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Discussion in 'Open Discussion' started by Bhupinder2002, Jan 19, 2012.
I am heart broken with this news .Its so sad .
Photography pioneer Kodak files for bankruptcy
It is chapter 11 and they got a nice line of credit to help them work through it so there is hope.
Just means they'll get a chance to re-structure while being protected from creditors. Doesn't mean they're out of business. If they do it right, they could very well emerge as a leader in the photography market and start reclaiming some of their former mantle.
It's sad, but Kodak has no one but itself to blame. They'll be a b-school case study for decades to come. Fuji transformed itself from a media (film and paper) and processing company to a digital products company successfully. Kodak, which was a pioneer in digital imaging and holds digital patents worth billions, couldn't figure out how to make the transition.
Kodak's business model was so successful, for so long, that management couldn't foresee it going away, and had no plans in place for when it did, and no one on board who could think outside the lines. And unless they use the respite Chapter 11 gives them to bring in outside blood who is prepared to rip the company apart and put it back together in a different way, it won't matter. No amount of relief from creditord will turn Kodak's money losing products and services into profitable ones. Their digital cameras have been second rate, at best, for years. Their services offer nothing really innovative compared to competitors, and those competitors are much more nimble, offering new services and innovations more rapidly than Kodak's ossified management can even review new product offerings.
An interesting, quick read, here:
Kodak: why the moment has passed | Business | The Guardian
That's scheduled to happen the same day hell freezes over.
What would Kodak re emerge as? A revamped camera maker? Printer maker? They already tried both neither worked out in the end.
Kodak as a business obviously made bad decisions regarding how they wanted to operate. Now they are paying the price.
Polaroid did the same thing. They didn't prepare themselves for the digital age and vanished because of it. At least for Polaroid film there is The Impossible Project. As far as Kodak's analog products, there are lots of other film and chemical co's
I think that in many ways Kodak is a company of a bygone era.
Lady Gaga, save Kodak!
Seriously, the Kodak/Fuji comparison is apt to a degree. At the end of the film era, Fuji was eating Kodak's lunch. As digital P&S took off however, Kodak was a big player, battling with Canon for the top spot for years and AFAIK a much bigger player than Fuji.
But as much as Fuji is the flavor of the month with a recent line of enthusiast-targeted cameras (X100, X10, X1 Pro), those are niche markets with low volumes. Until recently, they've been known for nice P&S that didn't set the world ablaze.
Besides that, they are much more diversified than Kodak ever was.
Kodak needs a Steve Jobs - someone to come up with a whole new class of products that nobody has and everyone wants. I wish them luck, as I was a loyal Kodak user up until the end of film.
I am ready to take over as CEO if someone pumps in a billion dollars ..LOl
Kodak was once the #1 camera company and they pioneered many innovations.
Sad to see them in such a predicament.
They had been sliding down hill for years before the digital revolution, however. They started to loose it when the Japanese brands exploded into the market. They also were focusing too much effort in selling the film and not enough in the cameras. One of the big things that has hurt them in the last few years is the switch from film to digital in Hollywood. Kodak supplies most of the film stock for the movie industry. More and more film makers and especially the studios are switching to digital. That means billions of lost sales for Kodak.
x2 - "resting on laurels 501", "ignoring the voice of the customer 507", and "technology marches on in a global economy 702" along with the American carmakers.
Being from Rochester, Kodak was long a source of pride, but more recently a source of sadness. Hopefully, they'll emerge from Chapter 11 as a real, albeit smaller/leaner, company again.
Our news was completely dominated by Kodak stories today.
Technological change: The last Kodak moment? | The Economist
Kodak's entire business model was based on consumables: Sell consumers the film. Sell business the chemicals needed to develop the film, and the paper on which to print the images. All have single use or limited lifetimes and need to be continually replaced. Nice business model, until consumers stopped caring about prints. Which made it easier to give up film.
Kodak was never able to come up with an alternate business model that worked for them. The had a long history of growing their people and promoting from within, which is admirable, but it meant that their management team had little experience with alternate business models and had a tendency towards group-think.
Given their (previous) market reach, technical knowledge base, and retail presence it seems there are certain markets Kodak could have dominated had they entered early. I can come up with online printing services, including book, calendar and card printing, and image sharing / storage off the top of my head. But they were beaten by smaller, more nimble competitors in both markets.
In fairness to Kodak, though, they aren't the only company to have underestimated how rapidly digital would take over the market. I have a friend who, not too long ago, headed the QC department at the largest independent (not owned by a film or camera company) photo processing company in the U.S. At their peak they ran a 3 shift, 24*5 operation, and during peak periods went to 24*7. She lost her job when their volume was down to 1 shift, 5 days a week. Now the company doesn't exist at all.
Kodak had a long "tail" which supported independent film processors, camera stores, equipment manufacturers (both consumer and industrial) and more. Most of them have had to severely retrench, too, or have gone out of business. Camera stores relied on film and processing as the stable core of their businesses. With that gone, many have gone out of business or closed many stores.
Very interesting comments, meyerweb. Kodak realy was film and remained film. Film is now gone. However, I do hope they can continue as a printing service for family type snap shots. Over the past year I have uploaded and printed around 1000 4X6 images to Kodak in order to make some family albums, and the results have been terrific. It would be sad to see them disappear completely.