The Eastman Kodak Company, established in 1888, held a dominant position in the photography industry for most of the 20th century. They developed the first digital camera in 1975, however, due to the industry's strong bond to classic analog film, they choose not to develop digital technology for 15 years. At the time, Kodak held 90 percent of the global film market, and they feared that digital technology could undermine this very profitable market. This mistake led to the company's bankruptcy in 2012, as other companies including Canon, Nikon, Sony and Fujifilm dominated the digital photography market.¹⁾²⁾