Olympus—er, I mean OM System—just released a new camera simply called PEN. I’ve had a few requests to talk about it, and give my opinion. I wasn’t going to, but I had the opportunity to see the new PEN in-person while I was at the FocusPoint Expo in Denver, and got a brief demo from the OM System staff at the event. I was surprised by something, so I thought maybe I should discuss it.
First of all, I think a lot of the excitement around this release is because there are so few Micro-Four-Thirds cameras announced each year. Between Panasonic and Olympus, there are usually only two or three new M43 models annually. Last year saw two, and, so far in 2026, this is it. The last camera before this one was the OM-5 Mark II, released 14 months ago. If you are in that system, this must feel like Christmas morning. From the outside looking in, M43 seems to be barely holding on, nearly on the brink of extinction. I’m not even sure if Panasonic is actually still in this market, as it’s been approaching two years since their last M43 camera, but maybe they’ll continue to trickle out new models every few years. The PEN at least proves that Micro-Four-Thirds still exists, and I think that explains much of the hype.
The camera is paradoxical. On one hand, it’s got decent spec sheet stats: IBIS, some level of weather-sealing, computational photography. I don’t think there’s anything especially revolutionary about this camera compared to prior releases, but it seems pretty solid overall for M43. On the other hand, it feels really plasticky and cheap. It’s very lightweight, which is especially good for travel, but I doubt it will survive a hard fall. Build-quality wise, the Fujifilm camera that it seems most comparable to is the X-A series, like the X-A5 or X-A7, which have been long discontinued; the X half is the closest of the currently available models.
In my opinion, I think it was smart for Olympus to offer mid-tier features in a low-tier body. First, it keeps the camera affordable. If it costs too much, people are less likely to buy it. Fujifilm is selling a whole lot of X-M5 and X-T30 III cameras because the price makes it more accessible. In my opinion, there’s a shortage of affordable cameras for those just starting out in photography. Second, there’s something to be said for a lightweight camera, especially for travel photography. That’s one reason why I think the X-E4 was special: it was the smallest and lightest of all Fujifilm interchangeable-lens X-Trans models with an EVF. In a sense, for Olympus that’s what the PEN is, except that it’s more plasticky than the X-E4, but has IBIS and some weather-sealing.
I’ve seen some people compare the PEN to the Fujifilm X-E5, but that’s apples-to-oranges. Aside from a general rangefinder shape, the two models have very little in common: APS-C vs M43; 40mp vs 20mp; traditional tactile controls vs PASM; metal vs plastic; $1,700 vs $1,000. It’s kind of like comparing the Audi A7 to the Hyundai Sonata—they may look somewhat similar, but they are very different.
Most likely OM System will sell a whole lot of these, and they need to—when you release so few models, it’s important that the ones you do offer are commercially successful. I hope they make gobs of money from the PEN, for no other reason than they need to buy the rights to the Olympus name. OM System is probably the best they could do with what they had, but it’s not nearly as good as Olympus, which is strong and iconic and has a whole lot of history behind it. OM System sounds like some forgotten computer program found on a floppy disk in a dusty old box back in the dark corner of a supply closet that nobody uses anymore. They really need to go back to being Olympus, and if this camera is a big success, perhaps it will provide them with the means to achieve that.
The PEN will sell almost exclusively to those already in the M43 system, or those new to photography. I don’t see anyone from the larger brands abandoning their system to jump into M43, that seems like a silly thing to do at this point, especially with so much uncertainty around its future. I could see someone in the market for their very first camera to take a close look at the PEN, as it offers a lot at an affordable price point. In order to step back from the brink, that’s probably who Olympus needs to attract, and this camera might be the best one for that. If I were them, I’d also put a lot of energy into a fixed-lens model, something they’ve never done in the digital age, maybe using the Trip 35 as inspiration. Call it the OM System Trip 17, and it would be a colossal success. Right now, they could really use some back-to-back colossal successes, or else they risk becoming the next Pentax (but at least Pentax has Ricoh…).
I’m not sure why M4/3 gets such a bad rap. I have 2 Olympus EPM2, 2 Lumix GX85, and Olympus PEN F. I get great images from all of them. That being said, if you are a new buyer into the system, go for the OM3, or PEN. If I can just control my GAS, I’m not buying.
There’s definitely nothing wrong with it. Both Olympus and Panasonic have made some excellent products that are compact for what they offer. The major issue might be that it seems to have hit a ceiling with resolution and high-ISO that larger formats aren’t as restricted by simply due to sensor size. Definitely trickling up some of the computational features from cellphones was smart.
The PM2’s with pancake lens are EDC, Lumix GX85 has fabulous high contrast black and white, the PEN F, well it can do everything. I’m shooting the Rando Velo Beneva in montreal and will use the PEN F with the 150mm zoom. I’m going to do some closeup color double exposures, and some art filters. The close up of the colorful team jerseys as they pass in a pack are great. I am not a professional, but exhibit at local exhibitions and make 16×20 prints with all of the above, and the results are very good. Sharp and good dynamic range. I’m not dissing new cameras, but reviews should be more about glass and less camera tech. I get great images from any camera I have since 2012-2013. Keep up the good work, and viva Fuji.
I’ve been advocating for awhile now that camera makers should release new models much less quickly, because the “old” models are still really good and the new ones are only mild updates.
The basic problem is that m43rds stopped making compact *and modern* cameras. Even this new Pen is using the CPU from 2020 (EM1mKIII) and a sensor from 2016 (EM1MK2). The sensor is ok but the cpu is not in 2026, imho.
Nobody else is recycling like his. This is an OM-5 with better battery, worse IBIS and worse weather sealing. Oh and you get PenF color profiles. It is the same camera pretty much as the OM5. Just like the OM5II is almost identical to the OM5.
It’s definitely not revolutionary. In my opinion, the selling point of the PEN is that it’s got mid-tier specs in a cheap/affordable package. There are fewer and fewer affordable options, yet there’s still definitely a market for $1,000 and under cameras. Someone might be looking at maybe the PEN, X-M5, X-T30 III, Nikon Zfc, Canon R50, Sony a6400, and deciding what they want to buy. The PEN offers IBIS, the others don’t, so that might be one reason (likely the main reason) to potentially choose it over the others.
That’s true Fuji is getting very expensive. Do you need more than the Pen can offer, 6400 iso, great IBIS, great lens choice etc.
I’m sure there are plenty of people who do not need more than the PEN can offer. And there are lots of people who do. So what? No camera from any brand is for everyone, or even for most. That’s why we have so much variety. Each gets to choose what works best for them and their photography. For someone that might be the PEN, for someone else it might be the X100VI, for someone else the EOS R7, etc., etc., etc., etc..
I think my general point is it’s not a bad deal at the price point and can make nice images. Hence my Matt Black reference, who made one of the greatest pieces of documentary photography on a lesser M43 and in the end, if the image is good, no one cares, what it is shot with.
It’s not a bad deal at all. I mentioned that in the article and in various comments. I think it was smart to offer mid-tier M43 features in a low-budget package. But, there’s no such thing as a free lunch. To get to that low price, OM had to make the PEN out of a lot of plastic, and use an old sensor (from 2016) and old processor (from 2020). That could be viewed negatively (cheap build quality, outdated technology) or it could be viewed positively (lightweight, tried-and-true). It all depends on how you look at it, and what is important to you in a camera. For OM System, if this camera can be a sales success, and if they are able to follow it up with another, that might be enough to pull themselves back from the brink of bankruptcy. I hope it does; however, I’m not all that convinced that it will. Time will tell.
Most who will benefit from a Pen purchase will never have a print made so large that its quality will be noticeably compromised by the camera’s sensor size. In fact, most will have few prints made, sharing their images instead on screen or online.
In addition to being lightweight, yet versatile enough to grow into, the Pen strikes me as being comfortably approachable. And, in my humble opinion, it’s sharp looking. Granted, cheap is in the eye of the beholder, but I think most people will deem the Pen attractive without being intimidating.
Among my embarrassingly populous camera collection, I have an X-T100 and two X-T200’s. I consider them really good cameras. But both, especially the 200’s, are tougher to get up to speed with than any Canon M- or Rebel-series camera. In my experience, Canon excels in making its cameras approachable and easy to grow into using past the Auto and Scene Auto modes. Olympus/OM’s of my acquaintance run Canon a close second in that respect.
I enjoy having a variety of cameras. To be able to do that without risking bankruptcy, I’ve long favored trailing-edge, reputable refurb and the occasional used purchase. I also steer away from what I consider pro-level and pro-priced gear. Photography for me is an avocation, not vocation. Thus, my latest-model Fujifilm is an X-E3. And, it’s a very good camera. It took me a long time and a whole lot of GAS to vault over the $1,000 barrier, to what has long been my no man’s land. A Nikon Z50II is my latest acquisition, and I find it’s worth it’s considerable cost.
Will I spring for a new Pen? Not this year, maybe not in ’27, but yes. It’s only a matter of time, especially if OM has one at its outlet for tempting price.
Regarding a fixed-lens OM offering, how about a new XZ model?
I definitely think keeping it at $1,000 for the body was a smart move. I would love to see Fujifilm revive the X-T000 or X-A line to offer an even more affordable option.
I’ve printed to 16 x 20 and had great results
I’ve printed from 24mp at 16″x24″ with great results, so I’m not surprised that 20mp would also look good enlarged to that size. Probably can’t go much larger than that, but not many people do.
I have good results 16×20 with 12 mp
I mean, yeah. I’ve seen 2’x3′ prints from 6mp. It can be done with a sharp, clean file (especially with upscaling). So 12mp can certainly be sufficient. Depending on viewing distances and how detailed you want the print to be, more resolution may or may not be needed.
admire your passion
Back in 1971 Olympus managed to make a 35mm SLR and lenses that were very significantly smaller than the competition without compromising quality. The film camera Zuikos are still very highly regarded and both the single and double digit cameras are popular with “filmies”.
Just a random thought but if OM System could somehow manage to do the same with full frame that would push them back into the big league where they belong. I don’t know whether it would be technically possible but if they could I would definitely be reaching for my credit card.
Panasonic made that jump. I’m not sure the level of success, and how their profit margins are doing, but it seems to have gone well for them. It’s certainly a risk, but it seems like it could work out for Olympus, too.
Creo que hay muchos motivos para comprar una M43 teniendo cámaras con sensores más grandes, por ejemplo poder tener un sensor apilado por menos dinero o poder sacar fotografías macro con apilado en la cámara. También creo que deberían trabajar seriamente en lentes pues ahora mismo muchos de sus objetivos son demasiado antiguos comparados con la competencia.
There are a few advantages to smaller sensors. Obviously cost and size savings allow for less expensive and less bulky gear. The smaller files require less processing power. If you’re after a larger depth-of-field, that’s easier to achieve. But with anything and everything, there are tradeoffs (advantages and disadvantages), and each needs to decide what makes the most sense to them individually.
Kind of strange take in my opinion because in many ways Fuji and Olympus/OM fight the same battles and are more similar than different. Both are slow to release models (looking at you xpro), both historically offered very good post purchase support, both have to fight the stigma of not being as good as a larger sensor camera, both like to lean into strange design choices from time to time for “reasons”, both used software in ways that were novel at the time. I loved my time with Fuji and if they ever actually release an xpro that is purchasable without paying over msrp, I will likely buy it, but I preordered the pen to be an inexpensive EDC with actual pocketable lenses, ibis, splash resistance, and a viewfinder. Even the older primes are best bang for the buck on used market but obviously trade in that splash resistance. This complements my full frame for when I want to use that but I will be way more likely to take this everywhere. I have shot every brand except Sony and there are things I think OM still does better than anyone. Hopefully this little camera helps revitalize them.
What was strange about my take?
We seem to basically agree. I would say a notable difference is that OM doesn’t offer traditional tactile controls, but are PASM instead, while Fuji has a mix of both.
All I said in the article was:
– OM has a new camera that seems overhyped online for what it is, but that can be explained
– M43 typically has few releases, but it’s been even less than usual lately
– The PEN is a mid-tier model wrapped in cheap plastic
– The cheap plastic keeps the price low (good for those on a budget) and the weight down (good for travel)
– It might attract those new to photography, which OM needs to do
– Comparing it to the X-E5 is apples-to-oranges, they are notably divergent cameras in many ways
– They are likely to sell a lot of PENs, which they need to do; however, they are unlikely to sell many to those invested in other brands
– OM System is not nearly as strong of a name as Olympus, and they should work to get the rights to the Olympus name back
– They should make a fixed-lens model
What parts of that do you disagree with?
Your “review” seems more like a passive aggressive bash. “Cheap Plastic”? I have used an OM-5 and OM-5 mk2 for several years, it is a favorite for travel (I have am OM-1 mk2 as well). When size and mass matters, OM is still the best. Shallow DOF, no problem. 4/3rds produces fine images and when one considers that most printed output does not exceed 11×17, the sensor is not issue for most work. More than one FF users has been surprised my images from a “dinky” 4/3rds sensor. Many photographers have multiple systems so I can imagine the Pen finding a home in the pockets of FF users. I think the Pen will be a strong competitor to Fujis retro camera market and will likely eat market share.
It’s not a review, only observations. I’m not “bashing” anything other than sometimes the truth hurts. If it bothers you so much that the PEN is largely plastic, that’s something you should bring up to OM System. I’m just the messenger, don’t shoot me over it. If you don’t believe me that it is, go see it yourself. But you don’t have to do that to know, it’s in the weight of the camera itself. For example, the Fujifilm X-M5 is smaller, lacks IBIS and EVF, is Fujifilm’s cheapest body and has plenty of plastic, yet it weighs more than the PEN. The reason is because the PEN has even more plastic than the X-M5, significantly more—that’s why it’s so lightweight. That’s not necessarily bad, it depends on how you view it: 1) lightweight is good for travel plus keeps it affordable or 2) it is unlikely to survive a hard fall. I mentioned both in the article.
The idea that the PEN will “eat market share” of Fujifilm cameras is delusional. The main reason is that the camera doesn’t directly compete with any Fujifilm model, it largely is in a niche not covered by Fujifilm. If you want a retro-style camera with traditional tactile controls, it’s Fujifilm or Leica (even Nikon didn’t fully go there with the Zf and Zfc, as they still have a PASM switch). The only retro styled PASM model that Fujifilm offers is the X-M5, which is smaller and cheaper than the PEN, but lacks IBIS, EVF, and weather resistance (although in reality they have similar levels of whether protection). Even those two models aren’t directly competing, but that’s probably the closest within Fujifilm. Another reason why this is delusional is that OM System has been shrinking (17% fewer sells in 2025 than in 2023) while in an overall growing market (22% growth over the same period). Fujifilm, on the other hand, during those same years grew by 170%. The idea that the PEN will have any measurable impact on Fujifilm market share is just laughable, so far out in make-believe land that I have a bridge in Brooklyn to sell you if you truly believe that. Just so funny.
GoPro clearly doesn’t think Micro Four Thirds is about to die, as they just adopted the mount in a new camera model.
GoPro… talk about a company on the brink! Can they save both themselves and M43? It will be interesting to watch. I think it’s a good move—as cellphone cameras only get better and better, these action camera companies will need to increasingly move to larger formats. I wouldn’t be surprised to see an APS-C Insta360 or DJI in the coming years.
I think it’s got a lot going for it, but most notably the price. Honestly, probably a very easy camera to recommend to someone shopping for something new.
It deserves to get a decent number of new photographers not entrenched in systems, since it’s a fun body, has solid WR and IBIS and IQ. Everything a new shooter needs, and probably as much as many experienced shooters needs as well. But m43 “feel” a bit more doomed than it deserves to be. Bodies are small, lenses typically pretty small, theoretical IQ loss isn’t meaningful at reasonable reproduction sizes. The Depth of Field differences also doesn’t matter much, except in the standard-to-short-telephoto range (the fast 50 on a FF is special, but an uphill struggle on crop sensors). But I feel like all the forums and internet commenters are so hostile to m43 that it does have a big impact.*
Something that feels awkward is that there’s been a bunch of great 3rd party lenses from lately–Viltrox and TTArtisan and so on, plus much more impressive offerings from Sigma–but not for m43. Sigma 10-18/2.8, 15/1.4, and 17-40/1.8 would all be rather tempting lenses for m43, with good size and weight, and specs that make a lot of sense.
*Once m43 is dead (if it dies), they’ll be coming thar much harder for APS-C, so you better hold fast. It’s going to be a rough ride. The fact that APS-C is fine isn’t going to matter. The “Only FF is Good!” dogma is kind of impervious to rational argument.
The price—but, more specifically, the features for the price—is the big selling point. It has WR, but not great WR. I bet most Fujifilm models without official WR have a similar level of protection. But, still, they got it certified, so it is selling point. I see the camera being attractive to new photographers, which is who OM needs it to be attractive to. Friends and family ask me now and then which camera to buy (as a first camera, or first in a long time), and this is one that could be recommended (although the typical budget I get is “under $500” 🤣).
I think why those 3rd party manufacturers aren’t making their lenses for M43 right now is simply because there isn’t enough of a market for them at the moment. If a camera like the PEN sells really well, they might see it as an opportunity, but the market is probably a bit too small for it to be seen as worthwhile.
My Sony RX100IV with a 1″ sensor has produced many beautiful 24×36″ prints. And I say this as someone that also owns a Canon R5 which is “better” on paper. I have no doubt the PEN will produce beautiful prints, too.
I intend to buy a PEN despite already being deeply invested in Canon. The primary reason is size. You just can’t beat a small camera. If they made a digital Olympus XA I’d buy it in a heartbeat!
The size and (especially) weight are good reasons to consider the PEN. Would make a nice travel option just because it would be easy to carry around, although it will be notably larger than the Sony RX100IV.
I took my Sony RX100V to NY and Italy. I was surprised at how nice the images were. And it’s such a light easy carry. I also use my Olympus EPM2, tiny form factor, very little in the way of buttons, dials, but nice images.
I used to own a Sony RX100 II many years ago. I didn’t mesh well with it personally and only kept it for I think seven or eight months, but I can certainly understand why people like that series.
I understand. I had 3 RX100’s sold them because they didnt inspire me. Somehow I bought the 4th one, and now I really love it.
I don’t get your take. First you complain about the lack of new M43 cameras and sat the format in on its last leg.
Then you suggest that PEN profits should be spent on naming rights, not product development.
Then you say, nobody new will buy the PEN because it’s almost dead.
So are they or aren’t they selling tons? And why waste $ on names when what will really make a difference, is a new sensor and image processor in a model at the OM-3 range.
I’m not complaining about anything, only observing. From someone not in the system, it seems nearly dead (even GoPro joining it, GoPro might go bankrupt soon). Panasonic is largely focusing on full-frame, which has been more profitable for them. Olympus has been struggling for a long, long time, going back to the fraud scandal in 2011, which eventually led to the sale of the camera division (hence the name change) in 2020. OM System is trying to overcome that, but it is certainly an uphill battle, and the name change isn’t helping—they’re more likely to be successful with Olympus than OM System.
As far as who will buy the PEN, it will be probably 90%+ those who already own an M43 camera. Maybe 5-10% those buying their first camera, which the larger this number is the better for OM—they need this to be significant. Probably less than 1% will be people who are established with another brand buying their first M43 camera.
I do hope for OM’s sake that they sell a ton of them, and they very well might. I’m not rooting against them, I hope they’re successful.
M4/3 has been near death forever. I see YT videos from 2018 saying it’s on its last breath.
I think M4/3 has a couple of niches that keep it alive. Wildlife / landscape and casual, hobbiest. For me, just getting back into photography after being sidelined for a few years with health issues, I want a quality, super light weight camera that shoots great JPEGs. PEN fits that perfectly. The tipping point for me was the art filter bracketing. To set up 3-4 filters, color and monochrome, and with 1 photo end up with 4+ options is amazing. I don’t want to edit RAW and regular apply mono filters when reviewing pics at home. I think this option, properly marketed, on a $1k camera makes a good story for new users. Time will tell.
I think those new to photography or just getting back into it after a pause are who the PEN is intended to attract, it will be good for OM if it does (the more the better).
The other people likely to buy the camera are those who have been in M43 for awhile and have an older model that they’d like to upgrade for a reasonable cost, and those in M43 who want a second body, especially for travel.
Since this is a Fujifilm-centric website I would be remiss if I didn’t at least mention that the X-series out-of-camera JPEGs are second to none, and that you can do Film Simulation Bracket with three different Film Sims.
@mikeroselius
m43rds has been “in death forever” but pay attention- it is dying. OMDS has been on a market share consecutive loss in the last 3 years and still with an operating profit loss.
Panasonic gives credit to their L-mount- not to m43rds- for their camera market share increase.
There’s those that exaggerated the death, and those who are paying attention to real numbers and real data to see where that line is going.
This Pen may sell well- we’ll see. I am not a fan of recycled original OM-5 tech (which is in turn recycled form 2016 for the sensor and 2020 for the cpu). But the price is right.
Je ne sais pas s’il a un bel avenir devant lui mais en tout cas, il est beau ce boitier.
L’avenir est toujours difficile à prédire.
I don’t know about your analyses. It sounds like a very old one m43 users have heard time and time and again but never materialised: the demise of their system.
I don’t see how it now would be more imminent. High end video: GH7 is head an shoulders above anything else in 4/3 and APS-c if I am correct. When it comes to photo the G9 mark II is excellent too and it video is really second to GH7 only. No need to come with anything to the market.
Where they seem to have forgotten people is in the enthusiast market, the G90 and that kind of camera. But I guess the L10 is sort of filling that gap partially. No ILC, but 4/3 and really good for enthusiasts it is. And at the low and small end there is the G100 (D).
But not much is missing I think and there is no need to churn out 2-3 cams per year at all.
And it being on the brink of extinction: Panasonic recycles in part what they come up with in FF. Same body, same focussing system etcetc.
When it comes OM systems well this PEn is the last time they can reuse existing technology I bet, there is nothing more they can do. SOme people say that with a new owner, who seems to have deep roots into the photographic side of Olympus, really new things will be developped but that remains to be seen. But their line up seems well spec’d too. I don’t like OM systems cams a whole lot, but if you do the only thing I can come up with is a 25-30 MP sensor and build on from that. Their IBIS is topnotch, their weathersealing the best out there, their computational tech with Live ND is a great addition and their autofocussing system is really solid too. Can be better….
I really don’t see what there is really needed for now, but may be in 2+ years they need a new and better flagship cam.
Believe it or not, as recent as yesterday I spoke to a guy with an X-E5 and he was contemplating to leave that cam and get the OM system PEN. I don’t know what the problem was with X-E5, but the PEN was very tempting for him it seems. He was quite knowledgable, knew what he was talking about. So even if the PEN is not for you (and not for me), this may be for more people than just those who are new to photography or those invested into m43s.
Anyway: what do you think mFT needs and which 2-3 new cams can you come up with that would make the system so much more viable because I do not see it.
To me the main issue of the new Pen is that its old recycled technology in 2026. Some think the other companies are recycling, but both the Fuji XM5 and XT30iii are using the top CPU all he way up to X-H2’s and GFX’s. That’s not what OM Systems Is doing
The price is good but they should really have given it the new cpu from OM-1/OM-3 to make hand held high res more palatable (otherwise your camera blocks 15-20 seconds incapable of doing anything else). Better AF algorithms.
You can see dpreview say the AF is worse than Fuji. Some cite Robin Wong but Robin Wong seems so excited all of a sudden after a lot of OMDS / M43rds critique because OMDS Malaysia got him a loaner for “review” as part of the initial marketing effort.
I mean, he claims the new Pen has better, faster and more accurate AF than the OM-3/OM-1 – yeah right.
I still think it could sell and looks like they put enough profit markup for them at the target price- given it’s using all this old tech. I just think that they could have been better off giving it the new cpu to make it more competitive.
Because if OMDS doesn’t attract new people, they will yet again lose more market share.
Valid points. I guess it depends largely on who they are targeting. I
Concede that these specs won’t attract many current photographers on other systems. But if you are trying to pull phone shooters into a dedicated camera, the story looks a little more compelling. Similar look to the x100vi, half the price, filters galore. A faster processor would rock, but battery life would suffer and a phone shooter wants an all day battery. Just a thought
Handheld HiRes, by my tests is 15 secs on the OM-5 mk2. The Pen is probably the same. I doubt Pen users are talking a lot of HiRes shots. I rarely do but I mostly photograph wild flowers. I have been using Olympus/OM System since the days the cameras were FF. I have considered changing systems many times but no other system makes a kit that is close to the size and weight. The 60mm f2.8 macro is a marvel at about 185g. The 12-45 f4 at about 250g is very portable. That “cheap plastic” OM-5 is small and light.
Make no mistake, M43 is shrinking/dying. It’s clear in the data. No amount of wishful thinking will change that, nor will ignoring it. It’s obvious to everyone except maybe the diehard fanboys.
Diving into the data, OM sells have been on a decline from 2023-2025, from 180k cameras to 150k cameras in a market that overall grew 22% over that same period. That’s a 17% decline in a sharply climbing market! Aside from that, OM System has been losing money each year, and that loss has been increasing each year.
Remember, OM System was sold off from Olympus because Olympus was on the verge of bankruptcy after over a decade of financial trouble, including a significant scandal. They are one of the least healthy camera brands, with maybe GoPro as the least.
For Panasonic, M43 has become their “b@stard child” since their FF line has been pretty successful, and a major part of their market share growth. M43 is not a priority for them, and it might be a matter of time before they abandon it completely. There primary focus is on full-frame.
GoPro just entered M43 as a “hail mary” to save their business, which is in dire financial straights. If they survive another decade it will be a bit of a miracle.
It’s objective and not subjective that M43 is not doing so well right now. It’s not opinion, it’s fact. I’m only pointing that out, I’m sorry if that truth is something you have a hard time accepting.
Now as far as what M43 cameras need to be made to save it, I have no idea. The new PEN is a start. A fixed-lens X100-like model would help a whole bunch, because it allows people to more casually try it out without committing to a whole system. What M43 desperately needs are new customers, and it’s difficult to gain market share from competing brands. The easier path is to grab those just starting out, and they need a camera that’s easy, exciting, and affordable. Offer that, and market it correctly, and they might see a sales increase instead of a decline, and that increase might be new long-term customers.
Regarding someone who sells an X-E5 to buy a PEN, people leave brands all the time, it’s normal. Not every camera is for every person. Fujifilm is the most unique, so it tends to be that you either love it or you really don’t—there’s less middle ground. The X-E5 isn’t for everyone. However, it is objectively better than the PEN in every way except for weight and cost; if those two factors are not the reason, I would bet money that the photographer will soon enough say “Why I’m selling my PEN” or “Why I’m returning to Fuji” or something like that. If weight is the reason, that makes sense. If they didn’t like the tactile manual controls of the X-E5 but prefers PASM instead, I get that—that is the unique experience I mentioned that not everyone likes.
Anyone looking for a small, light, carry anywhere camera that can take really good photos as well as look good as an object will want this camera. If you are someone who needs to print larger than this camera allows for, then you won’t use this camera for that. I would say that is a 1% niche. How many non-SLR looking cameras are weather sealed (there are MANY cameras that are not weather sealed that should have been for their use case)? How many have the OM System’s sensor shift capabilities in order to get hi-res shots (which means you basically get full frame resolution with small MFT sensors and the much smaller lenses)?
I wouldn’t put a lot of stock in the “weather-sealed” aspect of the PEN, look more closely: it’s IPX1, which is the lowest rating, simply meaning if it rains while you’re holding it, the camera will be ok. I took the X-T50 (which is not weather sealed) on a photowalk and just got drenched, the sky opened up and it poured. The camera was soaked, along with the rest of me. But it was fine, no damage. So in a practical sense, there’s not much difference between the PEN and non-weather resistant cameras, the IPX1 rating doesn’t mean a lot.
Fujifilm cameras can do multi-shot, get 160mp equivalent images. Few people do it, though, because 1) 40mp is already more than enough for most people and 2) there are potential issues when you combine multiple images, especially if there is movement between the exposures.
Lot of talk about the death of M43. Let’s look at the cameras released in the last 2 years. Leica Dlux 8, Panasonic L10, OM-3 and now the PEN. All are very well reviewed, and all of them but the OM-3 are still on backorder with used selling at or above initial release price. That is a lot of hardware investment across 3 companies for a dead platform.
I agree that pixel peeping spec sheets reveal no significant sensor / processor innovation is that same time frame, or longer, but within the physical limitations of the m43 – no one seems to be complaining about image quality.
I think the PEN could be OM’s GR III, or x100vi. A super popular, reasonably priced entry level camera that can provide a cash injection that allows OM to fire up the labs and finalize the sensor / processor redesigns that I am hoping are just waiting for a little more R&D before being released.
In practical terms, considering the turmoil that OM has been in for the last 5+ years – what better way to rebuild a struggling brand. Start at the low end, make money and generate excitement, become visible to the influencers and then go upmarket.
The PEN is not the OM’s GR III or X100VI because it’s an interchangeable-lens model. It could be sort of seen as OM’s X-M5 (a hot selling model in its own right), but the GR III and X100VI comparisons are silly.
OM System has been financially struggling since its existence in 2021; Olympus was struggling financially since the late-1980’s, which led to the 2011 scandal, and the camera division’s sell in 2021. As poorly as OM Systems is doing financially right now (losing money, and increasingly so each year), it’s nowhere near as bad as Olympus was prior to the sell. Since the split, OM System has lost 5.5 billion yen (about 35 million USD), but that’s nothing compared to Olympus in 2019 and 2020, when it lost 28.6 billion yen (about 260 million dollars).
Panasonic is doing much better than OM, but it’s largely due to their full-frame lineup and not M43. I count the Leica as a Panasonic, because that’s what it is.
So right now you have the barely afloat OM, Panasonic (who is rightfully focused on full-frame), and (as of a couple days ago) GoPro, who is also on the brink of bankruptcy.
Yes, the PEN is the kind of camera that OM System needs in order to turn things around (which is what I said). If they can string a couple of commercial successes back-to-back, that would be great. A fixed-lens pocketable model should be their next camera, in my opinion. Definitely starting at the lower end with affordable and trendy cameras will help them tremendously.
My comparison to the Gr and X100 had nothing to do with specs. Conceptually, I was pointing to a single model which is very popular, continually on back order, and could be a lifeline to OM.
Your obsession with spec comparisons totally miss the point that these cameras are targeted to a skill level that doesn’t use flash, never shoots manual, can’t really explain white balance, and is perfectly happy with JPEGs and recipes.
The unquenchable demand for the L10, GR, Dlux, and x100 prove that specs do not drive every purchase.
Specs? What are you talking about? I said that the GR and X100 series are fixed-lens, and so any comparison to them is silly. It’s apples-to-oranges. Then you mention two more fixed-lens models, seemingly (and certainly inadvertently) proving my point for me. If OM wants a viral camera like the GR or X100, they need to make one; currently they offer zero. I said in the article that this should be their next camera, it would be a hit, almost no matter what. The PEN is not that, because it is interchangeable-lens (not fixed lens). It might still sell really well (like the X-M5 does for Fujifilm), and that would be good for OM—in fact, they really need it to. But it’s not in the same category as any of the ones you mentioned, two of which (maybe three, I’m not certain yet about the L10) went historically viral, particularly the X100VI, the most viral camera of all time. The terms “fixed lens” and “interchangeable-lens” are not specs, but categories; similarly, truck, minivan, sports car, etc., aren’t specs, they’re categories.
OM Systems would sound more like Olympus if they had changed the name to OM Plus instead of OM Systems
I don’t know the details of exactly what happened when Olympus sold off the camera division to JIP, but my assumption is that the contract did not include rights to the name, and that Olympus wanted a really steep price for the use of the name. So JIP did what they thought was the next best thing, but OM (no matter if “Plus” or “System” or anything else) is weak in comparison. The name Olympus is strong, recognizable, even arguably iconic. It would be like Canon renaming themselves EOS. The Olympus brand was in a pretty deep hole when they sold the camera division to JIP, and JIP has a really steep hill to climb, but that hill is steeper using the brand name OM System instead of Olympus. If they can ever afford it, they should buy the rights to the Olympus name.
Given that there was scandal attached to the Olympus name at the end, and the shaky financial legs that OM currently stands on, I am not convinced that the brand equity of the Olympus name is worth the millions of dollars it might cost to reclaim the name. I would much rather them increase their investment in R&D which I think would have a greater impact on their longevity as a company.
I don’t think the scandal diminished the brand name, most people don’t seem to even remember it. I doubt there is any tarnish. But the issue is likely that Olympus wants a lot of money for the name. The problem for OM System is that they’re trying (so far unsuccessfully) to turn a unprofitable business around, and a big issue is that since using the name OM System (instead of Olympus), they’ve seen a 40% decline is cameras sold despite a growing market overall. How much of that is due to the name? Probably not all of it, but certainly some. Name recognition and strength matters a lot. R&D doesn’t matter if you can’t sell cameras. And it may be that Olympus still wants way too much money for the name, who knows. But if it is possible to get the rights to the name, it would help OM System to sell more cameras. If the PEN is successful enough that it allows them to do it, that would be a major win for the brand and for M43 in-general.
I recently switched back to m4/3 after 10 years of Fuji. Many reasons for this and I won’t go into the why right now, but one thing I realized, if you like 24mp and always crop to 4:3, which is the category I fall into, then the 20mp sensor is almost identical in resolution to the 24mp I’ve been cropping for so many years.
I thought it was worth noting in case I’m not the only one.
I haven’t tried the pen though. But love my gx9.
Everyone has their personal preferences. If that works for you, that’s great.
A 24mp 3:2 image cropped to 4:3 is 21mp, so basically 20mp. Funny enough, I always crop my 4:3 GFX files to 3:2 🤣
I don’t MFTs is an uncertain system. Lumix has just released a new camera and Leica has the D-Lux. Plus there’s a ton of great glass. OM have found a niche and are doing quite well with M43. The OM3 is a very good camera. I think Pen is solid value compared to say a XT30 iii. Stick a fast prime on this, which is cheap and you’ve got a great little setup.
I wouldn’t say that OM System is “doing quite well” because they’re absolutely not. As I’ve said on other comments, they have shrinking sales (17% fewer between 2023 and 2025) in what was otherwise a growing market (22% growth over the same two years). Aside from that, they are losing money and increasingly so each year. Unless something changes dramatically for them, OM System is inevitably going to file for bankruptcy in the coming few years. Now the PEN could help turn things around for them, and I hope it does. OM System desperately needs it to.
The PEN doesn’t really compete with the X-T30 III, so that’s apples-to-oranges. They have similar prices, so maybe that’s the argument. If you want tactile manual controls, the X-T30 III wins because Olympus doesn’t offer that; if you want PASM, well, the PEN is one in a sea of cameras that has it. If you set that aside, and just compare spec sheets, the PEN has IBIS, some computational features, and sort-of weather-sealing (although in practice the two cameras have similar amounts of weather resistance); however, the X-T30 III has less plastic, about 15% more resolution, better dynamic range, better high ISO, and a shallow DOF is more easily achieved. Which one is the “better value” depends greatly on what is important to you as a photographer: if it’s IBIS alone, the PEN wins decisively; otherwise, the X-T30 III might be the better value. But, like I said, these two cameras aren’t really competing against each other. Fujifilm doesn’t really have a camera that is closely aligned to the PEN. The X-M5 is probably the closest, but even it is not all that similar.
Good points, I think the real world there’s little difference in image quality. I didn’t think the xt30 iii had any weather resistance.
The X-T30 III doesn’t have any certified weather-resistance, but it has some level of weather resistance. The PEN is certified to IPX1, which is the lowest level (certified for falling rain and nothing more). Most cameras are capable of surviving rain (for example, I got drench in a downpour with an X-T50, and it survived just fine), but the camera makers don’t bother the expense of getting it certified because IPX1 doesn’t mean much. But maybe they should because OM System is promoting the heck out of it as if it does mean something more than it does.
Weather resistance is a good selling point. I quite like the pen, enough to buy one, I’m not sure. I have Fuji X100vi that got lots of use until the Ricoh GRIV monochrome arrived. The files on that are something else. I once had the EM5 mrk 2, 16mp camera, which was lovely. I later learned that the renowned documentary photographer, Matt Black had used that on some of his projects.
It is a good selling point, but calling IPX1 “weather resistant” is maybe a bit dishonest, and might lead people to believe their camera is more protected than it actually is. For example, its “common uses” are:
– Basic indoor electronics
– Ceiling fixtures or devices exposed to indoor condensation
– Equipment not meant for wet or outdoor use
If someone buys the PEN, takes it out in weather beyond what it’s rated for (but expecting it to survive because it has “weather resistance”) and it is damaged, that’s going to really suck for them. I think that is why most camera makers don’t bother with IPX1 ratings, although most certainly most any camera made today would pass an IPX1 test. The Ricoh GR IV could probably pass it. OM is using it as a selling point, and hopefully nobody is burned by that, but it wouldn’t surprise me if someone is burned by it eventually.