Kodak, Olympus and Fujifilm – The Rise and Deep Fall of the Camera Industry
Three companies with completely different endings:
Kodak once dominated the global photography market, inventing the first consumer-friendly camera and giving the world the “Kodak Moment.” At its peak, it held over 80% of the U.S. film market. Ironically, Kodak also invented the first digital camera—but leadership shelved it to protect film profits. As the world went digital and smartphones replaced dedicated cameras, Kodak failed to adapt. After years of decline and missed opportunities, it filed for bankruptcy in 2012, a cautionary tale of innovation ignored.
Olympus, best known for its high-end optics and medical equipment, faced a different kind of crisis. In 2011, CEO Michael Woodford uncovered a $1.7 billion accounting fraud hidden for decades. When he blew the whistle, he was fired and forced to flee Japan. The scandal rocked the corporate world, led to mass resignations, and exposed systemic issues in Japanese corporate governance. Olympus survived—but only after a painful reckoning and full internal restructuring.
Fujifilm, Kodak’s longtime rival, took a radically different path. When film began to die, Fujifilm didn’t cling to the past. Under bold leadership, it pivoted aggressively—repurposing its chemical expertise into cosmetics, pharmaceuticals, and digital technology. It shut down film plants, diversified rapidly, and emerged as a highly profitable, multi-sector innovator. Fujifilm’s transformation is now considered a textbook example of corporate reinvention done right.
