Made photography accessible to everyone with the $1 Brownie camera. Sold 10 million in five years. Built a razor-blade model: cheap cameras, high-margin film at 80% profit. By 1976, controlled 90% of U.S. film sales and 85% of cameras.
Kodak invented the digital camera in 1975 but shelved it to protect film profits. Every incentive — from middle managers to the board — was tied to short-term film revenue, not long-term survival. They tried digital cameras and diversification, but never bet the company on transformation. Meanwhile, film sales cratered after 2001 and nothing replaced it.
Chapter 11 bankruptcy in 2012. Stock fell from $90 to under $1. Shed 47,000 jobs and closed 13 manufacturing plants. Assets of $5B, debt over $7B. The empire liquidated.
