Leica is still working on a new medium format camera, but is there room in the market?

In a recent interview, Leica’s chairman of the supervisory board, Dr Andreas Kaufmann, confirmed that Leica is still developing a medium format camera.

This reaffirms teasers and statements made in past years, though with one key caveat: as Kaufmann told The Phoblographer, the camera remains a challenging endeavor and as he puts it, "it isn’t easy to make."

For those who have followed Leica’s tumultuous history with medium format, this isn’t unfamiliar territory. The Leica S system, once seen as a bold move into the professional studio and landscape market, struggled to gain traction.

The most recent model, the Leica S3, was introduced in 2018, didn’t officially ship until early 2020, and then just 2 years later it was quietly discontinued.

It’s not hard to see why. The S3 was a 64MP DSLR launched with a staggering price tag of $18,995 / £16,500 / AU$29,990, making it one of the most expensive medium format options available.

For context, Fujifilm's mirrorless medium format GFX system – offering impressive sensor size and image quality at a fraction of the cost – was already in full swing. And the 100MP Fujifilm GFX 100 was already on sale by the time the S3 arrived.

In a market where value and versatility are increasingly important, Fujifilm’s GFX cameras have become the go-to medium format solution for many working professionals and enthusiasts alike.

As a GFX user myself, I’ve come to rely on the system not only for its image quality but for its ergonomic design, lens ecosystem, and ongoing support. Frankly, I don’t see a compelling reason to consider jumping ship – even to a Leica.

Leica, of course, brings its own distinct appeal. The brand has a storied heritage, unmatched craftsmanship and a strong following among collectors and loyalists.

But in the hyper-competitive world of medium format photography, nostalgia can only carry a product so far – especially when it comes with a price tag that pushes it well beyond the reach of most users.

If Leica’s next attempt at medium format lands in the same pricing territory as the S3, it’s hard to imagine it seeing widespread adoption – especially when competing against systems that have matured and proven themselves both in the field and in the market.

The concern is not just about price. The S3 suffered from a short lifecycle and a sense of uncertainty around long-term support; a big red flag for anyone investing in a professional system.

Unless Leica can demonstrate a serious commitment to the format, along with competitive pricing and modern features, I worry that history could repeat itself.

For now, it seems we’ll have to wait and see. Kaufmann’s comments suggest that the company is taking its time, which could be a good thing. But unless it can redefine what a Leica medium format camera offers beyond just the red dot, it’s fair to question where such a system fits in the current landscape.

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