In the latter part of the 20th century, Kodak was a household name. The high demand for film cameras, particularly in the United States, catapulted Kodak to billion-dollar status.

The question is: what led to Kodak’s downfall?

In 2012, Kodak declared bankruptcy. Though they continue to operate today, they are largely perceived as a mere shadow of their former powerhouse status.

This decline is often misattributed to an inability to keep pace with industry changes, rather than recognizing the company’s actual missteps.

Back in 1975, a Kodak engineer invented a groundbreaking device: the digital camera. This film-less camera was a revolutionary concept, and Steve Sasson, the engineer behind it, was well aware of its potential, presenting it widely within the company.

However, Kodak decided to ignore this innovation, instructing Sasson to keep it under wraps and avoid discussing the disruptive technology too openly.

At that time, selling film separately from cameras was highly profitable for Kodak, and undermining those sales with the digital camera was not seen as a sound financial move. In the short term, this strategy proved successful.

Kodak thrived for many years by not launching the digital camera, reaping profits from both cameras and film without revealing their digital camera developments.

In its heyday in 1996, Kodak was valued at $31 billion, and despite stiff competition, it remained a leader in the camera industry.

In hindsight, the decision not to advance digital cameras stands as one of Kodak’s greatest blunders, a mistake compounded by their repeated inaction.

When digital camera technology matured and became a viable alternative to film, most companies adapted or risked obsolescence.

Kodak, however, remained steadfast in their commitment to film cameras, leading to significant challenges by the mid-2000s as digital cameras surged in popularity.

Today, while digital cameras and smartphones dominate photography, film cameras like those Kodak sold for decades are primarily used by photography enthusiasts and admirers of 20th-century nostalgia.