Still, Fujifilm is optimistic. It is pinning its hopes on the millennial generation’s love for nostalgia that pushed it to open 18 “wonder photo shops” in Japan, Europe, North America, China, Russia, South East Asia, South America, and Australia. “For the young generation, it is almost like a new product, it is almost like magic. The new experience is important for them,” says Iwata, who joined the India team in January, after heading Fujifilm’s operations in Hong Kong.

The secret sauce in Fujifilm’s revival recipe is the instant camera, which the selfie generation seems to have taken to with gusto. The fact that Fujifilm’s instant camera range starts at around Rs 4,000 in India, and the bright colours they’re available in, makes its Instax line a popular gift for tweens and teens. The camera’s USP is that it prints pictures instantly, just like a polaroid. Fujifilm sells around 20,000 instant cameras every year in India, but expects the market to grow. Globally, it sells close to 7 million units annually.

U.K.-based research firm Technavio predicts the global instant camera market will log revenues of more than $1.8 billion by 2021. It says that while digital photos allow users to share pictures easily, users do not always like storing pictures on the cloud. “There is a preference to store photographs in a tangible form in frames or albums. This will drive the need for instant cameras and its accessories, fuelling market growth,” the research firm says.

But Fujifilm isn’t just reviving the romance of print to stay relevant in the digital age. Unlike its biggest rival Kodak, it has survived the most difficult time for the photo industry by diversifying into new businesses, such as medical devices and cosmetics. The company, which is present in more than 100 countries and has 280 subsidiaries, says it sells cosmetics worth about 20 billion yen in Japan. The logic is simple. Iwata says Fujifilm is essentially a chemicals company. They experiment with chemicals and emulsions for their business, and these technologies can be transferred to cosmetics and printing as well. “We have highlevel imaging technology, like what we use in radiography, which we can translate to the imaging business,” Iwata says.

So, apart from the new photo shops, Fujifilm also sells medical devices in India—which account for almost half its revenue—besides high-end mirror-less cameras, and industrial products. Its revenue rose to Rs 1,100 crore in 2017 from Rs 1,003 crore in 2015. And it is eyeing double-digit growth every year following the success of its medical, print, and industrial market in the country. “The headquarters have high expectations from India,” Iwata says.

(This article was originally published in the June 15 - September 14 special issue)

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