Cover GoPro cameras are still widely used in extreme sports events such as the Freeride World Tour (Photo: GoPro)
GoPro cameras are still widely used in extreme sports events such as the Freeride World Tour (Photo: GoPro)
1 / 1
GoPro has gone from creating the market for action cameras to playing catch-up with its competitors. How will it recover?
Once the undisputed leader of action cameras, GoPro now finds itself in a fight for relevance. What began as a scrappy startup founded by a surfer with a wrist-mounted 35mm camera became a billion-dollar brand that transformed how people filmed their adventures—from skydives and surf sessions to daily vlogs and documentaries. But as competitors caught up and smartphones became more rugged and capable, GoPro’s dominance began to slip. Today, the company is navigating a critical chapter marked by reinvention, strategic pivots, and the urgent need to win back its audience.
Also read: Introducing XPeng, the Chinese company building the future with EVs, flying cars and robots
The rise of Go Pro
For a generation raised on reality television and early YouTube, documenting moments became second nature. Before smartphones became waterproof and durable, consumers had few options if they wanted to film in rugged environments. In the early 2000s, the only available solutions were bulky waterproof housings designed for professional cameras—expensive, impractical, and far from accessible.
In 2002, while on a surfing trip in Australia, entrepreneur and amateur surfer Nick Woodman hit on a solution: a small, wearable camera that could be strapped to the wrist or mounted on a surfboard. Two years later, the first GoPro camera debuted.
Don’t miss: What makes Fujifilm’s GFX100 a technical tour de force for photography enthusiasts
The first GoPro was as simple as it could get. It housed a basic 35mm film camera in a waterproof shell and came with a Velcro strap for wrist mounting—an affordable, go-anywhere solution that resonated with outdoor enthusiasts.
GoPro quickly evolved. The launch of the Digital Hero in 2006 marked its entry into the digital age, followed by the HD Hero series in 2010, which brought full HD recording to adventure filmmaking. In 2012, the Hero3 with Wi-Fi capabilities became a commercial sensation. That same year, GoPro sold 2.3 million units in the US alone and received a US$200 million investment from Foxconn, valuing the company at US$2.25 billion. By the time it went public in 2014, GoPro had become a household name. Its IPO raised over US$420 million, and Woodman briefly became the highest-paid CEO in America with a US$285 million salary.
Flying into unknown territory
But success bred overreach. Flush with IPO cash, GoPro doubled its workforce and rapidly expanded. The company ventured boldly into media production, hired high-profile executives from HBO and Hulu and set its sights on becoming a lifestyle content brand, producing content for YouTube, Virgin America, PlayStation Network and Xbox Live.
The boldest move was an attempt to break into the consumer drone market. The Karma drone, released in 2016, was beset with problems, and was pulled from shelves within weeks due to power failures mid-flight. A total of 2500 drones were recalled after its release. Although it was relaunched in 2017, the damage was done. By 2018, the company formally exited the drone business.
Meanwhile, the rest of the industry was catching up. DJI, Insta360 and other brands began releasing more innovative, competitively priced cameras. Rugged smartphones started incorporating waterproofing and wide-angle lenses, eroding the need for a dedicated action cam. GoPro, once the disruptor, now looked out of step with the market.
In 2019, the company slashed its research and development budget. Analysts believe this move gave rivals the space to leapfrog GoPro in innovation, particularly in 360-degree video and AI-enhanced editing features. Between 2015 and 2023, GoPro’s market share declined steadily, especially in key territories such as Japan, where DJI overtook it.
The financial impact has been significant. In 2024, GoPro reported a 20 per cent year-on-year revenue decline, down to US$801 million. Its net loss reached US$432 million. The company responded with a 26 per cent workforce reduction in early 2025, marking one of its largest rounds of layoffs to date.
The year of recovery
Above The Hero13 Black is currently GoPro's flagship product (Photo: GoPro)
The Hero13 Black is currently GoPro's flagship product (Photo: GoPro)
1 / 1
But all is not lost. In recent years, GoPro has pivoted toward building a recurring revenue model. Its subscription service—which offers cloud storage, camera replacement, editing tools and discounts—grew to 2.52 million subscribers by the end of 2024, bringing in US$107 million, a 10 per cent year-on-year increase. CEO Nick Woodman has been vocal about this shift, positioning GoPro not just as a hardware company, but a software and services brand for the creator economy.
While the Hero13 Black remains a bestseller in its category, the pressure is on for the company’s upcoming Hero14 release to do more than just improve specs. To regain relevance, GoPro must recapture its original magic while addressing modern creators’ needs—from AI-driven features to seamless smartphone integration and community-driven platforms.
GoPro’s journey has been one of bold ideas, costly detours, and hard-earned lessons. Whether it can evolve from a hardware brand to a full-fledged digital ecosystem remains to be seen—but it’s a challenge that the company can’t afford to wipe out on.
