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A new report in phys.org states that the smartphone industry is “crushing” the point-&-shoot compact camera market, comparing the small digital cameras to the death of the film camera industry.

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[styledbox type=”general shaded” align=”center”][blockquote type=”blockquote_quotes” align=”left”]Just as digital cameras all but destroyed the market for photographic film, the rapid shift to picture-taking smartphones has torn into a camera sector dominated by Japanese firms including Canon, Olympus, Sony and Nikon. “We may be seeing the beginning of the collapse of the compact camera market,” said Nobuo Kurahashi, analyst at Mizuho Investors Securities.[/blockquote][/styledbox]

How much are smartphone cutting into the compact camera market?

Japan’s Camera and Imaging Products Association states that in September alone, shipments of compact cameras plummeted a drastic 48% compared to the year prior. Cameras with interchangeable lens, for comparison, only dropped 7.4%.

And the compact camera market isn’t the only industry feeling the hit from the popularity—and diversity of abilities—of smartphones. Video game makers, such as Nintendo, are also seeing fast drops in sales as users transition to gaming on their iPhone, Samsung Galaxy, or similar smartphone devices.

[styledbox type=”general shaded” align=”center”][blockquote type=”blockquote_quotes” align=”left”]The market for compact digital cameras shrank at a faster speed and scale than we had imagined as smartphones with camera functions spread around the world. — Olympus president Hiroyuki Sasa at a news briefing this month[/blockquote][/styledbox]