Brand reinvention in Kodak

By Tuyen Nguyen

As anyone who grew up would have heard of Kodak and its historic word in “Kodak Moment”. Kodak was forced to go into bankruptcy in January 2012 because they could not catch up with the transformation of the digital camera, and also smartphone build-in camera technology.  People are not willing to buy a film camera anymore when the digital camera came out.  As of this year, they have changed their mission statement to try to reinvent themselves.  Kodak reemerged back out of bankruptcy in the mid-year of 2013.

Kodak’s mission statement was

Build a world-class, results-oriented culture providing consumers and customers with many ways to capture, store, process, output, and communicate images and pictures as memories, information, and entertainment to people and machines anywhere, anytime; and bring differentiated, cost-effective solutions to market quickly and with flawless quality, through a diverse team of energetic employees with the world-class talent and skills to sustain Kodak as the World Leader in Imaging. (Kodak.com, 2018).

Kodak changed it a mission statement to

Kodak is a technology company focused on imaging.

We provide – directly and through partnerships with other innovative companies – hardware, software, consumables and services to customers in graphic arts, commercial print, publishing, packaging, electronic displays, entertainment, and commercial films, and consumer products markets.

With our world-class R&D capabilities, innovative solutions portfolio, and highly trusted brand, Kodak is helping customers around the globe to sustainably grow their businesses and enjoy their lives. (Kodak.com, 2019)

According to Wikipedia.com: Kodak had sold a lot of their inventions of its patents for approximately $525,000,000 to a group of companies (including Apple, Google, Facebook, AmazonMicrosoftSamsungAdobe Systems, and HTC) under the names Intellectual Ventures and RPX Corporation.

The internal stakeholder wanted them to transform into Cryptocurrency business because that’s the future for every transaction using cryptography technology to encrypt the exchange of data and information.

Cryptocurrency is the new buzzed word that everyone should have heard of.  It’s a way that the information gets exchanged by strong cryptography transaction. Such as BitCoin and other currency exchange platform that used cryptocurrency token to buy and sell BitCoin online.

Kodak had created a platform called KODAKOne. “KODAKOne will create an encrypted, digital ledger of rights ownership for photographers to register both new and archived work they can then license within the platform. KODAKCoins will be issued immediately to photographers, both professional and amateur, on sale of their work on KODAKOne.” (Rawlins, 2018).

KODAKOne is a platform for the photographer to exchange licenses with their photograph and images. This platform will craw the internet to catch any unlicensed misused images and giving the reward to the photographer who owned images.

“Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin,” says WENN Digital CEO Jan Denecke.

“Subject to the highest standards of compliance, KODAKCoin is all about paying photographers fairly and giving them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.” (Rawlins, 2018)

References:

Rawlins, L (2018, January 10) Kodak looks to reinvent itself with crypto-currency. Retrieved from https://www.itweb.co.za/content/BO2rQGqA1Zoqd1ea

Wikipedia. Retrieved from https://en.wikipedia.org/wiki/Kodak.