Some odd years ago, the DSLR hit commercial status. While only professionals were first seen lugging the device around, suddenly an average individual would have one in their hands. Unfortunately for companies like Canon and Nikon, those days have passed. Furthermore, cheaper alternatives, like those coming from Yongnuo, are growing in popularity even amidst professionals.
According to The Sydney Morning Herald, it was ten years ago when Canon boasted about how digital camera owners were making upgrades. They did so by purchasing compact devices, that allowed for more pixels, or a larger zoom range.
The trouble is that most individuals already have a camera in their pockets, which have a multitude of other functions. Moreover, even individuals that need specific equipment have started to prefer cheaper, yet functioning, alternatives over the thousand dollar options that Canon and Nikon offer.
Seeking Alpha puts Yongnuo products in direct contrast to the products of these two big names.
Currently, the Chinese company already has DSLR lenses that can compete with those of Canon and Nikon. For example, Canon's f/2 35mm IS USM lenses roughly cost $600. However, Yongnuo's own f/2 35mm lens sells for only $120 just ⅕ of Canon's price. Yongnuo's 50mm f/1.8 lens sells for just $65.
These two specific lenses are a must for most photographers. And with a price that is much cheaper, partnered with a product that still packs a punch, there is no doubt that plenty will find it enticing to jump products.
The publication further goes on to argue that Yongnuo can further develop products that are like those of Canon and Nikon, but still cheaper.
Canon reported a 39 percent drop in operating profits, which could only get worse with the different factors that keep biting at it. The only option that these big names seem to have at this point is to lower their prices as well.