Panasonic Reorganizes Due to Growth of Video Content Creation Market
Panasonic Connect Co., Ltd. and Panasonic Entertainment & Communication Co., Ltd. (PEAC) announced that they are reorganizing by consolidating the Professional AV business and Panasonic Visual Co., Ltd. Panasonic explains that this move is in response to the ever-growing video content creation market.
The Panasonic reorganization will involve the Professional AV business and Panasonic Visual Co., Ltd. business merging from Panasonic Connect to Panasonic Entertainment & Communication. Currently, the Professional AV business oversees AVC products, including OLED TVs, Lumix digital cameras, headphones, phones, intercoms, etc. The Panasonic Connect Co., Ltd. handles the “development, manufacture and sale of devices, and provision of solutions, including system integration, installation, maintenance and repair services for the supply chain, public service, infrastructure, and entertainment sectors.” The change will impact roughly 10,100 and 29,500 employees per company, respectively.
In its press release, Panasonic explains that changes in the market influenced its decision to reorganize. The imaging market has grown in recent years, especially in the mirrorless cameras sector. This growth is largely because of the popularity of video production for content creation. However, the professional sector, including cinema and broadcast production, has also grown. Panasonic explains that this is partly due to the increasing size of sensors in mirrorless cameras and tighter production budgets. The result is a fast and significant blurring of lines between professional and consumer video production markets.
The company goes on to explain that live broadcast and video streaming fields are demanding diverse video shooting and streaming equipment. Users are searching for equipment that meets their requirements as video creators, including improved video and audio quality. Panasonic expects that there will be greater integration between consumer and professional video production and live streaming. This should, in turn, lead to even greater growth in the imaging market in general.
In response to these predictions, both the Professional AV business and Panasonic Visual Co., Ltd. companies determined there was a need to bridge the gap between consumer and professional uses. To achieve this, the imaging-related businesses of both companies will now fall under one umbrella under the Panasonic Group.
The reorg means that Panasonic will consolidate all of the Group’s resources within Panasonic Entertainment & Communication. This makes image-making a pillar of the company’s growth strategy and allows it to “adapt to market changes and respond quickly to the needs of a diverse range of video creators,” explains the press release.
Additionally, the reorganization will allow for more “timely and consistent support throughout the entire process from video shooting to editing and streaming,” Panasonic further explains. It should also result in even better product development for video creators in the future, which is always exciting to hear.
Image credits: Header photo licensed via Depositphotos.
