Kodak Shutters Digital Camera Business
Eastman Kodak, which revolutionized the camera business back in 1888 with the introduction of the original Kodak camera, will stop making its own digital cameras and begin licensing its brand to other companies. Eight years ago, Kodak exited the film camera business although it continues to sell disposable film-based cameras.
The storied photography company will also stop making pocket video cameras and digital picture frames. Instead, it will focus on consumer and commercial printers.
When founder George Eastman first marketed the original Kodak camera, he used the slogan “You Press the Button, We Do the Rest.” Soon someone else will be doing the rest instead.
Kodak invented the digital camera in 1975 but did not market a camera until 1991, when it offered the first digital SLR, the DSC-100 (pictured).
The decision should save the company over $100 million per year, the company said in a written statement. Kodak is in Chapter 11 bankruptcy proceedings and is seeking to raise cash and lower costs to repay its debtor-in-possession loans.
(Photo: The Spira Collection and Photo Historica)