Last week in class we discussed how Kodak was filing for bankruptcy due to a severe loss in business in the camera market. However, reports of bankruptcy were not true, according to Kodak; its shares jumped this week after they plunged due to reports of bankruptcy. Forbes reports that this jump in stocks is due to reports of Kodak having redesigned its strategy.
Can Kodak really recover from being “behind the times” since the introduction of digital cameras? It will be tough for Kodak to compete with current leaders of the digital camera market, such as Olympus, Sony and Nikon. Although Kodak was known for its influence on the film camera industry prior to cameras turning digital, it could perhaps be disastrous for Kodak to attempt a resurgence in an already competitive market. Some people would be saddened by the loss of a company that has been around for 131 years and really made photography popular.
Reports state that Kodak’s new strategy involves selling digital imaging patents to generate funds that could be utilized to move their business in a new direction. Will it work?