Earlier quoted context omitted.
Kodak was probably a chemical company first with a depth of chemical knowledge (a bulk of the development of photography was the design of film chemicals). Fujifilm, Kodak’s later main competitor, was in the same boat and they just leaned into chemicals more. Fujifilm survived and then went back to photography and now makes instant photography film again. They also make digital cameras that have a decent following. K…
But they did invest in digitals, heavily. There just wasn't enough there to power the huge ship that had been driven by film. Even if they controlled the entire digitals market it wouldn't compare to the previous film market. Perhaps chemicals could have been a saving grace, but I believe Fujifilm had a sufficiently cushioned blow due to the Xerox subsidiary and the more favorable Japanese Business environment. In co…
Investing in digital cameras was going to require many years of R&D with little payback. Someone like Sony could do it because they have all these other business sectors to subsidize development.
If Kodak couldn’t go into the chemical business, I’m not sure what else they could have done then.