GoPro "Seeing growth" and confirms Max 2 360 cam in 2025 – restructuring has made company "leaner and meaner"

Adam Juniper putting lens cover onto GoPro 13 Hero Black which is sitting on red
(Image credit: Future)

Just over a week ago, GoPro filed an updated 8-K/A with the Securities and Exchange commission indicating it would be extending its planned restructuring costs – cutting around 240 employees (26% of the company) rather than the 15% already expected.

The company has been facing stiff competition in the market it created – does it even have the best action cameras any more? We're not always sure.

Today, though, the 3rd Quarter 2024 Earnings Call gave CEO Nick Woodman chance to reassure investors that things are on the right track, and he seemed confident that GoPro's future was "sustainable and secure". Investors have been keen to see the company has a growing revenue stream from subscriptions and regular camera releases, and lowering costs.

Firstly, as already stated in the paperwork, it seems that this restructuring will be substantially complete by the end of 2024, so the company's costs will be the lowest since going public when the new 360-degree action comes out in 2025 (and eventually called the 'Max 2' in the Q&A section).

Income GoPro subscribers delivering income has risen 11% year on year, from over 2.56 million subscribers (as visible in GoPro investor relations docs). The number has grown slightly too, at 2%. That means per head subscribers are paying more than a year ago, probably more preimum tier users.

In the round up, it was even suggested that the GoPro as we know it – what the company calls the Hero camera – might in future be only part of a package of 'alternative capture' devices. "We've been known as the "Hero [camera]" company but that is only a subset of what we're capable of" we were told. As a "leaner meaner organisation" we are expecting to see built in versions of the best helmet cameras, for example.

The 360-degree camera category was of interest to investors; asking which was the biggest. GoPro said they saw growth in action cameras and 360-degree ('alternative capture' came up here too).

If you've been following the issues DJI have been facing in the USA, the tone surrounding patent litigation GoPro has undertaken was ominous. Woodman said "We will litigate in the interests of protecting our inventions and we understand the time and costs associated with defending our IP [intellectual property]"

This seems to refer to a case against Insta360 (who currently have the best 360-degree cameras and some impressive and innovative action cameras).

In the Q&A, stabilization and 360-degree capture were listed as IPs GoPro felt they had patents they could protect. If consumer choice is a concern, then the fact GoPro is "hoping "the company in question [Insta360] would no longer be able to sell their products into the United States Market" and "we expect in general terms a conclusion in 2025" means – at least on some level – GoPro might be hoping that, by the holidays 2025 Americans won't be able to choose between an Insta360 X4 (or, who knows, X5) and the GoPro Max 2. One will simply be banned by the US International trade commission.

In practice, patent cases might not be as easy to litigate as that – or could be settled; GoPro may even end up earning a license fee from each X4 sold – but it is interesting to hear that here, as in drones, companies talking like this.

Adam Juniper
Managing Editor

With over 20 years of expertise as a tech journalist, Adam brings a wealth of knowledge across a vast number of product categories, including timelapse cameras, home security cameras, NVR cameras, photography books, webcams, 3D printers and 3D scanners, borescopes, radar detectors… and, above all, drones. 

Adam is our resident expert on all aspects of camera drones and drone photography, from buying guides on the best choices for aerial photographers of all ability levels to the latest rules and regulations on piloting drones. 

He is the author of a number of books including The Complete Guide to Drones, The Smart Smart Home Handbook, 101 Tips for DSLR Video and The Drone Pilot's Handbook

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