We had previously heard rumors that Panasonic would be pulling out of the plasma TV business and this was pretty much confirmed when the Japanese company announced that the ZT60 would be their last plasma TV. Well, sure enough, it looks like it has been officially confirmed since Panasonic has revealed that by March 2014, the company will be exiting the plasma TV market. Not many people are looking to buy one after all.
That date coincides with the current fiscal year’s end. March 2014 is a bit earlier than analysts had expected, even though they did expect Panasonic to exit. It is definitely the right move for the company since interest in these televisions has been dwindling for a few years now.
Demand has dropped by 21% in 2012 alone, versus a 1% drop for LCD TVs. Panasonic is also currently losing billions of dollars and they had announced job cuts back in 2012 that would see about 10,000 staff laid off. This might be just what they need to keep focused on better devices and help them save money. I wonder where they will shift resources once they exit. Whatever it is, it will be more worthwhile for the company.
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