Pivot · Japan · 2000–2020
Fujifilm: surviving the death of photographic film
While Kodak went bankrupt, Fujifilm redeployed its chemistry and film expertise into healthcare, display materials, and even cosmetics.
By Shivam Bhandari · Reviewed 31 October 2026 · How we write
by the numbers
- Peak film era
- around 2000
- Komori becomes CEO
- 2003
- Astalift skincare launch
- 2007
- Kodak bankruptcy
- 2012
What happened
Around 2000 photographic film generated a large share of Fujifilm's profits. Digital cameras then destroyed film demand within a decade. Kodak, its great rival, filed for bankruptcy in 2012.
CEO Shigetaka Komori, who took charge in 2003, asked what Fujifilm's technologies could do outside photography. Expertise in thin films, chemistry, and collagen (used in film) led into LCD display films, medical imaging, pharmaceuticals, and a skincare line, Astalift, launched in 2007. Fujifilm cut thousands of jobs and invested heavily in acquisitions, including Toyama Chemical.
Fujifilm also kept parts of its photo heritage that still worked, such as Instax instant cameras, which became a surprise hit with younger buyers. Healthcare became its biggest growth engine.
Timeline
- 2000
Film demand peaks.
- 2004
Restructuring plan to diversify.
- 2007
Enters cosmetics with Astalift.
- 2008
Acquires Toyama Chemical.
what made it work
- Defined itself by capabilities, not by product.
- Acted while film still generated cash.
- Kept the profitable nostalgic niche (instant cameras).
the lesson
When your product dies, your know-how doesn't have to — redefine your business by what you are good at.
Apply it to your business
- 1List your core skills separately from your products.
- 2Use today's profits to fund tomorrow's business.
- 3A shrinking market can still have a profitable niche.
Laws at work in this story
Figures are rounded and drawn from public reports, company filings and widely cited coverage at the time. Check the company's latest filings before relying on any number.