Kodak, once a leader in the photographic film industry, declared bankruptcy in 2012 due to its failure to keep up with changing technology and market demands. As digital photography became increasingly popular during the early 2000s, Kodak was unable to successfully transition from traditional film-based photography into the digital age. The company was slow in developing digital cameras and online photo services which allowed competitors such as Sony, Canon and Nikon to gain greater market share. Additionally, Kodak made several strategic missteps including investing heavily in traditional film-based products rather than focusing on technologies that could have enabled them to remain competitive. Consequently, these failures resulted in decreased revenue streams for the company and ultimately caused it go out of business.