From the world's best action camera to the worst drone: The ups and downs of GoPro
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)
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.
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