The Kodak brand is an iconic name when it comes to associating it to photography and cameras. Back in the days before digital technology many amateur and professionals alike used their critically acclaimed 35mm film. Now it has been announced that the likes of the Kodak EasyShare range of cameras are to cease production as the company looks to further cut costs.
Last month the company filed for Chapter 11 bankruptcy protection in the US as it looks to restructure and achieve survival. But now the company has shocked the world with the announcement that it is leaving the camera business. According to an article over at Cnet Kodak is expecting to phase out its digital cameras, digital picture frames, and video cameras by the end of June.
Kodak now wants to concentrate on the company’s brand licensing, and will look for buyers for some of its patents. Its online Kodak Gallery service along with its retail based photo printing will remain trading. The company’s range of inkjet printers will also continue to be available to consumers.
Kodak Consumer Business president Pradeep Jotwani said that for a while now Kodak has looked to increase its margins in the capture device sector by “narrowing our participation in terms of product portfolio, geographies and retail outlets”.
The company was a leading light in the camera business allowing consumers access to handheld cameras over a century ago. During the 1900s Kodak was a leader in its field, but this all changed as rival companies entered the digital camera market with more sought after devices. Kodak started to slip behind its rivals and with the rise of smartphones carrying quality cameras, consumers increasingly used these for those quick snap shots.
Despite working hard to turn the business around it eventually admitted defeat and filed for chapter 11. Kodak is looking to come out of bankruptcy by next year, and has agreed a $950 million financing deal to see it through the process.
Kodak currently has over 1,000 digital imaging patents that could prove invaluable as it looks to secure its long term future, and for those it doesn’t sell it has a number of lawsuits waiting in the wings for any company that infringes them. Are you sad to see the end of Kodak cameras?