Need a good comeback story to make you feel amazing? Check o..
Added 2024-11-07 23:44:03 +0000 UTCNeed a good comeback story to make you feel amazing? Check out the story of how Kodak bounced back- brought to us by Logically Answered. Notes below too! :)
https://youtu.be/N1hJaelOic8?si=WjJYjLMwSDI1c3CZ
Key Takeaway Notes:
Kodak's Bankruptcy and Restructuring: Once a $30 billion leader in the camera market, Kodak filed for bankruptcy in 2013 after failing to capitalize on digital photography. By selling assets and reducing debt, they were able to exit bankruptcy, although many creditors received only partial repayments.
New Leadership with Jeffrey J. Clarke: In 2014, Kodak appointed Jeffrey Clarke as CEO. Clarke prioritized listening to employees and fostering innovation, implementing a "fail fast" approach to improve agility and reduce bureaucracy.
Shift to Commercial Printing: Under Clarke, Kodak pivoted to digital printing, using their expertise in ink and imaging technology. They launched the Prosper 5000XLi and later the Prosper 6000, high-speed printers that positioned them as leaders in the commercial printing market.
Profitability and Film Comeback: Kodak recorded their first profit post-bankruptcy in 2016. Additionally, film photography experienced a resurgence, with high-profile directors and newer generations showing renewed interest in analog film.
2023 Success and Future Outlook: By 2023, Kodak reported $1.1 billion in revenue and a $75 million net income, marking a successful transformation. They continue focusing on innovation and research, maintaining their legacy in printing while expanding into profitable new markets.
