Kodak bails out of digital camera market

The day has finally arrived when Eastman Kodak Co, the inventor of the handheld camera, will cease future plans of rolling out any more digital cameras, pocket video cameras and digital picture frames as part of the group’s attempt to lower their costs in running the company. If there were to be a list drawn up which lists the biggest corporate casualties in the digital era, then Eastman Kodak would surely be on that list. Don’t you think that it is rather ironic that modern technologies like digital photography is no longer the bread and butter of the company, despite inventing it in the first place?

It is also noteworthy to mention that Kodak filed for bankruptcy protection last month, and the exit from the digital camera market in addition to digital picture frames and pocket video cameras are expected to generate over $100 million in annual operating savings. I guess the Kodak booth at CES next year (if they intend to make an appearance) would be a whole lot more boring – will we just be treated to photo printers? It is a shame, really, but the economy rarely has any feelings of sympathy for those who fail to innovate.