GoPro, Inc. Will Entry into the Drone MarketHelp its Comeba.docx

GoPro, Inc.: Will Entry into the Drone Market
Help its Comeback?
Case
Author: Niccolò Pisani & Petra van den Dolder
Online Pub Date: January 02, 2018 | Original Pub. Date: 2018
Subject: Business & Management, Strategic Management &
Business Policy
Level: Intermediate | Type: Indirect case | Length: 4820 words
Copyright: © Niccolò Pisani and Petra van den Dolder 2018
Organization: GoPro, Inc. | Organization size: Large
Region: United States of America | State:
Industry: Manufacture of computer, electronic and optical
products
Originally Published in:
Publisher: SAGE Publications: SAGE Business Cases Originals
DOI: http://dx.doi.org/10.4135/9781526445902 | Online ISBN:
9781526445902
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GoPro, Inc.: Will Entry into the Drone Market Help its
Comeback?Page 2 of 11
http://dx.doi.org/10.4135/9781526445902
Abstract
Although GoPro has experienced tremendous growth since its

foundation, investors
have started to lose faith in the ability of the firm to continue
on its success path. On
March 14, 2017 the stock price reached an all-time low of $7.24
and has been trading
below $10.00 ever since, thus considerably below the initial
IPO price of $24.00 set in
June 2014. This case describes how GoPro has rapidly grown to
be a billion-dollar
company and elaborates on the several challenges it has been
facing in the recent
past. Particularly, the competition in the action camera market
has become very fierce.
For example, the Chinese producer Xiaomi, which has launched
products that are
technologically advanced while priced very aggressively, has
seen increased market
share. At the time of the case, in June 2017, GoPro has just
completed its entry into
the drone market with the introduction of its model Karma.
Despite the strong
competitive pressures that characterize the drone market—with
the Chinese
manufacturer DJI holding approximately 70% of the worldwide
market share—GoPro
hopes this move will help its comeback. The case invites
students to put themselves in
the shoes of a business consultant who has been hired by GoPro
to evaluate its entry
into the drone market and provide recommendations to the top
management team on
how to win the competitive battle and become profitable again.
Case
Learning Outcomes

By the end of this case study, students should have an improved
understanding of the
following:
What the advantages and disadvantages are of being the first
versus late mover in a given
market
What the impact of the time of market entry is, especially in
high-technology environments
How increased competition from emerging countries has
changed the international
competitive landscape for high-technology firms based in
developed countries
Comeback?
By the beginning of 2017, GoPro had achieved a global reach of
more than 45,000 retail
outlets and sold products in more than 100 countries through
direct and indirect sales
channels (GoPro Inc, 2016). The company has experienced
tremendous growth ever since its
foundation in 2002. By tapping into an unserved market niche,
GoPro has rapidly grown from
a “one-man start-up” to a billion dollar company, with a brand
name that has rapidly turned
into a synonym for action cameras. Despite the terrific success
story characterizing its early
years, in the very recent past GoPro has faced important
challenges that have led investors to
question whether the firm will be able to continue on its success
path moving forward. The
stock price of GoPro has been falling since mid-2015 and on
March 14, 2017 it reached an all-

time low of $7.24, considerably below the initial IPO price set
in June 2014 ($24.00). One of
the reasons for this significant drop are the production issues
the company has been facing
with the launch of its newest action camera, the HERO5
(Vanian, 2017). Partly because of
these problems, GoPro sales were lower than expected, resulting
in a negative net income of
$419 million in fiscal year 2016 (GoPro Inc, 2016). At the time
of the case, in June 2017,
GoPro has just completed its entry into the drone market with
the introduction of its model
Karma, whose launch has also been affected by production
issues (Vanian, 2017). Despite
the production problems associated with the launch of its new
products and the fierce
competition from international players such as Chinese
manufacturers Xiaomi and DJI in both
action camera and drone markets, GoPro hopes that entry into
the drone market will help its
comeback. However, investors are still wondering whether
GoPro will be able to bounce back
to its success path in view of the many challenges faced.
History and Growth of GoPro
Nicholas Woodman, son of a successful investment banker,

grew up in a prosperous suburb
of Atherton, California, in the heart of Silicon Valley (Brett,
2015). Obsessed by ocean waves
since the age of eight, he decided to attend the University of
California in San Diego as it is
located near the sea. His parents were not very supportive of his
decision, but as Nicholas
said: “If I didn’t follow my passion for surfing … I would have
never come up with the concept
to make a wrist camera” (Mac, 2013a). Before starting GoPro,
Woodman first had a go at two
start-ups. The first one was a website called EmpowerAll.com
through which he attempted to
sell electronic goods with incredibly small margins. But it
failed to get off the ground. The
other start-up was Funbug.com, a gaming and marketing
platform. Unfortunately, the
company went out of business because of the 2000/01 “dot com”
crash, taking with it the $3.9
million Woodman raised from investors (Mac, 2013c). To clear
his head, the young
entrepreneur went on a surfing trip to Indonesia and Australia.
It was during this trip that
Woodman came up with the idea of the action camera, resulting
in the foundation of GoPro.
In October 2002, tired of losing other people’s money,
Woodman used $30,000 of his own
money, a $200,000 investment by his father, and $35,000 from
his mother to found Woodman
Labs, which was later renamed GoPro (Mac, 2013b; Shontell,
2014). Two years later, in 2004,
the first camera known as the 35mm HERO was sold at an
action sports trade show in San
Diego (Brett, 2015; Mac, 2013a). The HERO used 35mm film
and was waterproof, making it

ideal for capturing images while surfing (Pavle, 2016). It
featured a strap allowing users to
strap the camera to their arm and simply unclip it, take pictures,
and clip it back into place
after the usage. It was lightweight and offered unprecedented
possibilities at the time,
allowing Woodman to create a new niche market for his
revolutionary product.
Only one year later, GoPro sales hit $350,000 by selling to
specialty sport boutiques and surf
shops, next to appearing at QVC three times to reach a broader
audience (Mac, 2013a,
2013c; Shontell, 2014). In 2006 GoPro made the transition to
digital cameras by introducing
the Digital HERO camera that was able to shoot 10 seconds of
VGA video without sound
(Mac, 2013c). The new model, the Digital HERO3, improved
the previous one by offering
unlimited video capacity and sound. This product was launched
in the spring of 2007, only six
months after Google bought the then small company YouTube.
Partly thanks to the popularity
of YouTube, sales of GoPro tripled that year and have continued
at a similar pace in the years
thereafter, as the camera offered by GoPro provided an ideal
tool to record action videos that
could then be easily posted on YouTube (Moritz, 2012).
Another part of the success of GoPro
was the broadening of the target group. GoPro, initially
designed for surfers, realized that its
camera could also be used for other action sports. Therefore,
GoPro launched different
mounts; this way users were able to also attach their GoPro to
ski poles, car frames, helmets,
skateboards, and the like. Furthermore, by introducing a wide-

angle lens, users could also
capture themselves while in action. In 2010 the sales of GoPro
increased significantly due in
part to the introduction of the HERO HD; revenues reached $64
million by the end of the year
(Mac, 2013c).
In May 2011, GoPro received funding from five venture capital
firms, including Riverwood
Capital, Steamboat Ventures, and the venture investment arm of
Disney (Mac, 2013c). The
total investment amounted to $88 million. The next year,
Chinese electronics manufacturer
Hon Hai Precision Industry Co., also known as Foxconn, made a
$200 million investment in
GoPro, thereby attaining an 8.88% stake in the firm (Mac,
2012). With this investment, GoPro
was valued at $2.25 billion. These events made GoPro ready for
their initial public offering
(IPO), which took place on June 26, 2014 with an initial stock
price of $24.00. GoPro reached
a market capitalization of almost $4 billion, ending the day with
a stock price of $31.34
(Lorenzetti, 2014). At the beginning of 2017 GoPro had grown
to a company with 1,552
employees (GoPro Inc, 2016).

The GoPro Value Chain
Since the prototyping stage of the first GoPro product, Nicholas
Woodman has outsourced
the manufacturing of the camera to a company in Shenzhen,
China (Mac, 2013a). This way
the company could stay flexible, while enjoying the location-
specific advantage of the lower
manufacturing costs characterizing the Chinese site. Some of
the design and development
activities are performed in China, while the other activities are
carried out in California,
Switzerland, and France. Furthermore, the company has
contracts with third-party fulfillment
centers in almost every continent; locations of these fulfillment
centers are in California,
China, Hong Kong, Singapore, Brazil, and the Netherlands.
These facilities are either a
fulfillment and warehouse center or full service distribution
center, which also perform light
assembly. In addition, GoPro also has third-party packaging
centers in California, Czech
Republic, and China (GoPro Inc, 2016).
In February 2017, GoPro announced that they were going to
open a research and
development center in Bucharest, Romania, to develop software
(Grigonis, 2017). As the chief
operating officer CJ Prober said: “The area is rich with diverse
talent from prestigious colleges
and universities, as well as Fortune 500 technology companies.
We have the opportunity to
leverage this talent and consolidate our outsourced software and
IT contractors into one
centrally located, highly efficient team” (Grigonis, 2017).
GoPro established its software by

buying out several smaller companies (such as Stupeflix and
Vemory), rebranding them and
using their Quik mobile app for automatic video edits and Slice
for custom edits. Furthermore,
GoPro acquired Kolor to develop the technology for virtual
reality (VR) viewers (Grigonis,
2017). To remain at the innovation frontier, GoPro research and
development expenditures
have rapidly increased from $70.63 million in 2013 to $295.90
in 2016. As a result of this, the
ratio of R&D expenditures to total revenues has climbed from
7.5 percent in 2013 to 30.3
percent in 2016 (GoPro Inc, 2015, 2016).
Competition
The action camera market has witnessed increasing competition
during the last few years.
While GoPro has essentially created the action camera market
with its first revolutionary
product, it now faces stiff competition from companies such as
Sony, Garmin, and iOn, but
also from several emerging competitors such as Polaroid, LG,
TomTom, Olympus, and the
Chinese manufacturing giant Xiaomi (Beige Market
Intelligence, 2016). Some of these
competitors offer products that are comparable to the ones
manufactured by GoPro in terms
of quality and features while being priced very aggressively.
Whereas it can be argued that

GoPro remains a premium brand in the market space, one of the
biggest challenges for
GoPro is the lack of competitive barriers in the action camera
market that has allowed these
new entrants to gain market shares in a market that was initially
dominated almost exclusively
by GoPro (Sun, 2014). Sony, for example, has become a real
threat for GoPro, releasing
technologically advanced devices that are very lightweight and
feature Zeiss-Tessar lenses
that maximize light for better quality low-light recording (Tech
Stock Insider, 2016). Xiaomi,
well-known for dominating the Chinese smartphone market, is
another major competitor that
GoPro is currently facing. Xiaomi launched its Yi Action
Camera in 2015, selling for as little as
$65, whereas the GoPro product, HERO, was priced at $130
(Kleinman, 2015). Yi Action
Camera was equipped with a 16-megapixel lens, shooting full
HD video at 60 frames per
second and features a powerful Sony image sensor. Just as with
the GoPro product, it also
worked underwater and featured a durable plastic design.
Xiaomi also launched a 4K version
of its Yi Camera for $249.99 in 2016 (Brokaw, 2016). It rivaled
the GoPro high-end HERO4
Silver and Black editions, priced at $399.99 and $499.99,
respectively. To further illustrate the
price war, GoPro has had to contend with the last few years, its
HERO4 model had to
undergo two serious price cuts of both $100 before its sales
figures rose (Burlacu, 2015;
Wang, 2016a).

On the software side, Xiaomi also developed a mobile app for
taking control of the camera,
thus competing not just on hardware but also on development of
innovative software
(Kleinman, 2015). Furthermore, GoPro has been challenged by
newcomers introducing
products with features that the GoPro cameras do not yet
feature; for instance, the LG
cameras and their built-in LTE connectivity (Tech Stock
Insider, 2016). This allows LG cameras
to stream live to YouTube and other popular sites.
In addition to the threat of direct competitors in the action
camera market, GoPro has also
faced increased competition as a result of the increasing quality
of cameras installed on
mobile phones. As Woodman himself said: “We failed to make
GoPro contemporary and
failed to align GoPro to the smartphone movement” and “the
smartphone has set a new bar
for convenience” (Oyedele, 2017). This might especially be true
when trying to tap into the
selfie market. With the quality of photography of smartphone
cameras rapidly improving, it is
difficult to ask for customers that already have a smartphone to
buy an additional camera.
This is especially the case when considering the GoPro flagship
device, the HERO5, which
costs $399.99, with the lower end of the market getting crowded
with low-priced offerings from
competitors (Oyedele, 2017). Having said that, the threat of
substitution with smartphone
cameras does not seem to be imminent for the originally
targeted group of action sports
fanatics. Many people would in fact never like to risk their

phone when, for example,
skydiving. Moreover, the GoPro cameras continue to have a
better ease-of-use vis-à-vis mobile
phones when participating in action sports, especially when
considering the specific supports
that can be mounted.
Lastly, in light of the latest technological developments that
turned VR into the newest trend
for action cameras, GoPro also launched two VR camera
solutions, namely the Odyssey
($15,000) and the Omni ($5,000) (Hoium, 2017). These cameras
are premium-priced solutions
featuring multiple HERO cameras to capture 360 degrees
videos. However, competitors are
not lagging behind and have also released similar products at
much lower prices. Samsung
Gear 360 VR is priced at $361 and the LG 360 Cam at $199.
The GoPro solution may well be
more advanced technologically, but the enormous price
difference poses some problems for
the marketability of these products (Hoium, 2017).
Drone Market
In 2014, GoPro decided to diversify and began developing its
own line of drones for
consumers. Drones, also called unmanned aerial vehicles

(UAVs), have existed for more than
a century and were originally developed for military purposes.
The military market has been
the driver for the development of the drone technology. Over
time, manufacturers have
produced increasingly cheaper, lighter, and more sophisticated
commercial drones. As a
result of these developments, drones have also been used in
other contexts beyond the
military one, such as in agriculture, media, mining, and law
enforcement. As the potential
uses for drones increased for consumers as well, the drone
market for consumers increased
markedly after 2010 (Center for a New American Security,
n.d.). The drones for consumer
usage are usually of the quadcopter type, featuring four rotors
for vertical lift.
Between 2011 and 2013, DJI, the largest manufacturer of
consumer drones in the world, saw
their annual revenue increasing by almost 3,000 percent and the
market has been expanding
ever since. The commercial market for drones was already
estimated at $2 billion in 2016, with
growth expected to boom by more than 6,000 percent in the next
few years, generating an
expected market size of $127 billion by 2020 (Moskwa, 2016;
Tractica, 2015). The falling costs
of drones make them more suitable for everyday applications.
Thus, it is not a surprise that
big investments in this market have been made. In 2015, DJI
invested $75 million, followed by
the $64 million invested by 3D Robotics (whose main investors
are Qualcomm Ventures and
WestSummit Capital) and the $60 million by Yuneec (whose
main investor is Intel).

Even though the drone market is already competitive, with DJI
having a 70% share of the
market, GoPro still decided to invest in this market, seeing it as
a natural extension of its
product line and in the hope of tapping into this projected
growth (Ying, 2016). Thus, in
September 2016 GoPro presented its first drone, Karma, which
featured a gimbal, for
stabilizing the camera, that could be detached, allowing the use
of the camera without the
drone (Popper, 2017). In essence, customers could attach their
GoPro camera to the Karma
drone, giving them the possibility to purchase a drone without
the need to pay for an
additional camera. Unfortunately, just as GoPro had launched
its Karma drone and the
consumers were getting excited about this new release, stories
of the Karma drone falling
from the sky started to appear in the media (Popper, 2017).
Apparently, some units had
battery issues and GoPro had to recall all Karma drones only
two months after its release,
causing a 5 month delay in delivering a properly working drone
to customers. Meanwhile, DJI
did not wait for GoPro to capture a share of the drone market
and a week after GoPro
introduced its Karma quadcopter in September 2016, it unveiled
Mavic Pro—a compact,
advanced, and reliable drone targeted at both consumers and
professionals (Wang, 2016b).
In particular, Mavic Pro has proven to fly faster and have a
longer autonomy than the GoPro
Karma drone (Wang, 2016b). Although GoPro had planned to
release its drone earlier, the
delays it incurred have given DJI the opportunity to rapidly

build market shares with its new
model. Even though GoPro is facing challenges to establish its
model, it may well be the case
that the drone market will represent an important source of
income for the company in the
future (Hoium, 2017).
Future Prospects
The early days of GoPro, characterized by the rapid growth and
enormous success in the
market, probably appear in the distant past for Nick Woodman.
The success of GoPro has
attracted many other competitive players such as Sony and
Garmin to the action camera
market. Over the years the list of competitors has been
increasing, including the Chinese
manufacturing giant, Xiaomi, which has stiffened the price war
in the market. On the
consumer side, clients are demanding lower prices as
competitors are offering advanced
alternatives for much less. As previously mentioned, GoPro had
to lower the price of the
HERO4 by $200 to increase sales. The latest GoPro models
featuring VR solution also seem
to be too expensive in a market that has turned to be very price
sensitive.

As a result of the various challenges, the GoPro bottom line has
been impacted heavily. The
company has in fact reported a negative net income of $419
million in fiscal year 2016, partly
because of the underperformance of the new products, but also
because GoPro expenses
have been rising every year (GoPro Inc, 2016). Furthermore,
many investors are fleeing the
business, which, since January 2017, has pushed the share price
to below $10. GoPro has
already started to take measures to return to profitability. In the
first six months of 2017 the
company started an internal restructuring, closing the
entertainment division and cutting
approximately 270 jobs. Furthermore, the company has decided
to focus more on R&D to try
to beat the competitors on the production of innovative software
(GoPro Inc, 2016). Thus, as
previously mentioned, GoPro has opened offices in Bucharest
and hired approximately 100
new employees in this newly created center (Grigonis, 2017).
But investors are wondering, will
this be enough?
As stated in the 2016 annual report, GoPro believes that
international markets outside the
U.S. represent a vital growth opportunity for the company as
they account for almost one-half
of its sales, with the biggest markets being in Europe and the
Asia-Pacific region (GoPro Inc,
2016). However, in view of the fierce competition by Xiaomi
and Sony, will GoPro be able to
compete against Xiaomi in China and Sony in Japan? GoPro
publicly stated that the latest
disappointing financial results are primarily due to the lack of

sales because of the production
problems that prevented them from putting the new products
onto the shelves at the right
time. But is this only a part of the story?
Partly because of the competitive pressure in the action camera
market, but also in view of the
major growth potential in the drone market, GoPro decided to
diversify and develop its own
drones. As GoPro already had experience with producing light-
weight cameras, drones
seemed to be the natural extension of their technology and
diversification of their product line.
But its competitors did not wait for GoPro to gain market shares
in this attractive market. Only
a week after GoPro announced its Karma drone, DJI, the biggest
player in the drone market,
introduced its newest model, which some reviewers considered
more compact, advanced, and
reliable than the one produced by GoPro. Even though the first
attempt by GoPro at entering
the drone market was problematic as a result of battery issues,
the question remains whether
GoPro is going to succeed in this new market.
The GoPro production problems with the new products launched
in both the action camera
and drone markets—the HERO5 camera and the Karma drone—
spook investors and caused
the company share value to falter (Masunaga, 2016). The Karma
drone finally made it back
onto the shelves in the U.S. on February 2017 and the end of
March in Europe. Although
some reviewers report that the GoPro drone does not stack up
very well against the
competition, many customers already own a HERO4 or HERO5

GoPro camera; for them the
Karma drone may still be a very compelling option (Popper,
2017). At the time of the case, in
June 2017, only few months after the launch of its drone Karma,
GoPro seems to be on a
tipping point. Despite the production problems associated with
the launch of its new products
and the strong competitive pressures in both the action and
drone markets, the firm hopes
that its recent entry into the drone market will help take on the
challenges faced and return to
profitability. Will this be the case?
1.
2.
3.
4.
With all these questions in mind you are about to enter the
headquarters of GoPro in San
Mateo, California. Having just been hired as a business
consultant to evaluate the recent
GoPro entry into the drone market and provide
recommendations to its top management team
on how to move forward, you are wondering whether it was a

good idea for GoPro to enter
into the drone market and, more specifically, what the company
should do in order to win the
competitive battle and become profitable again.
Discussion Questions
What are the advantages and disadvantages of being a first
mover? How does this
relate to GoPro’s entry in the action camera market?
What are the advantages and disadvantages of being a late
mover? How does this
relate to GoPro in the drone market?
Do you think it was a good move for GoPro to diversify into the
drone market? Explain
your answer.
Put yourself in the shoes of a business consultant hired by
GoPro. What would you
advise the top management team to do? Do you think they are
on the right track to
make a comeback?
Further Reading
Kerin, R. A.Varadarajan, P. R., & Peterson, R. A. (1992). First-
mover advantage: A synthesis,
conceptual framework, and research propositions. Journal of
Marketing, 56, 33–52.
Gaba, V., Pan, Y., & Ungson, G. R. (2002). Timing of entry in
international market: An
empirical study of US Fortune 500 firms in China. Journal of
International Business Studies,
33, 39–55.
Lieberman, M. B ., & Montgomery, D . B . (1988). First
mover advantages. Strategic
Management Journal, 9, 41–58.
Luo, Y.Wang, S. L .Jayaraman, V., & Zheng, Q. (2013).

Governing business process
offshoring: Properties, processes, and preferred modes. Journal
of World Business, 48,
407–419.
Markides, C., & Sosa, L. (2013). Pioneering and first mover
advantages: The importance of
business models. Long Range Planning, 46, 325–334.
Suarez, F. F., & Lanzolla, G. (2007). The role of environmental
dynamics in building a first
mover advantage theory. Academy of Management Review, 32,
377–392.
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Brett, G. (2015, February 28). How GoPro cameras have made
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http://www.digitaltrends.com/photography/gopro-bucharest-
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