Andre Yoskowitz
9 Feb 2012 21:58
Kodak has announced it will stop making digital cameras in an effort to focus on its more profitable businesses.
Additionally, the company will also stop making digital picture frames. Both lines of products will be phased out by the end of the quarter, adds the company.
Into the future, the company will focus only on photo printing and desktop inkjet printers. By dropping the other products, the company should save $100 million per year.
Last month, the storied company filed for bankruptcy protection, looking to shred major expenses.
Kodak released the world's first consumer camera in 1888 and is still looking to sell off some of its patent portfolio and a successful deal would keep the company out of Chapter 11 bankruptcy. The company has 1100 very valuable photography and digital photography patents and internally they value the portfolio at around $2 billion.
Despite inventing the digital camera in 1975, the company never capitalized on it, instead sticking to their film business, which has all but disappeared and had already begun shrinking in the 1990s.