Photo giant Eastman Kodak to focus on new digital strategy.

(From Agence France Presse)

Photo giant Eastman Kodak unveiled a new strategy aimed much more heavily at digital imaging, saying the use of traditional film and cameras is on the wane.

The plan unveiled to investors calls for "a broader strategy for growth that will harness the power of digital technology to expand into a range of commercial businesses," Kodak said in a statement.

Kodak said the shift would result in a more diversified business portfolio with the potential to generate 16 billion dollars in revenue by 2006 and 20 billion by 2010.

But investors and analysts were skeptical about Kodak's plans to compete head-on with tech …