posted on Jan, 22 2004 @ 06:05 PM
The digital camera age has taken it's
toll on the old film manufacturer's. Since the beginning of digital photography, as more people begin to use digital formats, profits have eroded to
the point of total demise of the film industry. After announcing the end of the product line last week, loadable 35mm film camera's, it is obvious
now that the industry is considered dead by the industry giants that used film to propel them to the Fortune 500.
(CBS/AP) Eastman Kodak Co., struggling to find its footing in new digital photography markets as its signature film business fades, said Thursday
it will cut 12,000 to 15,000 jobs, or up to 24 percent of its global work force, over the next three years. The Rochester, N.Y company expects to cut
total facility square footage by about one-third as it shutters some manufacturing sites, reports CBS MarketWatch. The announcement also came as the
world's biggest photography company posted a fourth-quarter profit of $19 million, or 7 cents a share, down sharply from $113 million, or 39 cents a
share, a year ago.
Obviously this is only a sign of progress, as went the wagon wheel maker's of old. But this is also a company that represented American ingenuity and
capitalism at it's best.
Photography has been since inception, a trusted method of documenting events, family, references in history, wildlife, and everything worthy of
archiving onto paper for keeping for future generations.
With Kodak planning to downsize, they are also taking a charge-off of almost 4 billion dollars over the next two years. This will immediatly effect
the shareholder's that are still sitting on their investments.
If Kodak cannot re-invent itself as a whole, we may be witnessing the slow agonizing death of a company with an amazing history.
[Edited on 23-1-2004 by SkepticOverlord]