Instagram was one small company, and it was ridiculously over-valued for the $1B purchase. It hardly qualifies as a "sole-heir" to the Kodak "kingdom" as the article implies. Google is only a single company. Add up the jobs created by Google, Microsoft, Facebook (not just the 13 from Instagram), Apple, Samsung, Sony, Canon, Nikon, etc... in the wake of Kodak going under.... It will probably exceed the number of people that Kodak employed.
Look at the LARGER picture. How many Engineering or other such "Skilled" jobs did we have in 1988? Compare that to now? We may have lost manufacturing jobs, but we gained in STEM related jobs during that same time-frame. Kodak's failure was not a consipracy against them. It was typical corporate decay... "Our current products are doing great, why bother putting R&D into this new-fangled stuff" (fast forward 25 years) "Oh shit, that stuff we ignored 25 years ago is huge now... Our bottom line is OK, but lets try to play R&D catch-up..." (fast forward 10 years) "Oh shit, we never caught up... Time to take a 'Golden Parachute' and let the company declare bankruptcy"
Don't blame the Internet, Social Networks, or any other inanimate object for Kodak's failure. Kodak failed because Kodak made too many crucial mistakes and willingly failed to keep up with market changes.