George Eastman founded Kodak in 1877 and introduced the Kodak camera in 1888, which popularized photography for amateurs. Kodak dominated the film market for much of the 20th century, controlling 70% of the US film market by 1950. However, Kodak failed to transition to digital photography in time and was disrupted by digital cameras. By 2011, declining film sales caused Kodak's stock to fall 80% and it filed for bankruptcy in 2012, exiting the camera business entirely the following year. While Kodak invented the digital camera in 1975, its film business model prevented it from fully embracing and leading in digital photography.