00:00Kodak was killing it in the market, and everything seemed to be going well.
00:03But behind the scenes, things weren't looking so good.
00:06The reason for this is because Kodak was extremely dependent on film sales.
00:10In fact, 90% of their revenue came from film sales.
00:13This meant that if for some reason people stopped buying film, Kodak would be in trouble.
00:17Now, Kodak knew this, and they had been trying to diversify their product line for years,
00:22but it just wasn't happening fast enough.
00:24Then in the 1970s, something happened that changed the course of Kodak's history forever.
00:28However, Polaroid released the first instant camera.
00:30This was a game changer because it allowed people to take pictures and develop them immediately.
00:35People no longer needed to buy film or go to a photo lab to develop their pictures.
00:39They could do it all from the comfort of their own home.
00:41This was a major blow to Kodak, and they tried everything they could to fight back.
00:45They developed their own instant camera, but it just wasn't as popular as the Polaroid.
00:49They also tried to buy out Polaroid, but they were rejected.
00:52At this point, Kodak was in trouble, and they needed a new plan.
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