon is doing just as well as they have for the past several years, rendering the bulk of the forum whining and hand-wringing about all of the things Canon has done wrong moot, what else is there to say that's on-topic?

 

[Richard CR]

So they pulled a Sony

they did a half Sony!

 

[Richard CR]

Thanks for the summary, Richard. Don't worry that this tread has gone off the rails rather rapidly. I mean, once you've said that Canon is doing just as well as they have for the past several years, rendering the bulk of the forum whining and hand-wringing about all of the things Canon has done wrong moot, what else is there to say that's on-topic?

Well, it's not all sunshine, puppies and roses.

the fact remains we really don't know how much of that market share percentage is on life support and soon to be discontinued stock, and how much of it is healthy aka RF mount.

 

[koenkooi]

Well, it's not all sunshine, puppies and roses.

the fact remains we really don't know how much of that market share percentage is on life support and soon to be discontinued stock, and how much of it is healthy aka RF mount.

And to pick a popular conspiracy theory: The effect of ‘banning’ all 3rd party lenses is masked by selling existing stocks of cheap DSLR kits.

And this is just in: the 250D was supposed to be the 1Dx3, but Canon renamed it, FACT!

 

[neuroanatomist]

Well, it's not all sunshine, puppies and roses.

the fact remains we really don't know how much of that market share percentage is on life support and soon to be discontinued stock, and how much of it is healthy aka RF mount.

I think it's pretty rosy. Consider the fraction of ILCs produced that were DSLRs over the past several years:

• 2019 - 53.6%
• 2020 - 44.8%
• 2021 - 41.5%
• 2022 - 30.8%
• 2023 (11 months) - 19.2%

Now, consider what has happened to Canon's market share over that same period – I won't list it, as you know it's remained just under 50% even as the market fraction of DSLRs has shrunk to less than half of what is was (and the ILC market as a whole has contracted significantly, as well). You've even predicted that Canon saw a slight gain in overall market share in 2023.

What makes you think that Canon rolled through the 11% drop in the DSLR market from 2021-2022 and the 12% drop from 2022-2023 without a hiccup but will now suffer from the next (rather predictable) drop?

Worth noting that Canon is predicting a 3% drop in camera unit sales for 2024, but a 3.8% increase in revenue. Since the DSLRs being sold currently are at the bottom end of the price spectrum, that suggests Canon is planning for further contraction of DSLRs that will be more than offset by the increased revenue from the higher-priced mirrorless models.

 

[John Wilde]

"... didn't include Canon's estimate for the overall market." -CR

CIPA releases an estimate of the overall market once a year. When released, we can use that (for 2024 as a whole) number. Perhaps Canon got in trouble for releasing estimates that were less accurate than CIPA.

 

[John Wilde]

"Unit sales of lenses increased owing to strong sales of RF-series interchangeable-lenses that expanded the product lineup." - Canon

I guess that's what happens when you don't have third-party lens competition.

 

[neuroanatomist]

"Unit sales of lenses increased owing to strong sales of RF-series interchangeable-lenses that expanded the product lineup." - Canon

I guess that's what happens when you don't have third-party lens competition.

Of course, that just means all those people who require 3rd party lenses just changed to other brands. We see what a massive, detrimental effect that had on Canon's camera sales.

 

[EricN]

I think it's pretty rosy. Consider the fraction of ILCs produced that were DSLRs over the past several years:

• 2019 - 53.6%
• 2020 - 44.8%
• 2021 - 41.5%
• 2022 - 30.8%
• 2023 (11 months) - 19.2%

Now, consider what has happened to Canon's market share over that same period – I won't list it, as you know it's remained just under 50% even as the market fraction of DSLRs has shrunk to less than half of what is was (and the ILC market as a whole has contracted significantly, as well). You've even predicted that Canon saw a slight gain in overall market share in 2023.

What makes you think that Canon rolled through the 11% drop in the DSLR market from 2021-2022 and the 12% drop from 2022-2023 without a hiccup but will now suffer from the next (rather predictable) drop?

Worth noting that Canon is predicting a 3% drop in camera unit sales for 2024, but a 3.8% increase in revenue. Since the DSLRs being sold currently are at the bottom end of the price spectrum, that suggests Canon is planning for further contraction of DSLRs that will be more than offset by the increased revenue from the higher-priced mirrorless models.

I'll make a wild guess completely out of left field and say wanting third party autofocus on the RF mount makes some people hope Canon is struggling with R sales and only surviving from the EF mount, because their thinking will be proven correct and Canon will have to give in.

 

[EOS 4 Life]

"... didn't include Canon's estimate for the overall market." -CR

CIPA releases an estimate of the overall market once a year. When released, we can use that (for 2024 as a whole) number. Perhaps Canon got in trouble for releasing estimates that were less accurate than CIPA.

Canon estimates tended to be more accurate.
I never had any idea why Canon would publicly estimate the overall market.
They were doing their competition a favor.

 

[Richard CR]

"... didn't include Canon's estimate for the overall market." -CR

CIPA releases an estimate of the overall market once a year. When released, we can use that (for 2024 as a whole) number. Perhaps Canon got in trouble for releasing estimates that were less accurate than CIPA.

CIPA isn't "exactly" the same, as it's shipped or produced units versus sales, Canon's numbers I don't think exactly matched up to CIPA in the past.

 

[Richard CR]

Canon estimates tended to be more accurate.
I never had any idea why Canon would publicly estimate the overall market.
They were doing their competition a favor.

They all have that info anyways, and being a market leader - stating how big of the pie you are taking always is a good thing.

Sony used to show how big the market was too - until their piece of the pie got a lot smaller

 

[Anon]

They all have that info anyways, and being a market leader - stating how big of the pie you are taking always is a good thing.

Sony used to show how big the market was too - until their piece of the pie got a lot smaller

Did their slice of pie get smaller though? I had the feeling that their market share was mostly growing. I checked with MS copilot and got these numbers:



The sources cited were statista and dpreview. I can post them aswell if anyone is interested. Maybe you were referring to only MILC and not ILC in general? Also AI can sometimes provide false numbers, so take these with a grain of salt.