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Sonos is laying off 12% of its workforce and implementing cost-cutting measures, including CEO and executive pay cuts, due to the pandemic. The company will also close its Manhattan retail stores and smaller offices. Meanwhile, Olympus is exiting the camera business after 84 years to focus on medical devices, selling its camera division to a private equity firm. The shift is due to declining camera demand as smartphones become more prevalent. Olympus will now concentrate on medical imaging devices like endoscopes. News headlines are available for streaming.

What has affected the demand for cameras in recent years according to the text?

What will Olympus focus on going forward after exiting the camera business?