Wednesday, July 17, 2024

Ads by Google

Ads by Google

HSBC appoints insider Georges Elhedery as CEO

Welcome To Latest IND >> Fastest World News LONDON: HSBC Holdings Plc said on Wednesday that Chief Financial Officer Georges Elhedery will become group...
HomeTechNikon buys RED Digital Camera, pushing into the digital cinema camera market

Nikon buys RED Digital Camera, pushing into the digital cinema camera market

Nikon

, the Japanese camera manufacturer, has announced the acquisition of

RED

Digital Cinema, a US-based company known for its high-end digital cinema cameras. The deal, which will see RED become a wholly-owned subsidiary of Nikon, marks a significant shift in the professional digital cinema camera market.
Founded by

Jim Jannard

in 2005, RED has made a name for itself with its cutting-edge cameras, including the

RED One 4K

and V-Raptor X, and its proprietary RAW compression technology.

The company’s cameras have been the choice of numerous Hollywood productions, earning it an Academy Award.
RED cameras have been used in numerous high-profile productions, including Marvel films like “

Guardians of the Galaxy Vol. 3

” and “

Captain Marvel

,” nature documentaries like “Planet Earth II,” and popular TV shows like “Squid Game,” “

Mindhunter

,” “Peaky Blinders,” and “

The Queen’s Gambit

.”

In its press release, Nikon emphasized both companies’ mutual desire to meet customers’ needs and offer exceptional user experiences. The merger of Nikon’s strengths in product development, reliability, image processing, and optical technology with RED’s knowledge of cinema cameras, unique image compression technology, and color science is expected to enable the development of distinctive products in the professional digital cinema camera market.

RED president Jarred Land took to social media to announce the news, stating, “This acquisition marks a significant milestone for Nikon, melding its rich heritage in professional and consumer imaging with RED’s innovative prowess. Together, Nikon and RED are poised to redefine the professional digital cinema camera market, promising an exciting future of product development that will continue to push the boundaries of what is possible in film and video production.”
The acquisition comes less than a year after RED sued Nikon for allegedly infringing on its video compression patents in a firmware update for Nikon’s Z9 camera. However, the case was dismissed in April after Nikon challenged the legitimacy of RED’s patents.
With around 220 employees and its headquarters in Foothill Ranch, California, RED attempted to expand into the smartphone market in 2018 with the release of the RED Hydrogen One. However, the phone, which boasted a holographic display and support for modular add-ons, was a critical failure and was discontinued a year later.
Nikon, like most of the imaging industry, has faced challenges in recent years. It sees this acquisition as an opportunity to expand into the fast-growing professional digital cinema camera market. The company has been withdrawing from less profitable areas of the camera market, including ending the development of new DSLRs.
The deal’s financial terms have not been disclosed, and no layoff plans have been made public in response to the sale. The acquisition is expected to close in the coming weeks, subject to customary closing conditions and regulatory approvals.