From CNN Money
Layoffs, new cameras and a strategy shift. Nothing seems to be working for GoPro, which has plummeted to yet another all-time low.
After posting a huge loss last quarter, the company fired its chief financial officer and slashed its product lineup to just three different cameras.
On a conference call with investors, Woodman acknowledged concerns that GoPro can't expand beyond its niche market of people who want action cameras. He said that he's not concerned about GoPro being a niche -- instead, he says the company is focused on helping make GoPros easier to use for existing customers.
"We recognize the need to develop software solutions that make it easier for our customers to offload, access and edit their GoPro content," he said.
He also said GoPro would only sell just three cameras in the future: Hero 4 Black, Hero 4 Silver, and Hero 4 Session. It's killing off its cheapest, $130, camera called the Hero. It will also stop making the Hero+ LCD and the Hero+.
But the company isn't totally giving up on expansion. GoPro will continue with its plans to launch the Hero 5 this year as well as its new Karma drone. It also is working on virtual reality products.
"In 2016 we are committed to delivering a breakthrough -- the breakthrough experience we've all be waiting for," Woodman promised. "It's against this commitment that you can judge our performance this year."
Full article and video here
Comments
If innovation means putting a camera in your mouth, Nich is the winner in that game. Building rectangular and square cameras which are similar year after year and relying on your brand name instead of the product does not work out in the end.
Dave - to understand it you have to go back to the idea of taking money from investors (VC's and then, perhaps, the public).
If Nick just wanted to make millions each year for a while and have some fun he could have kept the company private. But when you sell investors on the idea - part of that is forward looking statements which say "hey, buy our shares for vastly more than they are worth because we think they are gonna be worth even more than that".
I sold my GP 4 and got a Yi. I love the Yi - the interface and app are cleaner, IMHO and I don't worry as much about it.
I also took photos and vids with my old (refurb, $90) GP2 that rival anything I got from the 4.
GoPro - and now many drone makers - are overestimating the "sports action" market IMHO. It may be a market but it's not big enough for dozens of companies in the photo and video/drone part of it.
@DaveSmith Welcome to the world of stock markets. Thats how many big companies died including BlackBerry. The stock markets is a game and the theatre is the media. With this interview CNN will hurt GOPRO even more. the general population will have it drilled in their heads that GOPRO is not doing well so they dont buy their cameras anymore. Even though thats not the case. But someone will get a huge profit with the GOPRO stock going down.
totally agree JB. Chinese competition is hurting everyone. New world new rules, adapt or die.
I think it is a good decision to get rid of Hero+ cameras. And I'am hoping that they will improve Hero4 Session. If session would be at least 2,7k 60fps I would by as a second camera for sure.
Xiaomi Yi?
There's to much Chinese competition that are nearly as good...good enough for an action cam anyways...who wants to watch HQ fish eye vision? ;-)
It looks like my purchase of a Hero3+ for $199 USD at the end of last year was a good move as GoPro will only manufacture and sell the Hero4s from now on.
Regards,
TCIII AVD
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