Polaroid Out of Instant-Photo Biz

The Polaroid photo company, whose familiar white-bordered snapshot has become an "icon," is leaving film behind to zoom in on digital equipment, Bloomberg reports. The Massachusetts company was founded in 1937 and in 1948 released the first instant camera, pulling in huge profits—but with the popularity of digital cameras, Polaroid has faced “a technologically driven decline,” said COO Tom Beaudoin. 

Though plants will close in several countries, Polaroid hasn’t forgotten its faithful customers. “We’re trying to help what have been extremely loyal Polaroid customers to make our film categories last as long as we can,” Beaudoin said. The company will make enough film to last until 2009, and will license its technology to third-party companies for serious shooters.  (More consumer electronics stories.)