Panasonic announced Thursday that it will no longer sell plasma high-definition televisions starting March 2014, Forbes reported.
Panasonic explained on their website that "in order to create a business structure that can respond to changes in the business environment and to accelerate the growth strategy" the company will end production of plasma display panels in December 2013.
Currently, Panasonic makes and sells Plasma and LCD versions of the common flat panel TV technologies, Forbes reported. Samsung and LG also do the same; all other TV companies sell only LCD.
Panasonic has said the Amagasaki P3 and P5 Factory have already stopped production, Forbes reported. The P4 factory will continue to operate until March 2014.
The company's decision isn't based on the quality of their product, as top reviewers, including HD Guru, have praised Panasonic's 2013 plasmas as some of the best flat HDTVs this year.
According to Forbes, Plasma televisions are beloved for their overall better picture quality.
The decision is based on the declining demand.
"Due to rapid, drastic changes in the business environment and a declining demand for PDP in the flat panel display market, it was judged that continuing the business would be difficult and a decision was made to stop production," the company said in a statement.
According to NBC News, in recent years Panasonic, Sony and Sharp have been losing money on HDTVs, NBC News reported, and all three have taken steps to turn to profitability by closing facilities and reorganizing. Demand on TVs worldwide is down, and plasmas, rather than LCD TVs, have borne the brunt of the declining interest.
Although plasma has made up the lion's share of its large-screen offerings, Panasonic said it won't be exiting the TV business, and will continue to sell HD and Ultra HD LCD TVs, NBC news reported.
Korean consumer electronics companies LG and Samsung will continue to manufacturing plasma panels and HDTVs.
