It was honestly bound to happen: and now it has. According to a report from the Wall St Journal found by Imaging Resource, Olympus will kill off their V series of cameras. The V series were always the more affordable options, but the problem is that those camera sales are being eroded away by mobile phones. There isn’t any word on the other point and shoot cameras like the XZ-2 and XZ-10, but when one thinks about Olympus these days, we often think about the Micro Four Thirds line of cameras. With the arrival of the EP5, the lineup has full mobile connection though it is also possible with Transcend Air cards for the rest of the pen lineup.

These cameras are designed to offer users something that they can’t get from their phones: better quality. The images are then easily ported over to the devices and then shared to the web. However, someone will soon need to put apps like Instagram and Facebook in the cameras without the use of the Android system.

Despite this news, the company had a tremendous stock rise today. According to the Wall St Journal report though, other manufactures such as Canon are even struggling with point and shoot sales. And for years, Canon Powershots were the absolute best that one could get. But with the recent competition from Fujifilm’s X series and Sony’s RX series with significantly larger sensors, we’re not very sure that the small sensor camera market can survive.