Kodak Faces the Fade-Out – Is This the Final Call?

Eastman Kodak, the 133-year-old name once synonymous with photography, has warned that it may not be able to keep operating for much longer. In their latest earnings report, the company admitted it has no committed financing or available liquidity to meet roughly $500 million in debt obligations coming due. Shares tumbled more than 25% on the news.

Not long ago, we explored film vs. digital in a piece on shooting with Kodak Vision 3, and it wasn’t all that long ago the company made an attempt to revive the Super 8 camera. Now, though, Kodak faces serious challenges, and it’s fair to wonder what the next chapter might hold. The company says it’s looking for ways to buy time, from stopping payments to its retirement pension plan to refinancing its remaining debt. CEO Jim Continenza insists the company is making progress “despite the challenges of an uncertain business environment,” and according to a Kodak spokesperson who spoke to  CNN,  they’re confident they can pay down a large portion of the loan before it comes due.

A little history of Kodak

It’s a sobering moment for a company that once dominated its field. Kodak was founded in 1892, though its roots date to George Eastman’s first plate-coating patent in 1879. The company made photography accessible to the masses. The first Kodak camera was sold for $25, with Eastman’s famous promise: “You push the button, we do the rest.” By the 1970s, Kodak commanded 90% of US film sales and 85% of the camera market. Kodak film and a Kodak-built camera flew on Apollo 11. Indeed, the company captured the world in Kodachrome and helped create some of history’s most famous photographs.

The trouble was, Kodak also invented the first digital camera, and then shelved it, fearing it would cannibalize film sales. By 2012, the company was bankrupt. It re-emerged with a smaller footprint, leaning on film for Hollywood and chemicals for industry. In 2020, Kodak even tried a new role as a pharmaceutical supplier, backed by a $765 million US government loan. The stock soared; the pivot didn’t last.

A missed moment

For decades, Kodak’s bread and butter wasn’t high-end professional gear; it was the everyday photographer – families, travelers, hobbyists who bought affordable point-and-shoots, a couple rolls of film, and got them developed at the drugstore. It was steady, reliable business built on habits people didn’t think would change. But as digital photography took hold, those habits shifted. Cameras became cheaper, memory cards replaced film, and the convenience of seeing images instantly began to chip away at Kodak’s core market, long before the smartphone finished the job. And in addition, of course, when Kodak invented the first digital camera in 1975, it shelved the idea, worried it would eat into film sales. This was a decision that would haunt the company later.

Final thoughts

Kodak is working to grow its main business, even as it faces financial challenges. Film and chemical production are still central, with steady demand from the movie industry and other commercial clients. The company also licenses its brand for consumer products, so the Kodak name stays visible as its place in the photography market changes. But the market is smaller, competition tougher, and reinvention hasn’t come fast enough. If this truly is the end, it’s a bittersweet one for a company that made photography easy for everyone, yet struggled to picture what came next.

What’s your take on Kodak’s situation? Have you ever shot on film, and would you miss them at all?