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Economy

Kodak CEO Issues Statement On Motion Picture Film Business

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Kodak’s CEO has issued a statement following a report in the Wall Street Journal that the company is close to a deal with Hollywood studios that would guarantee Kodak would be able to count on a certain amount of sales of motion picture film.

After a request for comment from WXXI News, the company provided a quote from CEO Jeff Clarke which said:

After extensive discussions with filmmakers, leading studios and others who recognize the unique artistic and archival qualities of film, we intend to continue production.  Kodak thanks these industry leaders for their support and ingenuity in finding a way to extend the life of film.”

The Journal story quoted Clarke as saying the pending deal would allow Kodak to keep from having to close the film plant in Rochester.

Other statements provided  to WXXI by the company on Wednesday say that Kodak appreciates the unprecedented support of leading filmmakers and studios for the continued production of film.  Kodak notes its film sales have declined by 96 percent over the last ten years because of the shift to digital, and that has challenged profitability in the traditional film business. Film now accounts for about six percent of the company’s revenues.

The Wall St. Journal reported that several prominent filmmakers including Quentin Tarantino lobbied the heads of studios to find a way to keep the production of film going.

Kodak says support from the motion picture industry enables it to plan ahead and maintain production of film for the entertainment industry while it gears up for new markets such as touch sensors.

Kodak reportedly plans to market a version of its film for use in touchscreens for devices like smartphones and tablets.