Core Viewpoint - Kodak, once a dominant player in the film industry, is facing potential bankruptcy again after struggling for years post-restructuring in 2013, with a significant debt of $500 million due within 12 months and declining revenues and profits [5][6][8]. Group 1: Financial Situation - Kodak's recent financial report revealed a $500 million debt maturing within a year, leading to a warning about its "going concern" status due to a lack of clear financing channels [5][6]. - Following the financial report, Kodak's stock price dropped over 20%, indicating investor concerns about the company's viability [6]. - Despite Kodak's claims that it can manage the debt and plans to use employee pension funds to cover it, investor confidence remains low [5][6]. Group 2: Business Transformation - After filing for bankruptcy in 2012, Kodak shifted its focus from consumer products to commercial printing and film supply, moving away from the consumer market [9][10]. - Kodak's commercial printing business now accounts for approximately 70% of its revenue, showcasing a significant shift from its original business model [10]. - The company attempted to innovate by entering the blockchain and cryptocurrency space in 2018, but these efforts were met with skepticism and ultimately failed [14][16]. Group 3: Historical Context - Kodak was founded in 1888 and became a household name with the introduction of the Kodak Box camera, revolutionizing photography for the masses [20][22]. - The company played a crucial role in American culture and history, being involved in significant events and providing equipment for Hollywood productions and NASA missions [32][33]. - Kodak's decline is often attributed to its failure to adapt to digital photography, missing opportunities to capitalize on emerging technologies [46][48]. Group 4: Market Position and Competition - Kodak's current annual revenue is around $1 billion, a stark contrast to its peak revenue of over $16 billion, indicating a significant decline in market position [19][20]. - Other companies, such as Fujifilm, have successfully diversified their business models and adapted to market changes, unlike Kodak, which clung to its traditional film business until it was too late [43][46]. - The nostalgia market has seen a resurgence, benefiting companies like Polaroid and Fujifilm, while Kodak struggles to find its place in this new landscape [38][43].

Core Viewpoint - The resurgence of "peel-apart film" photography has ignited a new trend among young consumers, driven by nostalgia and social media influence, leading to skyrocketing prices and a booming secondary market for these products [4][5][8]. Group 1: Market Dynamics - The price of Fuji FP-100C peel-apart film has surged to between 2800 and 3300 yuan per box, significantly higher than its pre-discontinuation price, with increases exceeding those of gold [5][7]. - The search volume for peel-apart film on platforms like Xianyu increased nearly 30 times in May compared to April, with daily transaction volume rising by approximately 540% [5][6]. - The average price for a single peel-apart photo shoot has escalated to between 400 and 800 yuan, reflecting the growing demand and scarcity of the product [5][7]. Group 2: Consumer Behavior - Young consumers, particularly those born after 2000, are increasingly willing to spend on unique photography experiences, with some spending up to 400 yuan for a single peel-apart photo [6][11]. - The trend has shifted from niche art enthusiasts to mainstream consumers, with many seeking to replicate celebrity aesthetics in their own photos [6][8]. - The emotional connection and perceived value of "instant handmade" photography have made peel-apart film a new form of social currency [6][8]. Group 3: Industry Implications - The discontinuation of major brands' production of peel-apart film has created a barrier to entry, leading to a scarcity that drives up prices and demand [7][10]. - The market is now heavily reliant on overseas purchases and second-hand transactions, with significant profits being made by those who stockpiled the film before its discontinuation [10][11]. - The rise of alternative photography methods, such as digital simulations of peel-apart film effects, indicates a potential shift in consumer preferences as prices continue to rise [14][15].