Will the Photography Giant Fade into History? Kodak Buried Under $500 Million Debt

The once-dominant photography giant Kodak is now facing bankruptcy. With over a century of history, Kodak once held a 90% market share and was favored by countless renowned directors. However, having missed the digital transformation era, it now carries $500 million in debt, and this legendary brand may soon become history.

Smiling for the camera, capturing every precious moment—do you still remember the days of developing film?

Kodak, the global photography giant that accompanied generations through their youth, is now mired in a severe financial crisis.

In its latest financial report, Kodak admitted that due to liquidity shortages and failed financing, it may struggle to repay the $500 million debt coming due.

Founded in 1892, Kodak has a 133-year history. At its peak, it held a 90% market share in the U.S. film and camera industry. Iconic films like The Godfather and the original Star Wars series were shot on Kodak film, cementing its legacy in cinematic history.

The 2024 blockbuster Poor Things, which grossed over NT$3.8 billion, partially used Kodak Ektachrome to achieve vivid colors and a unique texture. This year’s Oscar-winning Enola also relied on Kodak film.

However, with the rise of digital technology, the peak of digital cameras in 2010 caught Kodak still clinging to traditional film. Missing its golden opportunity to transform, it was gradually overtaken by brands like Canon and Sony. In 2012, Kodak filed for bankruptcy protection with billions in debt.

Kodak attempted to pivot into industrial printing, medical imaging, and even launched a cryptocurrency, KodaCoin, in 2018. It also licensed its brand to apparel and lifestyle product manufacturers to maintain market visibility and generate cash flow.

Yet these efforts proved insufficient. Facing roughly $500 million in debt, Kodak plans to suspend its U.S. employee pension program.