Panasonic have brought a stop to weeks of internet verbatim with an announcement that they will be ceasing manufacture of Technics turntables.
With a statement released earlier this week, the Japanese company outlines it’s reasons:
“After more than 35 years as a leading manufacturer of analogue turntables, Panasonic has regretfully taken the decision to leave this market. However, Panasonic will continue to sell headphones under the Technics brand.
“We are sure that retailers and consumers will understand that our product range has to reflect the accelerating transformation of the entire audio market from analogue to digital.
“In addition, the number of component suppliers serving the analogue market has dwindled in recent years and we brought forward the decision to leave the market rather than risk being unable to fulfill future orders because of a lack of parts.
“Panasonic employees who have been working on the analogue turntable range have been redeployed elsewhere within Panasonic – many of them continuing to work in Panasonic’s Audio Video Business Unit.” [via Resident Advisor]
Key reasons seem to be the lack of surviving components manufacturers and the pressures across the industry in regard to the digital download market. A sad day indeed, and another nail in the coffin of the vinyl industry.