4
GoPro Inc.
Market & Financial Analysis
Contents
1. Executive Summary 4
2. Industry 5
2.1 Market 10
2.11. Action Cameras and Accessories 10
3 Market Segmentation 15
4 Customer Profile 19
4.1 Action Cameras 19
4.1.1 Expected Consumers 19
4.1.2 Purpose of Usage 19
4.1.3 Motivation behind Purchase 20
4.1.4 Current Customer Characteristics 20
4.2 GoPro Accessories 20
4.2.1 Expected Consumers 20
4.2.2 Purpose of Usage 21
4.2.3 Motivation behind Purchase 21
4.2.4 Current Customer Characteristics 21
4.3 GoPro Subscription Services 21
4.3.1 Expected Consumers 21
4.3.2 Purpose of Usage 22
4.3.3 Motivation behind Purchase 22
4.3.4 Current Customer Characteristics 22
5 Product and Service offering 23
5.1 Action cameras 23
5.2 Accessories 23
5.3 Subscription Services 23
6 Product and service uniqueness 24
6.1 GoPro Action cameras 24
6.1.1 Product Difference 24
6.1.2 Benefits to Consumers 26
6.2 Subscription services 26
6.2.1 Service difference 26
6.2.2 Benefits to the Customers 26
7 Product and Service Description 26
7.1 Action cameras 27
7.1.1 GoPro Hero 10 Black 27
7.1.2 GoPro Hero 9 Black 27
7.1.3 GoPro Hero 8 Black 28
7.1.4 GoPro Max (360-Degree) 29
7.1.5 GoPro Hero 7 Black 29
7.2 GoPro Accessories 30
7.2.1 Chesty 30
7.2.2 Gumby Flexible Mount 30
7.2.3 Protective Housing 31
7.2.4 3-Way 2.0 31
7.3 Subscription Services 32
8 Competitive Comparison 32
8.1 Action Cameras 33
8.2 Accessories 34
9 Research and Development 35
10 Patents and Trademarks 36
11 Financial Projections 37
12 Financial Analysis 38
12.1 Cash Assessment 38
12.1.1 Working Capital as a Percentage of Annual Revenue 38
12.1.2 Current Ratio 39
12.1.3 Quick ratio 40
12.1.4 Account Receivables Turnover 40
12.1.5 Inventory Turnover 41
12.1.6 Long-term Debt/Owners’ Equity 41
12.1.7 Cash from Operations 42
12.2 Profitability Assessment 42
12.2.1 Return on Assets (ROA) 42
12.2.2 Return on Equity (ROE) 43
12.2.3 Net Profit Margin 44
12.2.4 Gross Profit 45
12.2.5 Operating Margin 45
12.2.6 Earnings per share (EPS) 46
12.2.7 Income Before Tax 46
13 Appendix A: Projection Calculations. 48
14 References 50
Executive Summary
The primary purpose of this analysis is to explore the GoPro Inc. market, financials, customers, services, and products with its competitors. This report should enable the company to make well-informed decisions on the market status, projections, and financial decisions to allow the company to remain competitive and financially stable.
The consumer electronics industry is one of the most dynamic and fastest-growing industries in the United States and worldwide. The market for videography and electronics s not showing any signs of fading in terms of innovation and or revenue in the coming decades, and the market keeps on growing as the days go by. The demand for cameras and accessories is mainly driven by the growing number of film industries, videography, and cinematography companies and the millennials who strongly prefer videography for social media postings and events coverages. Recent developments have accelerated the demand for videography and electronic equipment. The covid-19 pandemic abruptly halted social gatherings and significant events worldwide and led to a boom in pandemic-fueled home entertainment and the transformation of the entertainment industries. Many people shifted to filming in-house events and sharing through social media platforms such as Tiktok, Facebook, and YouTube, among others. Amidst the pandemic and economic challenges, GoPro Inc launched new innovative hardware and subscriptions that leveraged the company to grow its revenue and maintain its market share amidst the competition. The company’s revenue in the 2021 financial year was $391 billion, up 9% from the previous financial year. The company has a growth prospect of 10% per annum annually in the next five years (“Topic: GoPro,” 2022).
The market analysis focuses on business segmentation. The consumer electronics consumer industry is a very profitable market. The market amount will be valued at $150 billion in 2022 and is estimated to grow by 1.44% annually between 2022 and 2027. The largest market segment is telephony, with an estimated market value of $60 .16 billion in 2022. The average market for EV/EBITDA in the electronics market is approximately 13.7x in 2022 (“Consumer electronics market size & share | Industry growth trends 2027,” 2021). This market value and growth projections have allowed GoPro to increase its investment in its hardware and software Research and Development, focusing on software stabilization technologies and camera sensors. The company leveraged its R&D to increase consumer subscription strategies to offer distinctive camera products such as developing (HERO and Max) products. Additionally, the company is extending its roadmap in the software by incorporating desktop and cloud applications. The company utilized its research and development to maintain customer satisfaction and a competitive edge.
The camera and Electronics industry has many players in the market, such as Eyesee 360, VIEVU, Sony Group, Garmin Inc, Power Vision Technology Group, and Avid technology. GoPro Inc., however, enjoys a considerable market share of 34.33% due to its high-tech products that meet customer demands. The company plans to increase its market share further through strategic plans by capturing and assorting the content management of its clients. The cameras and accessories are expected to grow by 3.4 % annually between 2022 -2027, with desired digital cameras segment expected to hit 131.7m by 2027. As the market is increasing, GoPro’s market share is not likely to shrink but is expected to increase due to its direct-to-consumer segment. The company intends to deliver HD quality cameras that fit into consumer budgets ranging from $200 to $400, attracting markets from different markets around the world.
The company has consumer-centric strategies that engage many customers
at personal levels. The design has enabled the company to establish a large customer base and grow its revenue globally. Service and products, as well as analysis of competition, reflect GoPro as one of the major companies manufacturing and sullying camera and accessories equipment in the industry in the United States and globally. The company faces stiff competition from well-established companies such as
Sony is well-established in the market. Despite the stiff competition, GoPro has strategies to maintain and increase its customer base, market share, and revenue. The company has invested in advertisement and marketing strategies that focus on customer demand, touch on the prices, and embrace user-generated content that gives a competitive advantage in the market and drives its projections of increasing its revenue by 10% in the next five years. GoPro’s growth strategies are practical, and it has leveraged its social media platforms and website to increase customer engagement and create goodwill among its customers (Ramanathan et al., 2017). The company’s unique and modern products that increase customer demand in content creation make them distinctive. The company also positions itself in the global markets due to its affordable and unique products. These strategies allow the company to practice niche segmentation that gives them market dominance. Narrowing the market and innovation of their products makes the company dominate its competitors within the industry.
Industry
GoPro operates in the Technology Videography consumer electronics industry. The company manufactures and sells cameras, wearable, and mountable accessories, subscription services, and software globally. The company has been using the strategy of focusing on user-made video content. However, the company is currently looking beyond that due to the stiff competition offered by its competitors. The company is currently focusing on innovating new technologies and software that meet the current market’s demand. With the rising film, videography, and videography industry, users are looking for more stable and sophisticated cameras that meet quality and budget. GoPro has been leveraging that to produce more stable, pocket-free cameras with modern electronic features.
Consumer Electronics market value in 2021 to be at $1 trillion in the industry has a projected CAGR growth of over 8% by 2027. Industry products such as cameras and accessories
Are penetrating the market, which is expected to drive market growth.
The company has had serious ups and downs within the market. It was highly affected in 2016 because major product failures, such as GoPro’s first drone, led to significant losses and revenue decline. The company stumbled by 51.6% and had a steep revenue and earnings decline, which led to a decrease in its market share. The company experienced mor miserable quarters that led to a decline in revenues by 49.5%,47.4%, and 39.9%, respectively. The company lost $303 million (Pisani & van den Dolder, 2018).
However, the company started to bounce back from the losses experienced in 2016 through various stratifies to reclaim its market share and customers. The company made a re-appearance in the market in 2017 after going through a restructuring that led to the loss of employment and other effects intended to streamline the company’s operations to regain its profitability, sales, and market dominance. The company streamlined its operations and launched two main products, HERO, which was going for $199, and Hyper Smooth stabilization, as well as incorporating of TimeWaro, which provided stabilization to break the market that was intended to break into the market.
In 2019, the company enhanced its PLUS subscription as a checkout experience. It offered unlimited cloud storage and damaged camera replacements for only $4.99 and offered 50% off on its accessories sales to its customers. The company had a blockbuster product that focused on the customers’ technological needs to try and meet the customer demands. In 2019, the company promoted its PLUS subscriptions for $4.99 a month to cover unlimited cloud storage and replace damaged cameras. It gave its customers 50% off purchasing accessories and mounts (GoPro,2022). The company broke into the market with 479,000 units shipment in Q3 2019; the units increased by 92.69% in Q2 2020 and 106% to 923,000 units by 2020 Q3. The company subscribers rose from 355,000 in Q1 2020 to 1,160,000 in 2021, increasing earnings worth $88 million. The company’s transition of the business model that focused on direct-to-consumer in 2020 enabled it to be more streamlined, significantly lowering its expenses and increasing profitability.
However, GoPro mainly deals with manufacturing and selling cameras and camera accessories. Digital cameras revenue for the company is expected to reach $24.9 bn in 2026, while the market for action cameras is expected to hit a growth of $4.4bn by 2030. The company shipped a total of 3m products in 2021, which gives it the confidence to reach its targets based on its estimates. GoPro deals with five main products; Cameras, Accessories, Lifestyle Gear, Apps, and GoPro Subscriptions. The primary revenue source for the company comes from sales of cameras, followed by paid subscriptions. The primary source of revenue for GoPro is the sales of cameras. The action camera industry is pretty lucrative and has high growth prospects, as shown in the figure below.
The global action camera market is expected to hit a revenue of $43 bn by 2024. The main segments of growth are attributed to the growth and popularity of social media in the market. Despite the growing smartphone penetration that comes with high-quality cameras, the market is expected to grow due to the growth of videography and photography. The market is dominated by five major players: GoPro, Nikon Corporation, Germini Limited, Olympus Corporation, and Rollei GmbH & Co.KG. As the market is expanding, the company has various strategies to increase its market share and remain productive and relevant in the camera market.
Investing in Social Media Engagements
As vital players dominate the market, GoPro developed the strategy to stay ahead by investing in social media to establish its brand to market its action cameras, such as VIRB and VIRB Elite. The company is establishing footage on its products that feature the world’s tallest water slides featuring screaming riders—using this marketing strategy created social media buzz on the company products that highly established their social media engagements (Ramanathan et al., 20187). The company also engaged its customers and helped them produce content with remarkable events and places by integrating the Video Submission Portal into the company website. It allowed customers to upload theory videos taken from GoPro action cameras. This strategy increased customer engagement, which drove sales and increased the company’s market share.
Investing in Subscriptions
The annual subscriptions, the second highest source of revenue for the company, realized an 84% increase in its subscriptions from Q2 2021 and an increase of 24% from Q2 2020. This indicates that the company has an increased customer base and high retention rate of its customers, which is the central part of the increase in revenue in the international markets. Subscription revenue in Q4 2021 financial year amounted to $128 million, a 10%vincreament from the previous quarter, and produced 33% of the total revenue. Quick subscriptions also led to had 118% increment from the previous years and totaled revenue of $16.8million in Q4 2021. This clearly shows how increasing customer-paid subscriptions by offering cloud storage, replacing damaged cameras, and giving their customers 50% off the purchase of accessories and mounts to its subscribers has increased the company’s shares in increasing its market share amid the growth (GoPro, 2021).
GoPro Price Cuts strategy
As the market is expanding, competition is getting stiffer both from action camera companies and from smartphones with high-quality cameras that are relatively cheaper than action cameras. Customers are transitioning into using smartphone cameras to capture and save memorable activities. Competitors are also using different strategies to try and dominate the market. GoPro executed its strategy of cutting down the prices of its critical cameras from Hero5 and Hero6 to producing its cameras in the current market at a pocket-friendly price (Hambrick, 2019). The primary purpose of this strategy is due to the research that most consumers are unwilling to pay huge amounts of money for cameras with the availability of alternatives in the market. The company leveraged this strategy to upsurge the demand for company products in the market.
Few action cameras can be compared to GoPro, in terms of quality and customer preferences in the market. One of the most common and high-retail products is the GoPro Hero9 back. The product has impressive features such as 1080 live streaming,20MP Photos, and waterproof action front cameras but only retails at $299.Other competitors to GoPro products, such as DJI Osmo Action cameras with a second live view of front-facing screens, sell at the retail price of $299. Another critical competitor that offers similar action is the AKASO Brave 7 LE, which also comes with the front-facing live view with several accessories, is waterproof, and retails at $149.Another critical action camera that competes with GoPro cameras is the SonyRX0 Mark II, which offers excellent image and color quality options. This action model camera, however, s retailing at $700, may not be affordable for most consumers and is nigh-indestructible. Lastly, A KASO V50X is one of the cheapest in the row, costing $79.99. However, its quality is not as good as its competitors. Consumers typically factor in two major factors while shopping for action cameras; price and quality, and the best price with the best gets a higher rating and higher market share. The strategy of the company to lower the prices of its products, such as $499 to $299, while maintaining high-quality cameras is one the key strategies to maintaining the market base and market dominance even in the middle of the industry growth.
Market
GoPro Inc deals with five essential products; GoPro deals with five main products; Cameras, Accessories, Lifestyle Gear, Apps, and GoPro Subscriptions. These products technically target the same market since some of them have different markets in terms of demographic, age groups, and classes based on their preferences
2.11. Action Cameras and Accessories
Action cameras target extreme sports, seasonal cycles, music festivals, holidays, and other personal consumption. Action cameras are also sought after by increased professional activities and those doing outdoor adventures, and those dealing with consumer electronics. GoPro action cameras have attracted a vast global market due to their wearable nature, which offers a more convenient mode of capturing moments without bothering anyone. These products have a second layer of security, and they also possess some that can be used underwater, making it convenient for capturing coverage inside water. Globally, wearable action cameras sold 21.5million cameras in the market, with GoPro being the most significant market shareholder in the world.
Regarding demography, GoPro Company has the biggest market in North America (Coimbra, 2020). The total action camera market value is estimated to be $ 2,275.56 million, followed by other continents, as shown below. However, the fast-growing market is in China, which is also promising due to its vast population and resources. The country’s largest market share includes the United States and Canada in the Northern America region. In the market forecast, the continent is still expected to retain its market share due to various factors, such as its strategies for increasing police accountability and recording the suspect or citizens’ behaviors in its countries during the forecast period.
The company, however, has a market globally due to the robust marketing strategies it established to reach customers on all continents. Despite that, most consumers prefer individual cameras; most markets are retailers. The company is also leveraging retailers as a channel to streamline its sales and reach its market that it cannot reach in person or through its social media platforms.
The market is also targeting the booming sports segment due to increased adventure and increased exposure to sports events globally, such as cycling, skiing, surfing, biking, climbing, bicycling, and racing, supporting the market growth for action cameras.
The growing number of sports activities and leagues provides a vast market for the company due to its quality action images and videos. Another market is the fast-growing recreational activities enthusiasts, mostly in developed countries. Activities such as sea-surfing, scuba diving, and rowing have become so popular, providing more than 23 million participants annually in the global space. This provides a vast market to the company as they prefer to use high-quality cameras mounted on their bodies or tools to capture high-quality moments.
Regarding gender, 83% of the wearable cameras in the market are male, with the remaining 17% female. Regarding age group,58% f the market are millennials (aged 18-34) due to their active roles in sporting and thrilling activities such as surfing or climbing. The millennials invest a lot in creating memories for moments. The rest of the 42% of the buyers fall between the ages 35 years and above. Some of whom are athletes or sports enthusiasts.
The rise in the consumer’s priority to digitize their medical records and track their fitness has also been a significant dynamic in the increased market for company cameras. The cameras can be embedded with other hardware and software to monitor nutrition, which has become a top priority for many of the world today. Another vast market is from the military and law enforcement officers who utilize action cameras for various operations. Police personnel wears body cameras for two reasons: first, they increase safety and communication when working in demanding situations, and second, they aid in providing an accurate account of what happens if things get out of hand and people are hurt or killed. Furthermore, multiple studies commissioned by the US Department of Justice have demonstrated the value of body cameras to law enforcement. The California Police Department saw a 90% decrease in citizen complaints against officers wearing body cameras. Therefore, the market is anticipated to expand significantly throughout the forecast period as wearable cameras are increasingly used for law enforcement purposes (“Traffic police strapped with GoPro cameras,” 2016).
The market for GoPro products is expected to gain more dominance and market share in the coming years due to Advanced Research and Analysis and Business Intelligence in the health and business sectors. The wake of collecting primary data in the medical, business, and security is expected to drive and revolutionize the action cameras and accessories market by 2028. This will provide GoPro with a huge market base. However, as the market is growing, competition will also be stiff, and therefore the company should invest much o R&D to ensure that it meets industry dynamics expectations.
Major Competitors and Participants
Significant competitors in the market are Sony, Garmin Inc, and Canon. GoPro is competing with companies, some of which are much larger in revenue and market in consumer electronics, such as Sony, Canon, Samsung, and Olympus Corporation. In the 2021 financial year, GoPro had total revenue (est) of $1.2 bn, while its main competitor in the market such as Sony, had $9.9trillion, while Canon had total revenue of $3.5trillion.However, some companies, such as Avid Technology, had lower revenue than $409.9 million. These competitor companies are profitable due to their fair share in the market. In terms of Net income in the 2021 financial year, GoPro had a Net Income of $371.2m, Avid Technology $41.4m, Canon had $230.8bn, and Sony had $751.2.It is important to note that crucial GoPro competitors have a more extensive ecosystem than GoPro and bigger company size and products than action cameras and accessories. For instance, Sony, Samsung, and Power Vision deal with other electronics such as television, home theatre, appliances, media storage and devices, and gaming gear. Therefore may not be easily used to measure the market performance indicator for GoPro.
However, action camera competition has specifically been dominated by GoPro products. The company has a competitive advantage over its competitors in producing action cameras, making it maintain its market share. The company’s main asset is its brand. When customers think f action cameras, they first think of GoPro. The companies have one dominant design strategy over their competitors. It offers time-lapse and high-resolution photography cameras that can also shoot quality videos and photos under extreme conditions like underwater or during rapid movements characterized during activities such as cycling, diving, mountaineering, or sports. This offers services to consumers’ preferences and thus makes the complaint remain the top of consumer choice when sourcing action cameras. GoPro invested in social media and leveraged various platforms to form customer-centric strategies that enabled them to gain more brand recognition than their competitors. The company encouraged its customers to upload their videos through the company website to the GoPro Network. It used several platforms such as Microsoft, Google, and Facebook that host a significant customer base that enabled them to gain customers, loyalty, and confidence. Below is the comparison between GoPro and its key competitors in the market based on various parameters.
GoPro
Sony
Garmin
Industry
Technology Videography Consumer electronics
Consumer Electronics
Communication and consumer electronics
Business
Manufacture of action cameras and accessories as well as cloud storage services and software.
Deals with the manufacture of products such as cameras, televisions, home theatre, lenses, audio devices such as headphones, media storage devices and gaming gears
It manufactures, designs, develops, and markets hand-held, portable and fixed-mount global positioning system (GPS)-enabled products
Net Income (2021 FY)
$371M
$11.015B
$1.082B
Market Cap
$764.66 M
$92.36 B
$16.58 B
Total Revue (2021 FY)
$1.16 B
$84.594B
$4.98M
Advantage
These company sells unique action cameras with high-resolution videos as well as time-lapse photography. They can also shoot photos and videos in extreme conditions, such as in action or in extreme conditions such as underwater.
Sony Corporation’s generic competitive advantage strategy through differentiation. Making its products distinct from others on the market. Sony employs this generic strategy to incorporate features that make its products appealing and profitable.
The company’s management has done an excellent is highly diversified its product line and achieving double-digit growth in its various market segments.
Employees
766
109,700
18,700
Founded
2002
1946
1989
Offices
Global
Global
Global
Strength
GoPro has achieved a high level of brand awareness. The company has also provided the highest quality live-action camera and is trusted by filmmakers and athletes all over the world.
Broad Range: Meeting market demands ensures significant profitability and long-term viability. Sony is also very innovative: from the Crystal LED TV to the Blu-Ray disc, VCR, compact disc, Walkman, and many other products, the company has made significant contributions to the consumer electronics sector.
A brand’s strengths include its financial position, experienced workforce, product uniqueness, and intangible assets such as brand value.
Weakness
Poor financial planning prevents the company from achieving its objectives and growth. The company spends more on marketing planning than it could on introducing new products. Additionally, their third-party integration has failed, which has hampered their growth.
When compared to its competitors, Sony’s marketing and promotion efforts are mediocre at best. Consumer goods, regardless of their reputed quality, necessitate extensive advertising and marketing to sell.
The US Department of Defense monitors and controls GPS satellites, potentially limiting sales to specific clients. Has a short sales cycle
GoPro competitors such as Sony have vital weaknesses in their action cameras. For instance, the Sony RX0 II considered one of the significant alternatives for GoPro is unsuitable for shooting under low light and battery life; some may not shoot underwater for a long time. Limitations in the product products limit their dominance in the market. Major companies such as Sony, Garmin, and Canon have dominated the global cameras market; however, they failed to launch and capitalize on action cameras, which made GoPro leverage that gap and establish a brand that has become dominant in the global scope. Other competitors, such as Sony action cameras, are not easily distinguishable. Sony produces four main action cameras HDR-AS20, HDR-AS30V, HDR-AZIVR, and HDR-AS100V. The four products are named and not easily distinguishable by consumers, unlike GoPro products that are easy to identify with their generic names have made them stand out and thus made them establish their brands in the market.
According to analysts, the market for action cameras and accessories is analyzed to grow to about $5.26 billion in 2026 with a CAGR of 12.96%. As the market is expanding due to the rise of sports activities, innovation among key competitors is alos expected to rise, which may revolutionize market segmentation and shift market share (“Action camera market size, share & trends | Analysis forecast by 2027,” 2022). Additionally, as the law of business, a lucrative industry attracts investors. The industry may experience new companies that are currently not participants as they would also look to reap into the growing market.
The global market for action cameras is more competitive and consolidated with a few players such as Olympus Corporation, GoPro Inc., Nikon, Garmin Ltd, and insta360. The existing players are pursuing product launches and innovations that make them gamble on their market share. The market has low barriers to huge companies capable of producing the same technologies. However, it requires an enormous capital investment that may be a barrier to individual companies with a low capital base. Existing companies should therefore be worried about new entrants offering different business models and strategies. For instance, if phone companies such as Apply produce similar quality cameras on their phones with mountable accessories, it would be convenient for many customers. It may offer alternatives and significantly threaten major action camera companies such as GoPro.
Market Segmentation
GoPro mainly deals with the production and sale of action cameras and accessories. The target market is the growing adventurists and enthusiasts of outdoor adventure, sports events, and activities such as ice skating, trekking, mountain racing, racing, and cycling. These athletes and sportspeople mainly use the company’s action cameras since they enable the owners to capture video shots from the first perspective that shows the actions of the events. Different market segments prefer action cameras based on their main activities, gender, professions, demographics, and characteristics.
The first market segment is extreme sports and athletes. Individuals participating in extreme sports such as biking, hiking, sky diving, deep swimming, and scuba diving are one of the leading markets for action cameras. With the increased emphasis on the health and safety of athletes and enthusiasts, there is excellent government concern to improve emergency services in instances of accidents that they may receive quick medical attention or highlight. The action cameras market is fast growing in continents with the increased athletics and extreme sports as demographically shown below:
As depicted in the, there are high market prospects in North America. The market is growing but not as rapidly as the North American market. There are high prospects for the market in such regions due to the increased disposable income, increased demand for technologically advanced products, and increased acceptance of cutting-edge technology, which has accelerated the expansion of the North American action camera market. The company sells its products directly to consumers through its website. Consumers can order products easily anywhere, anytime through e-commerce channels and the company store at gopro.com, which is always advertised through online and offline streams to reach maximum customers. Products are delivered worldwide at the customer’s convenience, thereby increasing customer satisfaction. The company also sells through authorized retailers worldwide to reach customers who choose alternative buying options.
The business sells its products to independent specialty retailers specializing in sports and consumer activity capturing markets through location-based independent manufacturer merchants. In addition to collecting orders and helping with product mix planning, channel marketing, and in-store merchandising, company employees offer highly individualized support to these shops. They also conduct clinics to teach retail sales staff about GoPro products. Additionally, the business has an internal sales team with a regional focus that offers a secondary level of support to both the manufacturer reps and these merchants. Our higher-priced items are typically sold through independent specialty merchants primarily focused on serving their core clientele, who we believe tend to be early adopters of new technology. An equally important sales channel for us is independent specialized stores outside the United States.
Action cameras mostly skew males over females. This is because males have a high propensity to engage in high-adrenaline sports such as skating, cycling, or surfing more than females, who prefer safer sports and activities. Target markets are primarily young people or young in mindset who still have solid passions for sporting activities. Singles are more likely to engage in high-risk activities than the married and therefore form a more significant market target. It produces pocket-friendly customers targeting all social classes since the middle and upper classes can afford it. The company’s products range between $200 and $400, relatively affordable to most customers irrespective of their earnings.
The main target for the business should be the Asian continent due to its high-growth customer base. The company should establish a strong brand through constant advertisement and online presence to get them to invest in highly popularized countries such as China. With a population of 1.412 billion and about 62.5 % of the population between 16- 59 years, the company should focus on the Chinese market to increase its global customer base and revenue. Another target market should be Africa. Since the company has no well-established customer base in Africa, it should invest in the African continent. It can leverage the sporting activities such as cycling, swing, and mountain climbing that have enthusiasts in Africa and establish its market before competitors gain a competitive advantage in the region. Investing in highly growing markets such as Asia and potential markets such as Africa and South America will increase the global customer base and company revenue.
GoPro deals with other businesses that incorporate action cameras in their business. One of the Go Pro camera businesses is BMW, which uses action cameras to make a lap timer app for its driving enthusiasts connected to the GoPro camera. (Raja & Sigg, 2019). In the years ended 2021, BMW made 2,213,795 sales thanks to its innovative product line that attracts new customers. The company has 120,726 employees worldwide from its multinational company that operates in almost all countries worldwide. Another business that buys GoPro products is the Fisher Price company which uses GoPro mounts to make children’s toys that enable parents to capture their children’s milestones from on kid’s perspective. In the financial year that ended in 2021, Fisher Price made about $1.13 billion in sales. The company has 5,000 employees globally and has a high growth rate from its innovation and market share. The last company on this list is Periscope, which uses GoPro cameras to produce high-resolution broadcasting (Ortensi, et al., 2017). The Twitter-owned company generated $30 million in the 2021 financial year, and it has around 7,500 employees. GoPro is partnering with established companies with high annual sales and revenues; this shows a positive business model that would continue to increase the company’s business and sales, thus revenue.
The company is forecasting to increase its customer base more than established markets such as America, Asia Pacific, and the EMEA regions. The company forecasts to generate $4.4 bn in revenue by 2028. Its revenue projections will be fueled by continued investment in Research and Development and additional spending in its sales and marketing in developing and low customer base areas to increase its overall global market base, eventually driving revenue.
Projected Market Growth and Market Share Objectives
Asia is one of the fastest-growing GoPro products, cameras, and accessories markets. China has a population of about 1.412 billion and over 400 million millennials. Major established markets like the United States and North America still have solid and growing markets. China’s action camera market has an 18.1 CAGR growth forecast between 2019 and 2025. This growth category would leverage innovation and technological advancement to increase its market share in China and its market dominance.
The action sports industry is highly growing, and action cameras are gaining popularity in the world today. This is driven by the increasing trend of content sharing of videos in social media streams and the increase in extreme sports. The market for action cameras is expected to grow to over $4.73 globally by 2030. There is a high preference for video content on social media as the world is embracing and shifting preferent content from images to videos. Additionally, advertising and marketing companies are shifting to using short video content rather than audio or image. The increasing use of social media platforms for advertising and marketing propels the market’s expansion. Additionally, the market for action cameras is growing due to the rising use of smart devices and the burgeoning consumer electronics sector.
As the world is shifting social media content to short videos, action videos demand will be on the rise. Therefore the company would use that opportunity to increase its market share and revenue. An important factor driving the worldwide action camera market is young people’s growing involvement in producing video content to achieve popularity on social media sites like Instagram, Facebook, YouTube, and TikTok (Landau, 2014). A critical reason driving the increased demand for the action camera market is the rise in social media influencers and content creators and young people’s desire to become famous on social media. Additionally, social media is managed as a profession. Platforms like Instagram and YouTube compensate content producers based on the views each video receives. Therefore, the action camera market benefits from all of these aspects.
The outdoor and action sports are projected to reach $75.24 billion by the end of 2022, with expected annual growth of 10.24% (CAGR 2022-2025). The number of action sports users is expected to grow to 1,502.7 million by 2025, with a projected market value. Increase in the US$100.80.Most revenue comes from China, experiencing exponential growth in the action camera. With the projection of an increased number of action sports, the market for action cameras is also expected to rise. GoPro, one of the key players in the action cameras industry, would invest in its R&D to ensure it maintains its lead in the market and realize its projected revenues. GoPro subscription services have been one of the company’s core revenue streams. In the last quarter, the subscription revenue was $20.1M from a subscription fee of $4.99 per month. The company has already surpassed 2 million subscribers. To increase its revenue base, it should aim to reach more than 5 million subscribers to increase its monthly revenue not only from selling its products, such as cameras and accessories but also from subscriptions. Additionally, increasing the number of subscribers also increases customer engagement, increasing retention rate, brand image, and, eventually, customer base. GoPro central marketing comes from its customers, so the company should invest in customer engagement through intensive marketing and subscription. Customer-centered business can benefit an organization to some extent, but companies must think beyond customer preferences for long-term profit. They may establish a policy to build a business that allows all other factors to collaborate (Reynolds-Pearson, 2020)
Customer Profile
Action Cameras
Expected Consumers
GoPro’s main products are action cameras and accessories. Targeted customers of GoPro cameras are sportsmen, athletes, and outdoor activities enthusiasts. Another considerable market is business that incorporates cameras into their production process or for value addition on their goods, such as car manufacturers like BMW and companies that produce kids’ toys and uses cameras to bring additional value into their goods. Law enforcement officers also use GoPro cameras to track and record criminal or suspect behaviors or observe military actions. Advertising and companies offering live coverage can also use GoPro cameras for high-quality coverage.
Purpose of Usage
Sports enthusiasts and athletes use GoPro cameras to capture big action shots during the sporting activities such as water diving, cycling, and mountain climbing, among other activities. They also use camera accessories such as stands to capture still and more stable videos during sporting actions. Moreover, capture unique stable shots. Car manufacturers use GoPro cameras to make lap timer apps to capture actions during the drive or even car tests. The cameras are used for FPS filming in the military and law enforcement departments. It can also be used to film military operations, studies, training, and battles, providing insights and first-hand information on the actions surrounding such events. Broadcasting companies can also use cameras to record live HD action events for covering news and important events.
Motivation behind Purchase
GoPro cameras produce a high-speed recording with HD videos with high frame rates. Despite producing high-quality videos, the cameras, and the accessories are lightweight and small, unlike other camcorders or DSLRs in the market weighing less than 158g. This allows adventurers to go anywhere with it and enjoy quality videos with ease as they take up small space and little weight. Most customers prefer GoPro cameras because they are easy to use. It provides easy navigation to capture shots and access the menu with standard toolkits that can be operated even with the least experienced video and photographers. Another motivation for GoPro cameras’ preference is their cost. The company produces pocket-friendly cameras between $200 and $400 that are affordable by the majority of both middle and upper social classes. While sourcing for action cameras, most consumers look to cost, quality of videos, weight, and size, and GoPro cameras have become one of the players in the market that offers all these.
Current Customer Characteristics
Current consumers have formed leisure and professional athletes, photographers, and travelers. The majority of the customers are young people ranging in the age 18-35. The company has created its brand as more than just the leading action camera worldwide. The company has established a sense of community surrounding its products through user-generated content that has been produced. This has increased customer loyalty to the company product. Another distinctive feature among the GoPro products is that the majority are youthful, easy-going, active in their daily lives, and passionate about their experiences and fun. Over 80% of their customers are males due to their high enthusiasm for action activities compared to their female counterparts. Other customers involve businesses and high-profile companies such as BMW and Periscope, which incorporate action cameras in their products’ value addition. Since most of the customers’ purchases are through the company website and shop, most of the company communications are done online through the company website and social media such as Twitter, and Facebook, among others.
GoPro Accessories
Expected Consumers
GoPro accessories include a chest mount harness, handler floating hand grip, GoPro Super Suits, 3-way mount tripods, head strap, and quick clip. The products’ customers include adventures looking for perfect and still videos from any angle. The tripod offers stability to videos to ensure users capture more stable videos. GoPro super suits are used by scuba divers or those passionate about capturing underwater video and would want waterproofing for their cameras. GoPro chest performance chest mounts are used by extreme sports enthusiasts who like to capture videos of how they feel it. Most of the GoPro accessories consumers are customers already using company cameras or similar action cameras.
Purpose of Usage
Sports enthusiasts and athletes use GoPro cameras to get more stable and unique shots by using a tripod, proper lighting, or straps to capture big action shots during the sporting actions such as water diving, cycling, and mountain climbing, among other activities. Other accessories, such as camera covers, protect the camera from mud and any other object that may damage the camera.
Motivation behind Purchase
Underwater adventurers or sports enthusiasts must have the necessary equipment to protect their cameras from damage and produce more stable and usable videos that connect them to their action experiences (Barauah, 2017). Consumers prefer GoPro protective gear for cameras and tripods for professional videography. Additionally, GoPro accessories are relatively cheaper and more pocket friendly. The accessories kit only costs about $53.3 and features various mounts, a carry case, and anti-fog inserts. The chest mount harness only costs $26.99 and offers more stability in capturing action videos.
Current Customer Characteristics
GoPro accessories customers are mainly leisure and professional athletes, photographers, and travelers who shape today’s consumers. Young people between 18 and 35 make up most of the consumer base. More than merely the top action camera in the world, the company has developed its brand. Through user-generated content that has been developed, the company has created a sense of community around its products. Due to this, customers are now more loyal to the brand’s products. The majority of GoPro product users are young, laid-back, active in daily life, and passionate about their adventures and pleasure, which is another distinguishing quality of the brand.
GoPro Subscription Services
Expected Consumers
GoPro subscription services I mainly used by GoPro products consumers. The subscription mainly benefits members by providing them with unlimited cloud storage, discounts while purchasing products such as cameras, accessories among other benefits that comes along with the package that comes along with the service.
Purpose of Usage
For only $4.99 per month, customers purposefully buy this package to enjoy the benefits that comes along with it such as 50% discount on purchase of some products accessories, unlimited cloud storage and premium editing services for their photos and videos. All users want to enjoy quality service from the company and therefore this package sounds like a good deal for them. They are highly motivated by the private link offered to subscribers to livestream their actions such as diving, cycling or any other activity taken by the GoPro cameras and share with the GoPro community.
Motivation behind Purchase
With all the benefits that comes along with purchasing the GoPro subscription services, he main motivation behind it is the money that customers will save. Other companies’ free trials for their products for new customers. GoPro however offers unusual offer by basically paying its new customers for subscribing to their subscription services. Fr instance, It costs $499.99 to purchase Hero9 Black alone in the market without any subscription. It however cost $399.99 for the same product with the subscription. This translates to almost $100 off the normal price that may act like the company is paying clients for the subscription that only costs $49.99 per year. With the same subscription, customers also enjoy unlimited cloud backup, auto uploads, private live streaming links, access to premium editing tools in the Quik app, discounts on future upgrades and accessories, and no-questions-asked replacements for damaged cameras are all included in the subscription service.
Current Customer Characteristics
Customers of GoPro accessories are mainly company’s customers who includes action sports enthusiasts such as professional athletes, photographers, and travelers who need secondary storage services and are passionate about adventure and also need to save money while doing purchases. The majority of consumers are between the ages of 18 and 35. The company has developed its brand beyond simply being the best action camera in the world. The company has created a sense of community around its products by developing user-generated content. Customers are now more loyal to the brand’s products as a result of this. Another distinguishing feature of the brand is that the majority of GoPro product users are young, laid-back, active in daily life, and passionate about their adventures and pleasure. Few action camera companies offer the same subscription packages as GoPro, and that is the company’s comparative advantage in the market.
Product and Service offering
GoPro Inc offers its customers three main products: action cameras, accessories, and cloud storage subscriptions. Detailed descriptions of these products and services are given below:
Action cameras
The company produces small, waterproof, and rugged cameras designed to capture big action shots. The cameras allow users to become part of the adventure by capturing videos and photos in ways that smartphones or traditional cameras cannot do. Unlike other action cameras, GoPro action cameras are durable, compact, and smaller in size, giving users outstanding features and providing multiple arrays of activities. These cameras produce incredibly high-quality images and videos, providing everything coloring, electronic stabilization, and excellent image quality. GoPro cameras can capture images and videos that DSLR or smartphones can only dream of. Whether in wild adventures, extreme sports such as skating, mountain climbing, cycling, or just hanging on the poolside with the family, these cameras offer the best options for you.
These action cameras come with incredible features, and the company has a wide range of cameras that comes in different price ranges from $200-$400 that offers cinematic masterpiece using tools such as Hyper Smooth—the built-in electronic, which provides stability to avoid shaky footage during videography. Modern GoPro cameras such as HERO9 Black can capture high quality with its 20MP lenses, producing still photos even in poor lighting environments. The cameras also offer flexibility by offering tools that enable post-production editing of their footage.
Accessories
The company produces accessories that can be utilized y both GoPro camera owners and other action camera users. Accessories include mounts, lighting, cases, camera protection equipment, and Go Pro chesty, among others. Each accessory is used for specific usage, as GoPro chesty is used to mount cameras on one’s chest t capture events from a given angle. Other accessories, such as mounts, can capture more stable shots while in action, which avoids shaking videos. Lighting provides artificial lighting to compensate for the lack of natural lighting in the areas while shooting. GoPro 3 tripod is used for stabilization and proving adjustments while taking shots.GoPro accessories are used explicitly in photography and videography in action sports to achieve better adventure and get more quality shots from different angles.
Subscription Services
GoPro offers exclusive exercise to its customers through the subscription. The company offers a subscription to its customers at $49.99 per year. The subscription enables the customers to receive unlimited cloud backup storage and premium editing tools, enabling customers to save through the discounts offered while purchasing company products such as cameras, mounts, mods, and lifestyle gear. These services enable GoPro customers’ platforms to share their ad
venture photos and videos within the community and win offers and prices when their content is voted to be the best.
In conclusion, the above products and services provided by the company are primarily intended to provide customer satisfaction through offering quality products and services and increasing customer loyalty. The company is diversifying its product quality and prices as well as service delivery in ways that meet customer needs and leverage that to increase its market share and revenue.
Product and service uniqueness
GoPro Action cameras
Product Difference
Recently, a few companies have been making action cameras to capture action experiences for sports enthusiasts. However, these cameras had poor-quality videos and photos and were heavy and oversized. Since 2001, GoPro cameras have revolutionized the action cameras industry by producing their fit wrist mountable, waterproof cameras that ventured videography and photography to places that most traditional action cameras could not venture. The company’s first cameras provided unique pivot mounts that enabled users to hold cameras to the eye during action coverages. GoPro action cameras are different from other action cameras in different ways, as discussed below:
Build and Price
Unlike other action cameras, GoPro has a distinctive and unique modularity design. These cameras are relatively minor, unlike the DSLR and other action cameras. The cameras have dimensions of 3.4*51*62 cm, smaller than most action cameras. GoPro cameras are waterproof up to 5 meters without needing a dive case, making them the best cameras to be used in sea diving, rain, or snow shots. Depending on the user’s shooting requirements, it has three distinct mods. These cameras are also different from other cameras due to their price ranges. Most GoPro cameras are priced between $200 and $400 despite their HD qualities. The company released the HERO 6 brand that came in black in 2018, a brand that was more stable than the company had previously introduced to bring some uniqueness to the production and the market. In addition, the company introduced HERO7 in the same year, a uniquely designed camera brand with certain features added to its video-capturing ability. The camera had increased speed in video capturing and could stream live across multiple social network platforms such as Facebook, YouTube, and Instagram.
In 2019, the company released a HERO8 brand into the market and had unique features such as improved stability and was, therefore, more advanced than the initially introduced camera brands. Furthermore, the HERO8 black had unique mounting fingers, which enhanced its folding. Furthermore, the design was the best option in the then market because its lenses were readily available and replaceable, unlike the previous cameras. The Hero9 is the latest of the brands and was introduced in 2020. The brand was unique and attracted more consumers than those introduced into the market initially because it also had a new-front facing screen apart from the user-replaceable lenses. GoPro 360 degrees camera is another
unique product launched in 2017. The omnidirectional camera had special features that could enable it to record 360degrees of footage. In addition, the company produced and launched various mounting accessories for the cameras. The accessories include a dog harness, a surfing mount, and suction cups. The company further launched a video editing studio, software that could effectively edit the camera footage. The company has unique cameras with exceptional features that make them market leaders.
Image Quality
The footage of GoPro cameras is also distinctive from other action cameras. GoPro camera has a slight edge over other action cameras that have propelled it towards being the leader in the market of action cameras. GoPro action cameras have no comparisons even in the low-light environment due to their 1-inch Mod and 1-inch sensor that enables them to produce high-quality photos and videos.
Stabilization
GoPro cameras have advanced stabilization equipment that has become the benchmark of its trademark. They deliver gimbal-like smoothness that makes these cameras highly preferred to produce quality stable shots during extreme actions than other action cameras. Video stabilization can be done electronically or physically. Instead of instructing consumers on physically steady footage, we intended to find a means to internally or electrically smooth footage when conceiving the HERO7 Black. This sparked the development of Hyper Smooth, a cutting-edge stabilization method that analyzes unstabilized camera motion and produces stabilized motion.
Touch Screen
GoPro cameras, such as the Hero9 model, have two screens. The first is the massive rear touch on its back, while the other is on the display screen. However, no function can be changed on the front screen since it has no touch control. The rear screen, however, is easy to navigate around and is highly responsive. Despite other action cameras also having touch screens, such as the 360r, the majority lack the double-screen features in the GoPro cameras.
Accessories
Most of the GoPro accessories are cross-compatible with other action cameras such as the tripods, chesty, and the selfie stick and lighting system. GoPro also provides unique accessories not found in any other market players. Accessories such as the Hazard 4 Cyclone can be used as equipment for optical viewfinders. This enables action sports enthusiasts to have freedom in using the company’s accessories on other action cameras and makes them more distinctive and marketable in the industry. In addition to blocking the light so you can view the GoPro’s screen, this patent-pending invention enlarges the tiny screen to see the finer details. The GoPro screen is additionally shielded from the elements by the Cyclone TM, preventing scratches and other damage that would make the screen even harder to see.
Benefits to Consumers
GoPro action cameras enable consumers to record videos and capture any kind of photos as they please. It enables consumers to mount their cameras on almost anything from the wrist to the head, leg, or any mount. In most action cameras, it is challenging to get certain capture angles while recording simultaneously. These cameras are small and light, benefiting users with the ease of moving them around or taking videos. They are also easy to operate thereby, can be used ev with the least experienced videographers or photographers to get quality shots.
Subscription services
Service difference
Many players in the action cameras have subscription options for their clients as leverage to maintain their customer base and increase re-purchases, thus retention. However, GoPro has a unique subscription model that not only benefits the customers but also acts as one of the primary revenue sources for the company. The company uses subscription as a model to create a community where customers to share their videos and even rewards the most liked. The company also uses subscriptions as a mainstream source of revenue. It only charges a $4.99 subscription fee that enables customers to enjoy unlimited cloud-based storage and discounts on purchasing company products such as cameras and accessories not offered by other action camera companies.
Benefits to the Customers
Customers who purchase the GoPro Subscription receive unlimited cloud storage and the ability to automatically upload video from GoPro cameras to the cloud. They also enjoy premium editing tools in the Quik App, a private live streaming platform, guaranteed camera replacement, special discounts on GoPro cameras, and up to 50% off of accessories at GoPro.com. The subscription fee is relatively small compared to the benefits customers get from the package, thereby increasing customer loyalty and retention.
Product and Service Description
GoPro produces action cameras, accessories, and subscription services for its customers. Below is a detailed description of their products and services.
Action cameras
GoPro Hero 10 Black
This is one of the most versatile waterproof action cameras with a rear touch screen and front LCD. The camera has game-changing Hyper Smooth 4.0 video stabilization and a game-changing GP2 processor that enables the HERO10 Black to capture 5.3K video at more excellent frame rates, 23MP pictures, and improved low-light performance. The camera is more advanced than the previous models, with enhanced touch control and speed. It has a very powerful GP2 engine for amazingly smooth footage, and it is predominantly designed to be used in the extreme nature of the GoPro. Additionally, there are 8 x slo-mos at 2.7K, and you can pause videos to take stunning 15.8MP still photographs from 5.3K footage. Even in low light, Unbelievable Image Quality captures scenes with great detail, realistic textures, and fantastic contrast. A new hydrophobic lens cover that repels water and helps to reduce lens flare and other artifacts make images appear their best. The model costs $386 in the retail market, which is relatively cheaper than other action cameras offering the same features in the retail market (GoPro, 2022).
GoPro Hero 9 Black
The legendary Hero9 black produces high-quality 20MP and 5K videos that maintain perfect shots even during zooming. The model is waterproof and has a powerful feature and durability with HyperSmooth 3.0 stabilizer that provides users with everything they need. The camera captures high crisp quality photos with automatic processing that processes the best photos for the users. It also has a rear touch screen and a front display that makes it easy to frame and camera control. Hero 9 also has a Webcam that produces 1080p Livestream for social media streams, and it also has robust stabilization during the broadcast. GoPro Hero 9 costs $319.99. The GoPro Hero 9 Black costs $319.99 at the retail market.
GoPro Hero 8 Black
The waterproof action camera with HyperSmooth 2.0 offers one of the widest views and boosts video coverage with three stabilization levels. The design of Hero makes it more pocketable and enables the users to swap fingers and mounts easily. The camera has inside doors that make changing battering faster, and its lenses are 2x more impact resistant than the other models. The camera also has expandable mods that enable filmmakers and creators to have options in their production. The media Mod provides users with short gun-mic performance that enables users to attach lights to increase video and photo quality. It also offers 1080p lives stream quality with HyperSmooth stabilization. It offers the amazing feature of TimeWarp 3:0 that enables users to capture time-lapse scenes during actions. It also offers shooting in extreme conditions such as inside water, rain, or snow. It is tough as nails and very pocket friendly. It costs $289.99 in the market.
GoPro Max (360-Degree)
Max 360 is a traditional and waterproof action camera offering 5.6K30 HD video quality with a touch screen. Utilize the most flexible 360-degree camera to enjoy complete creative freedom. You get three cameras in one: incredible spherical video, HERO-style video and photos, and an unmatched vlogging powerhouse. Three hundred sixty capabilities deliver amazing panoramic photos and 360 Time-lapse, too, featuring unbreakable stabilization and premium audio from 6 mics. It max HyperSmooth provides amazing stabilization with 360-degree capture that produces high-quality videos and wide coverage videos ad photos. It also offers 1080p Livestream quality that can be used for social media live streaming or during broadcasting. The camera also has a horizon leveling design that produces game-changing silky-smooth cinematic coverage while taking shots to wither on sideways, flipping, or at any angle that users prefer to take their coverages. The product is retailing at $495.00 at the market price.
GoPro Hero 7 Black
Hero 7 black is one of the highly rated GoPro cameras in the recent past due to its 4k Ultra HD Video and Livestream stabilization, even without gimble that delivers smooth footage. Like other GoPro cameras above, Hero is also waterproof with high-quality performance. This camera also has a TimeWarp feature that enables users to capture super-stabilized videos with increased speed of up to 30x that shapes moments. It also offers 720p live streaming that enables users to capture high-quality social media live streams and broadcast with friends. This camera applies HDR that produces brilliant photos with the local tone that optimizes shots for maximum quality. The camera is priced at $379.00, which is relatively cheaper based on its exceptional qualities concerning other action cameras.
GoPro offers a wide range of action cameras, as sampled above. Other cameras from the company include Hero 7 Silver, Fusion, Hero 6, Hero 5 Black, and Hero 5 Session.
GoPro Accessories
GoPro produces various accessories, as discussed below.
Chesty
This equipment makes it simple to take immersive hands-free pictures from your chest thanks to the flexible, padded Chesty. It is made of breathable, lightweight fabrics and is easily adjustable to fit a variety of body types. It is ideal for bicycling, hiking, skiing, and other outdoor activities where you want stunning POV shots. This equipment only costs $39.99 at GoPro.com.
Gumby Flexible Mount
Gumby is a versatile attachment that can secure GoPro to several oddly shaped items using interchangeable Nite Ize Gear Tie® Rubber Twist TiesTM. Try it on railings, fences, branches, bike frames, and more for various perspectives. It is incredibly adaptable, made to last, and quick and straightforward to set up. It only goes for $39.99 on the company website.
Protective Housing
The protective housing is mainly compatible with HERO11 Black & HER010 and Hero09 Black. Although these cameras are rugged and waterproof right out of the box, this casing can withstand anything. It offers protection from dust and flying debris and is waterproof for deep-water diving down to 196 feet (60 meters). It protects cameras from
debris, mud, and extreme activities. It also provides access to viewing and easy access to the camera’s touch screen. Protective housing only costs 49.99 on the company website.
3-Way 2.0
Three necessary mounts are combined into one with the brand-new 3-Way 2.0. It is a comfortable camera grip with an extension arm for taking selfies or follow shots and a tripod. A built-in ball joint allows you to tilt and rotate your camera 360 degrees. It provides a sturdy shooting platform with a built-in tripod for time-lapse photography, group photographs, and other uses. Because of its ergonomic shape, the grip is comfortable to use over long travels. Additionally, it has a foldable extension arm that doubles as a handheld boom for taking selfies, filming with a follow-cam, and obtaining a better view of the action. It costs $69.99 on the company website.
GoPro has varieties of accessories, as sampled above. Other accessories include max Lens Mod, creator kit, endure rechargeable batteries, Volta, and storage devices.
Subscription Services
Formally known as GoPro Plus, GoPro subscription services are one of the successful business models the company uses to form a community around its brand. The company charges a subscription fee of $4.99 per year, payable upfront as the year starts. The subscription service offers various packages to customers, such as unlimited cloud storage. This enables customers to upload all their photos and videos from GoPro cameras to the cloud in various ways, using the GoPro Quick app, the company website, or the Quik for Desktop. The videos or photos are stored in stores in their original forms without altering their qualities and can be accessed anytime, anywhere by the users.
The package also comes with a camera replacement benefit. If the camera is damaged, it can be replaced for a minimal fee of about $99 for cameras like Hero10 or Hero 11. However, the subscription does not replace the stolen or lost cameras, as those are regarded as actions liable to the consumer. The subscription also offers Livestream through a private link to its customers. For customers who possess GoPro Max or Hero 7 Black, it supports 1080 quality through Twitch, Facebook Profiles, and YouTube. The users only need to pair their cameras with the GoPro app to enjoy this service. Customers can also access premium editing tools that produce slick-looking high-quality videos through the GoPro Quick app, which has been instrumental in the product ecosystem. Finally, the subscription lets users buy cameras and accessories at a significant discount. It offers a 50% discount on most accessories, such as lifestyle gears, mounts, batteries, and cases bought through the company website.
Competitive Comparison
GoPro Inc.’s diverse products and services should be independently analyzed to compare how they compare with its key competitors in the market. The company deals with different products, such as various models of action cameras, accessories, and exclusive subscription services to its customers. The following comparisons provide an analytical comparison of the company’s essential products and services relative to its key competitors in the market.
Action Cameras
GoPro curved is not the only player in the action camera market. Despite its niche that curved out and made a brand that has dominantly floored the market, It has well-established strong competitors offering the same products. However, each company varies in product quality, prices, and images, among other distinctions. These companies produce a variety of action cameras that cannot, and not all can, be listed for comparison. However, this analysis will sample one camera model for each company a sample for the analysis. This analysis will focus on more than 4K action cameras capable of 360 degrees or HD shots. Such as GoPro Hero 10 black, Sony RX0, and German VIRB Ultra 30.
GoPro Hero 10 Black
Sony RX0
Garmin VIRB Ultra 30
Product Quality
High double-performance quality
High premium quality
High quality
Price
$399
$698
$399
Image
Excellent, widely known
Good, widely known
Good, but not much popular as its competitors
Target User
Action sports enthusiasts such as biking, swimming
Action sports enthusiasts and athletes
Action sports and outdoor athletes
Distribution
Distributed globally through its shops located in different parts of the world and also ships everywhere globally.
Distributed globally through company sales agents, resellers, and shipping directly from suppliers
It is distributed globally through its re-sellers and shops located in different countries in the world. However, the company regulates distribution to other countries.
Warranty
Has one (1) warranty against manufacturing defects. The warranty applies from the date of purchase.
Has one-year warranty
No warranty of any kind.
Promotion
It has a 10 % coupon discount, but it runs for a limited period
No promotions available
No available promotions
Accessories
Photography and videography are very complex activities with different challenges. Capturing superb shots, such as topography, poor lighting, and fatigue, can be challenging. Many companies produce different accessories in the market, but this analysis will analyze camera mounts from the key competitors, GoPro, Sony, and Garmin.
GoPro chesty
Sony AKA-CMH1 Chest Mount
Garmin Chest Strap Mount (VIRB)
Product Quality
High quality
High quality
High quality
Price
$39.99
$49.95
$39.07
Image
Good, widely known
Good, but not much popular
Good, but not very popular
Target User
Used mainly by skiing, cycling, or surfing enthusiasts
Action sports people, especially divers, cyclists
Action sports and outdoor athletes
Distribution
Distributed globally through its shops located in different parts of the world and also ships everywhere globally.
Distributed globally through company sales agents, resellers, and shipping directly from suppliers
It is distributed globally through its re-sellers and shops located in different countries in the world. However, the company regulates distribution to other countries.
Warranty
Has one (1) warranty against manufacturing defects.
Has five (5) years warranties
Has one-year warranty
Promotion
Free shipping
No promotions available
No available promotions
Research and Development
In terms of research and development, the weakness of the company is that it has not invested a lot of money in internal technology to help its products carry out strong research. In other words, the photography industry as a technology company, the performance, quality and competitiveness of its products come from a series of advanced technologies such as the product’s own scientific and technological content and intelligence, and the company has not carried out a lot of financial support for technology research and development will lead to the product’s own technology and intelligence by competitors.
GoPro’s research and development expenses are minuscule compared to those of the other two big camera companies. However, between 2014 and 2016, GoPro’s research spending jumped from $152 million to $359 million. As Coimbra pointed out, the demand growth rate of the action camera market increased further during 2014 and 2016 due to the positive impact of macroeconomic market demand. Therefore, GoPro, as the leader in action cameras, was the first to feel the market demand, so it successively launched a variety of camera models to meet the needs of the market and consumers.
On the other hand, GoPro’s research and development expenses continue to be depressed because of the company’s growth prospects. As one of the largest companies in the action camera market, GoPro has been keenly aware that the UAV market is the future development direction of action cameras since around 2015. As Lança points out, the drone market has been on the radar of action camera enthusiasts and represents a huge market opportunity. Therefore, the company rushed into this market in 2016 but finally failed due to a series of problems caused by insufficient technology. After the blow, GoPro experienced a downturn in its growth and thus it is spending on research and development was at a disadvantage relative to its industry rivals.
Patents and Trademarks
GoPro, one of the largest companies in the photography industry, has more than 1,000 licensed patents and 56 trademarks in the United States, some of which are listed below. Globally, GoPro holds more than 1,600 licensed patents. The source of GoPro’s product competitiveness is its technology, and its patents in picture quality processing, image capture, time-lapse video calculation, and stable shooting processing are compared with other competitors in the same industry, not only have absolute advantages in technology, but also more distinctive features.
GoPro Trademark
GUMBY
REELSTEADY
BE A HERO
HERO
GOPRO
RELIVE REALITY
GOPRO MURAL
MURAL
ZEUS
WORLD’S MOST VERSATILE CAMERA
POWERPANO
LIVEBURST
SUPERVIEW
MAX
GOPRO MAX
BACPAC
TIMEWARP
HYPERSMOOTH
OVERCAPTURE
GOPRO FUSION
GoPro’s number of patents and trademarks indirectly indicates the company’s emphasis on and understanding the culture of innovation. Compared to other competitors, GoPro’s successful transplantation in the field of action cameras has received outside attention and expert recognition. In 2021, Patexia ranked GoPro among the Top 100 high-tech Performers and the Top 100 overall Performers after evaluating thousands of companies. In addition, GoPro also ranked 4th in the electronics category and 31st overall in the 2017 ranking of the world’s most valuable patent companies. In addition, unlike other CEOs, GoPro CEO Nicholas Woodman himself is the owner of 134 patents. Therefore, as a large technology company in the photography industry, GoPro owns many patents and trademarks that not only help improve the quality and diversity of its products but also win the recognition and appreciation of experts in the same industry.
Financial Projections
The company believes that the future of GoPro will not be like the past, so the company plans to shake off the shadow of past failures, because the company has been successful in the past and needs to rediscover the pace of success. As a result, the company expects to grow revenue in 2020 but at a slower rate than the industry average, with an annual growth rate of 5.30% between 2020 and 2030.
Since 2014, GoPro has had a successful initial public offering. The company’s rapid growth rate in the early period was driven by the increase in overall industry demand and the positive impact of the continued positive macroeconomy. In other words, influenced by the macro economy, the trend of the global economy is in a period of rapid growth, and the rapid improvement of the economy makes the consumption power and demand of consumers increase. Therefore, the emergence of more and more consumer groups has led to the rapid development of the motion camera industry. After a period of rapid growth, GoPro is looking to expand and gain additional market share in the UAV market as its market share is squeezed by competitors. However, due to the failure caused by inadequate technical preparation, the development of the company will be stagnated, and the revenue will be in the negative growth stage for a long time. In the past four years, the international tourism industry has been growing year by year due to the gradual normalization of globalization, the stable trend of the economy, and the increase of consumer groups. The increase in the number of people traveling and exercising has brought new life to GoPro. Although the net income from 2017 to 2019 is still in the red, it is in the process of recovering. But because of the pandemic, GoPro’s net revenue expanded in 2020, but as the pandemic subsided, GoPro’s net revenue exploded in 2021.
Financial Analysis
The company’s 2020-2021 financials reflect GoPro’s annual revenue growth of $1.16 billion, up nearly 30% from 2020, and subscription revenue from APP users, up 39% year over year, accounting for 34% of total revenue. Adjusted EBITDA was $168 million, or 14% of revenue. Cash also increased by 64% to $5. $3.9 billion. This financial information all provides support and confidence for the expected growth of GoPro Company. By adjusting the operation strategy and growth strategy of the organization, the company is still in the growth period after the outbreak of the epidemic, which brings confidence to investors and the market. A favorable financial situation is also conducive to investment and expansion of the possibility of innovation.
12.1 Cash Assessment
12.1.1 Working Capital as a Percentage of Annual Revenue
Working capital can be understood as the difference between an enterprise’s current assets and current liabilities, and the proportion between working capital and the company’s total revenue is the proportion of the company’s working capital in total revenue. As you can see from the table below, GoPro has a higher percentage than its competitors. In other words, the company’s ability to repay debt in the short term is good relative to its competitors. When the company has the ability to repay debts, it means that the current assets of GoPro are greater than the current liabilities, and the short-term interruption of the capital chain will not lead to the crisis of the company.
While Canon’s percentage is also high, GoPro’s percentage is increasing year over year, from 17 percent in 2019 to 26 percent in 2021, while Canon’s percentage is down from 25 percent to 23 percent in 2019. We can see from Canon’s trend that the company’s short-term debt servicing capacity is stabilizing, although it will decrease in 2020, due to the impact of the pandemic, and increase when the pandemic abates. Apple’s share, on the other hand, is falling fast, from 22% in 2019 to 3% in 2021. It can be seen from the data that Apple Inc. is slowly losing its ability to repay its debts in the short term, because the company has a large current debt, and the reduction of the ratio also means that the company may interrupt some projects and normal business operation at any time due to the cash flow.
12.1.2 Current Ratio
Current ratio is the ratio of current assets to current liabilities to determine the company’s ability to convert assets into cash in a short time to repay debts. By calculating the ratio in the list, it can be seen that GoPro rose from 1.64 in 2019 to 2.12 in 2020, indicating that the company is in a very healthy stage with sufficient liquid assets reserve to meet the short-term debt repayment ability. Although it will drop to 1.65 in 2021, there is not much risk. Both Apple and Canon have healthy current ratios, indicating that the current assets of the three companies are sufficient to meet short-term debt repayments. In addition, through the analysis, it can be concluded that the three companies do not have a large amount of funds to idle, indicating that the development trend of the three companies is in good condition.
12.1.3 Quick ratio
Quick ratio, mostly used to measure whether an enterprise has the ability to quickly convert assets into cash to pay debts, is the ratio of current liabilities through the difference between current assets and inventory. As can be seen from the following list, GoPro’s quick ratio is in a stable and slowly rising trend stage, while Apple’s has been decreasing year by year from 1.50 in 2019 to 1.03 in 2021. Such a situation indicates that Apple’s ability to quickly realize cash is continuously weakened, and it cannot get funds quickly, which means that Apple’s ability to repay debt is weaker. Canon is also on the way down, but it’s still within reasonable limits, so it’s not going to be unable to service its debt in the short term.
12.1.4 Account Receivables Turnover
Accounts receivable turnover rate refers to the number of times an enterprise converts accounts receivable into cash in a year and is used to measure the speed of the enterprise’s revenue accounts. As can be seen from the table, compared with other competitors, GoPro’s turnover rate is gradually increasing, indicating that the company’s receivables are increasing because the sales volume and profit are also increasing. Canon is a relatively stable company, its turnover rate has been stable for a long time, while Apple’s turnover rate has decreased from 1.62 in 2020 to 1.04 in 2021, indicating that Apple’s accounts receivable frequency and time are relatively long, which is not conducive to corporate capital turnover.
12.1.5 Inventory Turnover
Survival turnover is a measure of how quickly a business turns over inventory and is the ratio of product cost divided by average inventory. Because the inventory turnover speed is related to the company’s production and operation process, the inventory turnover time is long, the slow speed will cause the company’s products cannot be sold quickly, the increase of inventory expenses and costs. As can be seen from the table below, the turnover rate of GoPro from 2.08 in 2019 to 2.41 in 2021 indicates that the company’s products are in a state of rapid sale. It can be concluded that the sales volume of GoPro products has increased. In contrast, the high turnover rate of Apple indicates that its products are favored by consumers, regardless of the phenomenon of occupying inventory. Canon’s low product turnover points to a long sales cycle.
12.1.6 Long-term Debt/Owners’ Equity
The Long-term debt/ owners’ equity ratio acts as a measure of a company’s financial leverage, using the ratio of long-term debt to shareholders’ equity to determine how much leverage a company is using. High leverage means that the company is in a high-risk situation, so it needs to take more risks with investments, stock offerings and other activities. As can be seen from the table, compared with the other two competitors, GoPro has the lowest ratio, falling from 0.16 in 2019 to 0.11 in 2021, so the company is not highly leveraged and risky. On the other hand, both Apple and Canon’s ratio has been declining, although Apple’s ratio is high, but because of the size of the company and the performance of the product, such leverage is not a big risk.
12.1.7 Cash from Operations
Note: The Canon in the list is in yen because it is not listed in the United States.
Cash from Operations refers to the amount of cash a company spends to carry out activities over a period of time. A series of activities such as net income, depreciation, amortization, changes in accounts receivable and liabilities are observed through the use of cash flow. Since operating cash flow can observe the detailed items of the company’s cash expenditure, it can analyze the cash expenditure and use status of the enterprise.
As one of the large enterprises in the motion camera industry, GoPro’s cash from operations in 2019 was -1.518 million USD due to its investment failure in 2016, while its cash from operations loss increased to 31.37 million USD due to the epidemic in 2020. But it reversed course in 2021, when it reached $113.411 million. By contrast, both Apple and Canon continue to grow their cash from operations. The increase in cash from operations indicates that the company’s development is in a period of growth, and more cash disbursements indicate that the company’s operations are normal.
12.2 Profitability Assessment
12.2.1 Return on Assets (ROA)
Return on assets is the ratio of after-tax net profit to total assets, which is used by investors to measure how much net profit each unit of assets can create for enterprises. In other words, through the analysis of return on assets, investors can get a certain understanding of the profitability of enterprises. We can see from the table that the return on assets of Gopro is in an unstable state. From 2019, the return on assets was -2.06%, from 2020 to -10.34%, and from 2021 to 38.53%. Due to the global impact of the pandemic, the return on assets in 2020 was lower, but GoPro was also at -2.06% in 2019. Such data will make it impossible for investors to accurately judge the investment risk and profitability of the company. Compared to GoPro, Apple, as one of the global tech giants, has seen its return on assets rise steadily, even during the 2020 pandemic. While Canon is trending down overall, the rate of decline is stable, so investors don’t have to worry too much about risk and profitability.
12.2.2 Return on Equity (ROE)
Return on equity is the ratio of net profit after tax to the amount invested by shareholders. Unlike return on assets, return on equity measures a company’s profits as a percentage of the amount invested by shareholders. Return on equity is not a simple measure of profitability because of the industry and the type of company. Based solely on the data in the list, the ROE of GoPro is the same as that of ROA, both of which were still in the state of loss in 2019, and the loss was aggravated in 2020 due to the impact of the epidemic. Until 2021, the epidemic gradually stabilized, and the economy gradually recovered, so GoPro’s ROE exploded. In contrast, Apple’s ROE was also affected by COVID-19 in 2019-2020, with a temporary decline in the trend. However, since 2021, ROE has significantly increased because of the sudden increase in market demand. Canon will grow in 2021 but not as fast as the other two because Canon’s consumer base and product base will limit its growth.
12.2.3 Net Profit Margin
Net profit margin refers to the profit ratio of a business after deducting all costs, expenses and income taxes. The profitability of a company can be reflected through the analysis of net profit margin. According to the data in the table, GoPro gradually turned for the better in 2019 after experiencing the failure of the UAV market, but the epidemic in 2020 exacerbated the state and time of loss. As a result, GoPro’s net profit margin increased significantly in 2021 as the pandemic subsided and demand continued to increase. Apple’s net profit margin has been growing steadily from 2019 to 2021 without being affected by the pandemic. Canon’s profit margins were on track to improve but were slowed by the pandemic.
12.2.4 Gross Profit
Gross profit is the company’s profit after deducting the costs associated with selling and manufacturing the products, that is, revenue minus the cost of sales. Gross profit is when investors assess the efficiency of a company’s manufacturing and sales processes. See the company’s efficiency using equipment and productivity through variable cost changes. As can be seen from the table, GoPro’s gross profit is too low compared with the other two competitors and it has a big disadvantage. GoPro’s growth is slowly picking up, but not by a long way. Apple’s gross profit is growing rapidly and steadily, while Canon’s is growing slowly.
12.2.5 Operating Margin
Operating profit margin refers to the profit margin a business can earn on sales after paying production costs. In other words, the operating profit margin is the ratio of the operating profit of the enterprise to the total cost. The profit efficiency of an enterprise can be known by operating profit margin. As can be seen from the table, GoPro’s operating profit margin is in the process of continuous growth. It’s not growing as fast as Apple, but it’s turning a profit. Canon’s operating margins have also increased slightly and steadily. As one of the world’s largest technology companies, Apple’s operating profit has been growing steadily, even during the pandemic.
12.2.6 Earnings per share (EPS)
Earnings per share, as the name implies, refers to the net profit of each share in the hands of the shareholders who buy the stock. It is the ratio of the after-tax profit of the enterprise to the total number of shares. Rating corporate profitability, growth potential, etc., based on the increase in U.S. stock earnings. As can be seen from the tabular data, GoPro’s development trend tends to be good, and it has turned from the loss of stock income to profit. Although the growth rate is small, it has a good development trend. There’s no doubt that Apple’s earnings per share are rising dramatically, so the potential for growth is huge. Canon, as an established photography company, has always seen a good trend in its earnings per share. Although there is an increase, there is not much room to increase.
12.2.7 Income Before Tax
Pre-tax profit is a tool to measure the financial information of a company. Through pre-tax profit, an enterprise can know how much profit it can get for each dollar worth of products sold. Therefore, enterprise leaders and investors will judge the current profitability of the enterprise according to the pre-tax profit. As can be seen from the chart, both GoPro and Canon are on a steady upward trajectory, as the impact of the pandemic in 2020 has slowed the upward trend. Apple, on the other hand, is on a rapid upward trend, which has not stopped its rapid increase even in 2020.
Therefore, as a large company in the photography industry, GoPro has been losing money in recent years, although it failed to invest in the UAV market in 2016 due to lack of technical preparation. However, due to the positive impact of macro economy, the increase of consumer groups and the gradual trend of a sound financial position, GoPro began to experience explosive growth in revenue and profit in 2021. Factors such as increasing market demand and recognition of the technology and quality of GoPro’s products by the same industry are the basis for its renewed success.
Appendix A: Projection Calculations.
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