GoPro’s Latest Move Is Crucial To Its Survival

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GoPro has been going through some tough times of late. The company is being squeezed by low-cost action cameras on one end while having trouble convincing its own customers to upgrade their products frequently enough. Drones, with their ever-improving cameras and decreasing learning curve, too are encroaching upon a space that GoPro once almost exclusively owned.

Think about it. GoPro takes pride in the fact that their cameras are tough, will take an insane amount of damage and still continue to do their job just fine. The selling point to upgrade to their latest camera has been an increase in video resolution, better battery life but for most GoPro 3 owners, the quality that they own is good enough.

All of this has meant that GoPro posted a 31 percent drop in revenue year over year and has had to let go several of its employees. No surprises then that the shares of the company took a beating as well.

In an effort to turn things around, GoPro has decided to court third party developers aggressively and recently announced that over a hundred companies had decided to get on board. This includes some well-known names like Fisher-Price, BMW, Toyota and even Periscope.

The idea is to have these companies build apps specifically for Go Pros in their products. BMW, for example, decided to make a timing app compatible with Go Pro while Fisher Price decided to have physical mounts in its toys that accept Go Pro’s.

This will help potential customers choose a Go Pro over another action camera that may be a third of its price. Equally importantly, it will help spread the Go Pro name in the mainstream consumer market and beyond its core audience of adventure sports enthusiasts.

GoPro will realize that it needs to do a lot more than just bank on its brand advantage that it has built up over the years. The space for action cameras is getting crowded and hardcore photography players like Nikon are trying to break in as well.

Virtual reality is the next big thing and GoPro will want to make sure that it is at the forefront rather than reacting to other players. It also needs to release more products. Its last new product was the Hero 4 line in 2014. We are not even going to count the over-priced cube that just made no sense at all.

Let’s hope then that drone they have been teasing us for so long with is on its way to the stores soon!

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