The photography market WILL be hit by the recession

Author:

Olivier Laurent

The New York Times reports today that Samsung has withdrawn its $5.9 billion takeover bid for the flash memory card maker SanDisk, 'citing poor earnings potential at the American company and the current financial crisis.'

While the news might not come as a surprise - in September, SanDisk had rejected the unsolicited $26-a-share offer as too low - NYT points to the fact that SanDisk’s stock has fallen sharply this year, with the company reporting a second consecutive quarterly loss.

However, the real news in the story is that SanDisk's falling results could be the sign of the global downturn affecting the photography industry. The NYT writes that 'with consumer demand for devices that use flash drives expected to decline further as global growth slows, the outlook looks grim.'

And, the downturn is going to affect everyone, even UK wedding photographers, although they might feel the pinch only next year according to Nik Stewert, the national marketing manager of Aaduki Multimedia who spoke to BJP this week.

'In the social sphere, a lot of events are planned a long time in advance,' Stewert says. 'Wedding photographers already have bookings for the next months. I think this financial crisis will start to bite in August or September next year in the wedding market. And they will be affected for a while until people start booking again.'

Are photographers ready for it?

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