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Kodak was once the 800-pound gorilla in the world of photography. A shuttered Kodak store in 1981: The classic camera company that began selling $25 cameras in the late 19th century is close to bankruptcy after failing to adapt to the digital age.
Today, the term, “Kodak” is used as an apparition to warn the executives to stand up and fight, when competition hits its way in the market. Monolithic, inflexible and unable to keep up with the shifts and turns of disruptive technology, once great companies like Kodak can't survive without exhaustive restructuring. The investment required to ramp up in those markets generated a debt load that outpaced the company's ability to generate revenue, and that cycle can continue for only so long.As a kid, the Eastman Kodak brand was the undisputed king in a city known for its industry giants, including Bausch and Lomb, Xerox, Gannett, and Western Union. Kodak failed; Fuzifilm won and before even Kodak could take any serious action, it had surrendered its position to the others. It … But after a century of dominance, Kodak’s business crumbled and it was forced to declare bankruptcy in 2012. In 1990, the company pushed out the “Photo CD” as the industry defining digital image medium. Likewise, Kodak took a costly black eye in the battery business from industry leaders Duracell and Eveready, and divested from its battery spin-off, Ultra Technologies, with another painful loss.The problem Kodak would face in all of these new ventures is that it was too late to own any facet of the market. Every Kodak employee looked forward to a generous bonus--an annual event that juiced the local economy unlike any other.While embroiled in the Sterling and battery debacles, the digital revolution was already passing Kodak by, and the corporation’s infrastructure was steadily cracking. A generation ago, a “Kodak moment” meant something that was worth saving and savouring.
… That was a bold move and the company invested millions to make it work, but it turned out to be a myopic decision. Kodak sought to become the master of digital printing and was forging headlong into the self-service digital printing kiosk business, among others.Popular perception is that Kodak didn’t even enter the consumer digital tech business until the mid 1990s (with the release of the Kodak DC-25 compact digital), but that’s incorrect.
Before even Kodak could know its moment was over, it had lost its game in photography. Kodak was trying to benchmark the quintessential photo storage medium, evidently not realizing that the digital revolution was obliterating artificial boundaries between “photo storage” and other sorts of data storage. Brand partnerships that Kodak had invested in, nurtured and grown—like that with Disney—were no longer secure. It seemed to me at the time that Kodak was fighting a war on multiple fronts and losing across the board. Kodak had enough time but a traditional mind-set did not allow it to use the digital opportunity.
Contact him at: disalvowrites [at] gmail.com.David DiSalvo is the author of the best-selling book "What Makes Your Brain Happy and Why You Should Do the Opposite", which has been published in 15 languages, and theI grew up in a Kodak family.
Kodak, by sticking to its old school philosophy that the photo is king, failed to see that there would never be a sustainable market for what it wanted to sell.The company also courted the professional photojournalism market with a $13,000 digital retrofit camera that used a Nikon film body--the Kodak DCS-100--but it was slow to transition into the consumer market and fell behind competitors (including Nikon) that were closer to making the technology affordable to nonprofessionals.The fall of the company that George Eastman built is perhaps the most salient commentary on the new economy in recent memory, and tells an unfortunate story about much of America’s industrial base. It has also been sad to watch the decline of Kodak's (and my) hometown, Rochester, which has taken the brunt of the company's decline.By the mid1980s—just about 100 years after George Eastman invented paper-based film—my father was already voicing concerns about Kodak’s future.
But while making such admonitions, somewhere, one forgets the struggles that the company Kodak has faced and what … Here, a brief guide to Kodak's rise and fall, by the numbers:The Pentagon wants a new nuke because it might fire off the old ones by mistakeRepublicans' coronavirus aid bill is a joke.
His work has appeared in Scientific American Mind, Forbes, Time, Psychology Today, The Wall Street Journal, Slate, Esquire, Mental Floss and other publications, and he’s the writer behind the widely read science and technology blogs “Neuropsyched” at Forbes and “Neuronarrative” at Psychology Today. FALL OF KODAK – THE KODAK FAILURE. Other members of my family worked for the company in various roles, some until retirement. But acquiring the entirety of Sterling proved a disastrous decision, resulting in massive losses and the eventual selling off of all Sterling’s divisions within six years.