New Fujifilm Financial Results: COVID-19 Can’t Stop X-T4 and X100V, Instax Rises Again but Pandemic Still a Serious Issue

The latest Fujifilm financial results for the 2nd quarter 2021 (1 July 2020 to 30 September 2020) have been released.

Of course COVID-19 had a terrific impact, but there are some signs of recovery and hope.

First of all, after a couple of rather negative reports in the past, Instax seems to be growing strong again, which is, as we know, the real money machine of the imaging division.

But also sales of the Fujifilm X-T4 and X100V were “brisk” and there is a recovery trend in the when it comes to digital camera sales.

And yet, overall the numbers are still negative due to COVID-19, but Fujifilm writes:

Operating income was down, but if COVID-19 impacts are excluded, the segment secured income of a similar level to last year

Overall Fujifilm writes:

In the Imaging Solutions segment, consolidated revenue amounted to ¥113.9 billion (down 26.1% from the same period of the previous fiscal year). Sales of products and services in general decreased due to the impacts of stay-at-home orders, temporary closure of retailers, and a variety of events not being held, or being cancelled, in many cities worldwide due to the spread of the COVID-19 pandemic.

Consolidated operating loss amounted to ¥2.1 billion.

[…]

In the electronic imaging field of the optical device and electronic imaging business, temporary closure of retailers and fewer opportunities to take photos due to the COVID-19 pandemic resulted in a decline in revenue. The digital camera market as a whole faced severe challenges and overall demand declined far below the previous year’s level. Nonetheless, sales increased steadily for FUJIFILM X100V, a high-end, compact digital camera launched in February 2020, and FUJIFILM X-T4, a mirrorless digital camera highly regarded for its high-speed AF and advanced video performance, launched in April 2020. In July 2020 we launched the FUJINON Lens GF30mmF3.5 R WR as a new interchangeable lens for the GFXSeries, providing a compact wide-angle prime lens that delivers ultra-high resolution. Then, in September 2020, we launched a new addition to our lineup of interchangeable lenses for the X Series in the form of the FUJINON Lens XF50mmF1.0 R WR, a large-diameter mid-telephoto prime lens, thereby enhancing the appeal of our products as systems through a generous lineup of lenses. Going forward, we will continue providing value-added products and revitalizing the market, along with sharing the joy of taking photos.

In the optical device field, revenue decreased, reflecting reduced sales of broadcast and cinema lenses due to cancellation of sports events, and suspended filming of television dramas and movies, as well as reduced sales of vehicle-mounted lenses due to lower demand in the automotive industry worldwide. Demand for lenses for security purposes held firm, and revenue for the second quarter was higher than the same period of the previous fiscal year. Aiming to achieve business growth in this field, we are expanding our business domains and developing innovative products that satisfy the diverse needs of the market, including developing and launching ultra-short-throw projectors and long-throw security cameras, and developing new multispectral camera systems.

Here are the various documents:

Fujifilm Manager Talks Full Frame Market Shift (and Why Fuji Sticks with APS-C), WR Versions of Older Lenses, Market Situation & More

As we reported here, Toshihisa Iida has just been promoted to new President and Managing Director at Fujifilm Europe.

He is also the guy who said in the past that Fujifilm will NEVER go Full Frame.

Now he gave an interview to the amateurphotographer. Here are some excerpts:

COVID-19 affects on Fujifilm

  • Before the pandemic struck, there were more than 8,000 professional photography businesses operating in the UK alone
  • global demand for digital cameras has dropped by 40% since the start of April 2020 according to CIPA, but thanks to the performance of products like the X-T4 and X100V, Fujifilm is performing significantly better than that
  • Fujifilm also worked hard to supply medical imaging technologies to those on the front line, as well as working to realize the manufacture of COVID-19 vaccines and therapies at scale with pharmaceutical partners

Biggest Industry Future Challenges for Fuji: the drift towards full frame or the rise of smartphones?

  • biggest challenge is to ensure to keep innovating in R&D
  • Finding a real consumer demand’ is a key
  • provide a better experience of taking photos and videos
  • Customers don’t buy a sensor, but an experience
  • Fujifilm is not a company to simply follow the same path as others
  • Consumers demand more and are no longer wanting to invest in a product; they want a service and an experience.

The Market Differences over the Globe

  • X-T4, X-T3 and X-T30 are all popular around the world, and the X100V has been the bestselling high-end compact globally.
  • GFX is almost evenly split except in the Chinese market [admin note: I have been told the GFX100 sells extraordinary well in China]
  • piqued popularly of the X-A series in some Asian countries
  • Globally, instax is one of Fujifilm’s biggest consumer success stories

And Full Frame?

  • in the last two years the market shifted strongly towards full frame
  • for Fujifilm, APS-C is the best-balanced system
  • APS-C is the best answer for those downsizing due to the smaller, lighter lenses, as well as the camera body
  • GFX provides the best image quality without requiring a high level of investment.

Fujifilm X-S10

  • It was demand coming from customers used to DSLR cameras and from those who prefer to have more usability for video shooting
  • very rich features such as IBIS, 4K30p video with long recording time – but with a small weight of just 465g
  • X-S10 offers a very smooth transition for DSLR customers to enjoy the latest mirrorless technologies with the advantage of a smaller, handy size.

Weather Resistant Versions of older lenses?

  • WR versions of older lenses requires to completely re-design the inside structure, hence in some cases needs R&D from scratch

Should Fujifilm work closer with Sigma and Tamron?

  • I cannot be specific about our working relationships with other companies but we have received and understand our customers’ request.

You can read the full interview at amateurphotographer.

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Fujifilm Digital Camera Range: Making Sense of the Line-Up, What Should be Dropped, What Should Stay… and Where is the X-H Line?

Fujifilm shared this Pyramid explaining their Current Camera Line-up
Fujifilm shared this Pyramid explaining their Current Camera Line-up

I already said it in my X-S10, Attack on Sony article: the Fujifilm X-S10 makes a whole lot of sense.

And yet, I do understand one of the critiques made to Fujifilm: their line-up is huge and potentially confusing.

There are indeed some lines, that in some occasions do not not differentiated themselves enough from each other.

But this is an issue Fujifilm realized and I feel that they are taking care of it, for example:

  • the Fujifilm X-Pro3 is a unique machine, with a concept, so far nowhere to find
  • Fujifilm is aware that the the Fujifilm X-H2 must differentiate stronger from the X-T* line in order to continue to evolve separately

Fujifilm understands the problem and is finding ways to separate the lines better.

And yet… there are some lines that should be dropped, in my opinion.

Let’s take a look it at, by using an official Fujifilm media sheet that has been sent to me, which shows a pyramid with all Fujifilm X series cameras listed and ordered by Fujifilm itself.

The Red Zone

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IBIS Performance of X-S10, X-T4 and X-H1 on All Fujifilm X Mount lenses Compared

The Fujifilm X-S10 features a brand new IBIS unit.

  • it’s 30% smaller than then one on the Fujifilm X-T4
  • it’s half a stop less effective than the Fujifilm X-T4 IBIS (up to 6 stops instead of up to 6.5 stops)

You can see the IBIS unit of X-S10 side by side with the one of X-T4 and X-H1 in this article.

But which Fujinon X mount lens gets how much stabilization on the X-S10? Well, you can see the answer in the chart above.

Also, the IBIS data above gives you a side by side comparison between X-S10, X-T4 and X-H1.

To sum it quickly up:

  • 22 Fujinon lenses work best with X-T4
    XF10-24 MK I – XF10-24 MK II – XC15-45 – XC16-50 MK II – XF18-55 – XF14 – XF16/1.4 – XF16/2.8 – XF18 – XF23/1.4 – XF23/2 – XF27 – XF35/1.4 – XF35/2 – XC35/2 – XF50-140 – XF50/1 – XF50/2 – XF56 – XF56APD – XF60 – XF8-16
  • 7 Fujinon lenses work best with X-T4 and X-S10
    XF18-135 – XC50-230 – XF55-200 – XF100-400 – XF200 – XF90 – XF16-55
  • 2 Fujinon lenses work equally well on X-S10, X-T4 and X-H1
    XF80mmF2.8 – XF16-80

Remember: Fujifilm declared downsizing IBIS one of the top priorities. And so far it seems they are proceeding pretty fast.

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IBIS COMPARISON: Fujifilm X-S10 vs X-H1 vs X-T4 – Smarter Wiring, 30% Smaller Side by Side with Older IBIS Units

In the latest Fujifilm X Lab episode (which is in Japanese and you rely on a ridiculous automatic google translation that often does not make sense), Fujifilm engineers and managers talk about the Fujifilm X-S10.

They talk about the challenges of shrinking IBIS, how they changed the wiring to make it smaller and more power efficient and other things.

But what is most interesting for us, is that they showed the brand new IBIS units of the Fujifilm X-S10 side by side with the one of the Fujifilm X-H1 and Fujifilm X-S10.

As we have learned during the the launch event (which we shared in our huge X-S10 live blog), the IBIS unit on the X-S10 is about 30% smaller over the one on the X-T4.

And looking at the images below, you can really see how the X-S10 IBIS is clearly smaller than the X-T4 IBIS, not to talk of the X-H1 IBIS, which is the first IBIS Fujifilm ever created (well, that’s not technically not correct, but seriously, we don’t count this one, ok?).

It’s impressive how rapidly Fujifilm is proceeding with the miniaturization process of its IBIS, which is a declared top priority for Fujifilm.

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More Images + Video

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