The New York Times, in a March 22 article, focused on the challenges for Kodak, the onetime king of photography, as it attempts to redefine itself in a fast-changing business environment.
Kodakโs researchers actually invented digital photography in the ’90s, but the company remained focused on the revenue generated from traditional photography. Even before cameras became an essential part of the smartphone, sales for traditional film were plummeting.
โFor Kodak, the advent of digital photography was ruinous. Today it has $2 billion in annual sales, compared with $19 billion in 1990 when consumer film was king. It now has 8,000 employees worldwideอพ it had 145,000 at its peak,โ the Times article points out.
The point here is to not single out Kodak for any past decisions or performance. The list of large 20th Century companies that could not adapt to a changing technological (or consumer) landscape is endless. Read More