Kodak on the verge of bankruptcy: what remains of the film photography giant?
In August 2025, Kodak announced what many feared: one of the pioneers of film photography, a true visual institution for over a century, might not survive its own strategic mistakes. The official announcement of substantial doubts about its continued operations shook the industry. While film photography is experiencing a spectacular revival, Kodak, the symbol of this photographic technology, is sinking into a new major crisis.
How did we get here? This article traces the slow death of a giant, the reasons for its failure to ride the wave of the film revival, and presents credible alternatives like BromureFilm, which is reinventing the film experience through quality refurbished equipment.
A century-old giant in decline
At 133 years old, Kodak faces an existential threat. On August 12, 2025, the company released an alarming report citing "substantial doubts" about its ability to continue operating in the coming months. This language, rare in official communications, signals a critical tipping point for the Rochester-based company.
The figures for the second quarter of 2025 confirm the scale of the crisis:
- Revenue: $263 million, down from 2024.
- Net loss: $26 million after an equivalent profit a year earlier.
- Looming debt: $500 million without secured financing.
In response, Kodak's stock plummeted more than 25% on Wall Street. A sharp drop, but hardly surprising given the company's deteriorating economic fundamentals. To avoid default, Kodak implemented an emergency plan: suspending its retirement fund (KRIP), liquidating assets, and hastily renegotiating debts . Extreme decisions for a desperate situation.
Pharmacy: diversification without real success
Since 2020, Kodak has embarked on an unexpected shift: the production of pharmaceutical components , via its Advanced Materials & Chemicals division. In the midst of a pandemic, this repositioning was hailed as bold. Yet, five years later, the results are far from being there.
The company did modernize its Rochester plant for $20 million, but the chemicals division's EBITDA is capped at $8 million, far from compensating for the collapse of the photography business. Worse, production costs are exploding, particularly due to raw materials like aluminum.
Film photography is no longer the core of Kodak's business model . Yet, it is precisely this activity that is rising from the ashes.
A silver boom… without Kodak
The paradox is striking: while film is making a comeback , Kodak is unable to capitalize on it. Global demand for film is exploding, filmmakers are shooting 35mm again, and social media is full of photos taken with vintage film cameras. The market is estimated to be worth $427 million by 2032—remarkable growth in a digital world.
And yet:
- Kodak has suspended film production at the end of 2024 for modernization.
- A $49 million investment was not enough to revive the momentum.
- Fujifilm, Canon and Sony now capture the bulk of the market, including the analog segment.
Why is Kodak failing to capitalize on its own legacy? Because it suffers from decades of flawed strategic decisions.
A succession of fatal errors
At the height of its fame in the 1970s, Kodak held 90% of the film market in the United States . The phrase "Kodak moment" symbolized photographic excellence. Yet this dominance blinded it to technological change.
Some striking examples:
- 1986 : Loss of the lawsuit against Polaroid, which forces Kodak to abandon instant photography.
- 1990 : Insistence on the APS format, while Canon and Nikon invest in digital.
- 2012 : Bankruptcy with $6.75 billion in debt. Restructuring under Chapter 11.
Ironically, it was a Kodak engineer who invented the first digital camera… in 1975. But management refused to believe it. This conservatism was fatal in an industry that values rapid innovation and adaptability.
Film deserves better than a disposable camera
Film enthusiasts know that quality equipment is essential . However, Kodak's recent offering (disposable plastic cameras, mediocre lenses, low-end finishes) does not reflect the demands of passionate photographers.
Photographing on film is about seeking a sensory, authentic, tactile experience . This cannot be embodied in an all-plastic device designed to be thrown away. It is in this quest for quality and durability that specialized players are taking over... like BromureFilm.
BromureFilm: Reviving the Nobility of Film
At BromureFilm , we believe that film photography deserves a second wind, a demanding wind, respectful of history and looking to the future. This is why we offer a selection of reconditioned film cameras , guaranteed and tested by specialists.
Kodak fades, but film photography reinvents itself
The predicted fall of Kodak does not mark the end of film photography, but a change of era. The time of the behemoths is over. The future of film belongs to enthusiasts, artisans, and independents who share a common vision of excellence and beauty .
Don't entrust your passion to a failing business. Join those who make film photography a living, evolving practice, rooted in excellence.
