Expanding product line
GoPro (GPRO) aims to expand its product line to attract advanced users. GoPro is developing solutions for its advanced customers while looking to acquire new users as well. Last year, the company announced its Karma drone, “an aerial, handheld and wearable stabilization system.”
According to GoPro’s research, the drone market in the United States (SPY) is expected to generate $900 million in revenue in 2017. The global drone market revenue is valued at $3 billion this year. GoPro is confident that Karma will be popular among consumers and drive revenue this year.
GoPro CEO Nicholas Woodman stated that “Karma represents our entry into this important market, and we are very happy with its initial sales performance.” As discussed earlier, GoPro’s Karma drone with the HERO5 camera was the second best-selling drone priced above $1,000 in the US in 1Q17, according to research by The NPD Group.
GoPro launches Fusion
In April 2017, GoPro announced a 5.2K resolution, 360-degree camera known as Fusion. This camera is designed to capture content in the highly popular VR (virtual reality) space as well as in non-VR productions. GoPro has claimed to have received over 3,000 applications for Fusion’s pilot program.
Fusion is working with content and technology leaders such as Facebook (FB), Adobe (ADBE), and Fox Sports to ensure an optimal user experience. However, consumer product companies such as Garmin (GRMN), Samsung (SSNLF), and Kodak have already launched 360-degree cameras, meaning GoPro will have to catch up to acquire market share in this space.