GoPro Inc. stocks surged 3.4% in early market trade Friday following their key chip provider’s upbeat outlook for the wearable technology market.
Ask any HERO user and they will tell you that GoPro is still a hearty company. GoPro projects 2016 revenue of $1.35 billion while propelling some exciting new hardware and software releases by holiday season. Albeit, investors question the validity of the founder’s software proposition for the next few years. According to the Founder and CEO of GoPro, Nick Woodman, there are only a few companies in the world who are developing platform experiences like this (speaking on behalf of the upcoming software updates). Knowingly, the biggest portion of the industry’s market share reside in Silicon Valley, and Woodman is willingly tapping into those resources.
The leading U.S provider of market information and advisory services, NDP Group, told GoPro Ace that GoPro’s first quarter combined digital camera unit share in the U.S. increased 150 basis points year-over-year to 20.9%. International sales totaled more than 50% of total GoPro revenue in Q1 2016.
Another impressive key point indicator is the quantity of downloads of the GoPro Mobile App. Downloads coming in at 2.8 million times in the first quarter, totaling almost 27 million cumulative downloads; Q1 installs of GoPro Studio totaled almost 1.5 million, totaling nearly 16.5 million cumulative installs, with average daily video exports up 33.5% year-over-year to over 52,000 in the first quarter. So in short, user engagement is doing extremely well.
Woodman believes that GoPro will always be exceptional despite the results of the company’s shift to software upgrades. According to GoPro employees, the first-generation editing software, Studio, will get upgrades from the software team to transition the editing suite into what they call “Storyteller.”
The new platform will look and feel a lot like the current proprietary video editor Quik, which was repackaged by GoPro in March 2016. The user experience would be very similar others like iMovie, told GoPro Ace. Accessibility to anyone with a smart device is paramount. In fact, GoPro brought Quik to android users in Q1 via the recent acquisition of Stupeflix Inc. All which was made possible just a little less than six months ago.
GoPro began collecting raw user telemetry to assess how content makers use their devices. Surprisingly, more users are using GoPro cameras to shoot photos than the company projected. Users also enjoy capturing video at higher resolutions than 1080p. The data ties into the making of Storyteller. The app will eventually be as simple to use as Quik and be able to scale up for advanced users. GoPro intends on supporting content enablers with a cloud-based habitat, saving people from the pain of losing files.
“You’ll never have to touch an SD card or a USB again.” – Nick Woodman
To top it all off, there was a huge media release in late May 2016 announcing that two of the World’s strongest brands are teaming up to cross-promote and innovate. Yes we are talking about Red Bull and GoPro which we all knew was going to happen sooner or later.
The marriage would proclaim GoPro to become Red Bull’s exclusive Point of View Camera and content partner. As part of the agreement, Red Bull will receive equity in GoPro and GoPro will become Red Bull’s exclusive provider for capturing immersive footage of Red Bull’s media productions and events. This means that consumers can expect to see more engaging and intense videography from both companies.
Recent accomplishments
- GoPro and Red Bull Form Exclusive Global Partnership
- GoPro to Live Broadcast Jeb Corliss’ Wingsuit Flight over the Great Wall of China
- Quik – Free Video Editor repackaged and redesigned for iPhone and Android users
- GoPro’s Award-Winning Cameras and Accessories now in India’s Largest Consumer Electronics Retailer – Reliance Digital
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Featured Image: GoPro Inc.
