Facebook Buys Instagram And Kodak Goes Bankrupt

Real Estate Broker/Owner with eXp Realty LLC NM Broker License 16161

I know this is beyond outside the realm of what we do in the trenches of real estate every day but.... there is tremendous consolidation happening within social networking and at the same time old technology is disappearing. You may have missed this news today or may not even know about Instagram or even care about social networking. In my opinion, this is something to pay attention to as real estate shifts from online to social real estate.

Instagram, a start up (2 years young) hot photo sharing company was purchased by Facebook for a reported $1BN dollars plus stock options. Kodak was on the planet for 131 years and now it is bankrupt and only a memory.

I have no clue about what this means for those of us in real estate other than Facebook just got a lot bigger with this grab of an innovative company as well as lots of social data. Social networking is now moving at warp speed. Now if real estate would only move at warp speed. What is your take on this change? How do you see it changing what we do in real estate? Or do you care?


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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Kodak blew it.  They dominated the camera market, but they felt that "Digital" was a sideline, and chose to stay with film.  Fatal error.

Facebook knows that Social Media is the future of the Internet.   They are on the forefront; they will soon blow Google off the map.

Apr 09, 2012 03:12 PM #1
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Emily - I agree with Fred: Kodak had the lead to lose, and they focused on the wrong avenue.

Apr 09, 2012 07:43 PM #2
Ralph Janisch ABR CRS Broker
Janisch & Co. - Conroe, TX
Selling Northwest Houston to good people like you!

We can only guess what technology is going to make Facebook obsolete but we can be assured that something will overtake it and it will eventually go the way of Kodak.

Apr 09, 2012 10:22 PM #3
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy


Of course we care...we remember our photographer friend predicting the demise of Kodak quite a few years ago.  We also remember talking to a retired Kodak executive who saw the handwriting on the wall, when the rest of the company was not responding to the change in technology...A

Apr 09, 2012 10:31 PM #4
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Fred, I know the lack of Kodak corporate vision blew it. I was a beta tester for Photoshop 0 at the same time I was shooting ad campaigns with film. My thoughts were what this means for real estate.

Carol, we could say the thing about the brokerage model of real estate, we had the lead and the model focused on the wrong avenue by not adapting. We know real estate is online. What will it mean as it shifts to move down the mobile and social path?

Jeanne and Ralph, if you look at Facebook users, the population is approaching being larger than China's. The data alone within this still privately held company is beyond staggering. Right now I see the ecotechsphere as three players: Facebook, Google and Apple. Technology did not overtake Kodak. The corporate structure did not understand how humans were using technology. I think only robots could overtake Facebook!

Ron and Alexandra, I know you care! You both adapted and changed your business model years ago. What I see is many people in our extremely fragile industry are not adapting to the reality that real estate is online. At the same time, social networking has changed how people are making decisions, including buying and selling property. I do not think the brokerage and MLS model of real estate sees the "social" handwriting on the wall and all that is happening in real estate online. What will happen next is beyond exciting and challenging. Thank you for stopping by.

Apr 09, 2012 11:45 PM #5
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Emily, I don't know what it means but it is scary when you see a company that was once as solid as it gets go bankrupt.

Apr 10, 2012 12:11 AM #6
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

George, no kidding. You know all about the vision of banks and real estate. I'm sure you can see the writing on the wall. Our economy is digital and mobile and social. There is no longer business as usual. The good news is I know you are adapting being another CT Yankee!

Apr 10, 2012 12:17 AM #7
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

Kodak chose to back the wrong horse in this race, Emily. I don't know if it was an older management concept or was it a deliberate scuttle but time marches on and so does Facebook.

Apr 10, 2012 02:44 AM #8
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Toni, this is what happens when the CEO of any company of any size and their management team is not in the stream of how people are using technology. The same think happened when Yahoo chose not to buy Google for 5Bn. They did not see the future in part for the same reasons. One needs to use these new technology to see how the change is happening in a nanosecond. Instagram never had any revenue, yet it sold for $1Bn. Now FB has added a valuable piece to their puzzle of social networking consolidation. The more important question is how will FB continue to change real estate. Thank you for stopping by.

Apr 10, 2012 02:56 AM #9
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Kodak was bought by a shyster around here.  He is in jail.  It doesn't surprise me.  But, someone might buy the name again from the bankruptcy trustees that are trying to get money for the people he defrauded to the tune of billions....another bait and switch guy.  It is just sad.

Apr 10, 2012 05:41 AM #10
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Emily, as you say warp speed...i just sent my Kodak easy share camera back to them after it died after 5 weeks..they refurbished it but they just had blinders on...it does take the visionaries to lead us now...I am so amazed everyday of changes & trying to stay up with them!  Hope to see ya soon!

Apr 10, 2012 10:01 PM #11
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Ron, I don't know about the details in who bought whom. The issue I see is not about the past, but about the present and how social networking and social media sites are changing our future in real estate.

Ginny, the technology and tools our now back in our hands in a way. Frankly, they are empowering people in ways beyond even voting. We would not even be having this conversation without using ActiveRain to social network in this way. As for keeping up, I'm not even sure it is possible. What is possible is to learn, unlearn and learn everyday. Change is constant. How we respond to it is what is different. PS I still use my Kodak Easy Share. What they missed was the deeper meaning of the word - share.

Apr 10, 2012 10:46 PM #12
Debbe Perry
Real Living Carolina Property - Morganton, NC
828.439.3084 Morganton/Lake James NC

Emily, missed this conversation first time around. You're right, there's much to be learned in keeping ahead of the curve in the brokerage and MLS (and association) models. Love your comment,"I do not think the brokerage and MLS model of real estate sees the "social" handwriting on the wall and all that is happening in real estate online." So true!

Apr 21, 2012 08:12 AM #13
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Emily Medvec

Realtor | Serving Santa Fe & Northern NM
Emily Medvec Sells Santa Fe Real Estate! Call/Text 505-660-4541

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