Another major issue is that they were late to the party with their digital cameras. Once all smartphones had decent cameras, the niche they carved in easy to use snapshooter cameras became displaced while those companies that focused on digital SLRs boomed.

A smaller SLR segment boomed as the costs of distribution fell due to the internet, rewarding content creators while phone cameras becoming just as good and a lot easier to use for the typical snapshooter.

It almost reads like a case study in "Innovator's Dilemma."