Kodak Trying to Sell Its Photo Sharing Service for “Hundreds of Millions”
Earlier this month, Kodak sold off its sensor business in an effort to raise some cash to stay alive and hopefully turn things around. Now the company is looking to get even leaner by selling off its online photo sharing business. Photo sharing? Kodak? Yup, it’s called Kodak Gallery. While it’s not surprising that the camera maker has online services, what might be surprising is the price they’re looking to sell it for: according to the Wall Street Journal, it’s in the “hundreds of millions of dollars.”
Kodak first jumped into the online photo sharing and printing game in 2001, when it purchased Ofoto for somewhere south of $100 million. The service reportedly amassed 75 million customers worldwide and was bringing in $150 million in annual revenue at its peak. However, it has never been profitable and last month saw only 1.5 million visitors. In addition to the service itself, Kodak is selling off some of its valuable patents related to uploading and sharing photos online.
Kodak Seeks to Sell Online Photo-Sharing Business Kodak Gallery (via Reuters)