The rise of digital photography was largely down to Kodak’s demise; now it looks like the camera pioneer is making a huge jump to avoid missing the innovation boat again.
What happened to Kodak?
The company went bankrupt in 2013...
Having just launched their own cryptocurrency, KODAKCoin, they have made a stock boost of over 90%, almost $6 a share! (from Zero to Hero)
To understand why they just jumped on the crypto bandwagon, we need only look at their history…
The first major camera innovation left them in the dust
Founded in 1888, the company who gave us “the Kodak moment” is synonymous with photography. Their business model was simple: sell cameras on the cheap, then rake it in on 70% margin film sales - NAUGHTiiiiii
In 1996, Kodak was the 5th most valuable brand in the world. They controlled nearly 70% of the US film market, with close to 145 global employees and $16B turnover.
Then, in 1975 the wind was taken out from their sails by one of their own crew! An engineer at Kodak, Steve Sasson, invented the World's first digital camera.
Kodak invented their own undoing!
At the time, digital camera's were still expensive to produce and Kodak wasn’t ready to chase a low-margin competitor to its core product when it ruled the globe (quite literally).
Oh how the mighty fall...
By the time they made the pivot, Kodak was playing catch up -- and by 2012, they had sold many of their core patents and filed for Chapter 11.
This time around, it is clear they don’t want to idly stand by once again, watching technology pass them by - KODAKCoin ICO - watch this space!
Shares in photo firm Eastman Kodak soared nearly 120% after it revealed plans to mint its own crypto-currency, the KodakCoin. The US firm said it was teaming up with London-based Wenn Media Group to carry out the initial coin offering (ICO). It is part of a blockchain-based initiative to help photographers control their image rights.