Does that 18 billion include the smartphone industry? I think phones are the real successor of the mass-market element of Kodak’s business.

Pivoting from making film and cameras to making cellphones would have been like McDonalds pivoting into becoming a laptop manufacturer.

Yes, cellphones contain a camera, but the similarities end there.

You're talking from an industrial perspective and the parent is talking from a user perspective. You're both right.

Smartphones replaced compact cameras for a huge portion of casual photographers but as you point out it's not like camera makers could easily pivot into making smartphones (some of them probably could have if they had anticipated the trend enough, but by the time the iphone came out it was probably already too late to catch up).

The point is that, if that $18B number includes phones, Kodak wouldn’t even be able to address that part of the market (as you pointed out), rendering the addressable market even smaller in comparison to their previous position.