Matt Granger dumps Nikon

MrFotoFool

Matt Granger is selling all his Nikon F gear for ...well he doesn't know what for yet. He has not chosen a new system but says the main reason is the video is not good enough. This likely makes sense for him, but since I don't do video it doesn't affect me.

[Deleted User]

Video is a perhaps "technical" rationale, but the real reason is to improve cash flow from serious reduction in business ops. Note that he didn't sell his Leica M10-P, at least he didn't mention it. He is not dumping it as that implies he is replacing it with something else, which he admits he is not.

CaMeRaQuEsT

I've watched a couple of videos shot by him and, unlike videos on his channel that have been shot by contracted videographers, I sincerely believe that he needs to first learn how to properly shoot videos before telling us it is his gear that's holding him down. Having said that, he does have a point in saying that F mount gear is not optimal for video, what with only the D780 having on-sensor PD AF and all non-exotic primes using the not quite as quiet "geared silent wave" AF motors.

tc88

flip said:

but the real reason is to improve cash flow from serious reduction in business ops.

Exactly. He's effectively doing a commercial for KEH, so he probably got a very favorable quote from KEH, that it's probably a wash (if not coming out ahead) when he buys the equivalent gears back.

PB_PM

Considering it likely cost him a pretty penny to ship to KEH from Australia, they must have given him a really good deal.

Pistnbroke

for his use buying a dedicated video camera would have been the sensible solution

dpidude

@PB_PM He moved to New York City.

PB_PM

Ah, haven’t followed the guy since 2013, so I didn’t know.

NSXTypeR

I did watch his videos for a while when he was That Nikon Guy, but then he became this fashion photographer/click baity generic reviewer and I stopped watching. Honestly, I just watch DPReview and Lok Cheung now, mostly for some humor. Camera stats and reviews I'm not even into anymore as I'm not in the market for a new camera, I'm happy with what I have.

Pistnbroke

He has not stated what make he is moving to as he is waiting for the best sponsorship offer.....Sony ?

MrFotoFool

@Pistnbroke could be correct. The fact that he has not chosen a new system (before selling his old system) may indeed mean he is fishing for a sponsor.

spraynpray

Let's face it - a lot of them are just attention seekers who look to make a living off of something that isn't real work...

photobunny

He has decided to drop Nikon F by the sounds of it and Nikon Z is on the cards. His business needs have changed and he needs more video. I don't know why he hasn't bought 2-3 Nikon Z6 like every other Youtuber I have heard off that needs some video.

[Deleted User]

Photographing nudes and semi-nudes is not real work? Under those hot lights? I guess there are benefits to his chosen subject matter then.

He has tested FF equipment from most prominent manufacturers, and it's my guess that he doesn't need replacements at the moment. One could conclude business is very slow or close to nonexistent. Of course, one can always rent when needed, or "borrow" equipment from B&H for future testing and perhaps slip in a video or two along with new photo shoot material. We don't know his revenue sources, and perhaps advertisers weren't offering enough to pay bills.

At least now he has a nest egg to help ride out this covid situation.

Pistnbroke

If you listened to the angry photographer today you might know why. AP recons Nikon is totally bankrupt and is about to go under. Well he predicted Olympus right.

photobunny

Pistnbroke said:

If you listened to the angry photographer today you might know why. AP recons Nikon is totally bankrupt and is about to go under. Well he predicted Olympus right.

Nikon going under would be a sad day for photography. Canon would be running unopposed, well even more unopposed, the other manufacturers can all come under 'other' on their books if we loose Nikon.

[Deleted User]

Looking at Nikon's results through FYE March 2020, they had a small profit, current ratio was very good, and they had a reasonable amount of cash on hand.

I recall an announcement that their June 30 reporting would be delayed but I could not locate the specific notice. Normally the June 30th report would have been sent to investors already.

As others more knowledgeable have mentioned in prior months, Nikon is part of the Mitsubishi keiretsu, and that until the conglomerate decided not to support Nikon, they would continue.

AP says "they are teetering on the edge" and NPS support is nonexistent. IDK.

I wouldn't call Nikon "bankrupt" at all based upon the March 2020 results, in fact, far from it. I have seen companies in far worse condition function without bankruptcy.

I would think they would first consider selling their assets including patents and the Nikon brand rather than folding per se, that is, if they could find a buyer. I think Fuji would be a possible candidate, otherwise, perhaps a Chinese buyer. The question of demand during Covid comes up, and a prospective buyer has to consider the possibility that sales will be suppressed for at least another year or two. This could make a sale untenable, in which case, a closure much like Olympus would be likely option.

[Deleted User]

I started with Olympus OM-1 and a couple of lenses, and though I liked the results, the equipment was not dependable. Constant issues with lenses.

Switched to Nikon FM2s and N8008 with 4 lenses and loved the results.

Then moved to Nikkor Large Format Lenses for 4x5 work, and some of those lenses were the best in group. Very sharp lenses, well coated - exceptional results. I still have 2 of the 5 that I purchased. 75MM f4.5, 90mm F8, 150mm F5.6, 210mm F5.6 and 300mm F5.6 are all terrific.

I've rented virtually all of Nikon's super-teles in the day, and again loved the results. Manual focus 400mm (all 3), 500mm P, 600mm AIS (both f5.6 and F4), and 800mm. Yet, when Canon came out with the EOS 500MM F4.5 AF lens, I knew then, whatever competitive edge Nikon had was being eroded. It took years for Nikon to catch up to Canon in the super-tele area. Canon was using flourite in their lenses in the 80s (500mm F5.6). Nikon didn't employ flourite glass until the intro of the 800mm F5.6 AFS many years later.

Nikon always seems to have been slow on the uptake, a certain conservative perspective that a) they would do it their own way and at their own pace, and b) they would offer an alternative to their main competitor, Canon.

Canon's EOS system including AF simply took hold with most pros, and again, Nikon has always been last in line, a laggard so to speak. Their products however have always been great (many better than Canon), perhaps not cutting edge (with a number of exceptions including 1200-1700mm P, 58MM f0.95 noct).

It would be a pity to have to move on to another manufacturer.

WestEndFoto

All this talk about Nikon going bankrupt is silly. Before the pandemic, anybody that could read a financial statement would not have a remote going concern worry about Nikon (going concern is what auditors talk about when they worry a business cannot continue).

Even with the pandemic, I highly doubt an auditor would suggest such a statement. And while with the pandemic, I have to acknowledge that it is possible, I would worry about other makers just as much and in view the likelihood of Sony, Canon, Fuji or Nikon going bankrupt is remote.

mhedges

I don't think predicting what happened (or is happening, I guess it isn't actually done yet) with Olympus is any great feat. Anyone with half an eye on the ILC market saw that coming for a couple years at least.

AP wore thin on me a LONG time ago. I struggle to see what value he really adds, since I don't care for unhinged rants.

PB_PM

When all AP did was short, albeit emotionally driven, gear reviews, I enjoyed his work, it was a different perspective, rather than the usual numbers based technical stuff. Then all the strange rants, and spending ten minutes criticizing others for daring to have a different view than he did started, it got old fast. Of course it was about the time I started to tune out on many of the big shot YouTube photographers, as they all just got boring to listen to, and you could tell what brand was sponsoring them.

[Deleted User]

A "going concern" declaration is irrelevant in an environment where one disastrous quarter may use up all the cash a company has on hand. It's all about cash flow, and as I mentioned before, if a company runs out of cash, the investors have to decide whether to prop it up via shareholder loans or new paid in capital. The board would decide this on behalf of shareholders, and if prospects for the company short term bode well, they may be induced to continue.

The reasons for filing for bankruptcy are several, including blowing out current shareholders, deferring payments to creditors including loan payments etc. I don't see Nikon as a candidate, at least as far as I can see.

If Nikon's prospects are insufficient to allow shareholders to get back their new loans and/or equity, they likely will put assets on the street for sale. Nikon has had 5 months of activity since their last financial statements, and it is conceivable that EBITDA was so negative that Nikon cannot sustain activity. I know nothing about, but he says he has two reliable sources. Time will tell.

WestEndFoto

It is entirely relevant. Many of my friends are CFOs dealing with going concern audit statements and even in a pandemic most bankruptcies are still a couple of years or more out.

spraynpray

flip said:

A "going concern" declaration is irrelevant in an environment where one disastrous quarter may use up all the cash a company has on hand.

Normally I would agree with that statement but Nikon have not been exactly buoyant for years now so all I will say is fingers crossed.

I doubt they would go from publishing a road map like they have to bancruptcy soon so lets watch the next year.

mhedges

Times are uncertain for sure. I think Nikon will find a way to survive but it's definitely not a sure thing.

I worry they are repeating the (IMO) mistake they did with DSLR and have too many cameras out on the market. And now the market is of course much smaller. Now if they are smart about parts sharing etc. (a big if) maybe they could have as many models as before and not face additional costs.

spraynpray

I agree, I was disappointed when I read of a Z3 series.