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The thing is lenses are round, so a square fills up a lens much better than a rectangular shaped sensor... it's about making the most out of the limited room inside the phone. You could have a 16:9 sensor, but it would be smaller inside the iPhone since Apple don't want to put a big camera bump on or do something smart like make the back curved,

So if a square makes the best use, then why does Samsung ship a 16:9 sensor? Wouldn't it be more efficient for them to have an even bigger square sensor?
 
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