Nick Woodman introduced GoPro’s first HERO camera and wrist strap in September 2004 at the Action Sports Retailer convention in San Diego. The waterproof 35mm film camera let surfers take photographs from the water, establishing the product line that GoPro would take digital in 2006.
Woodman said he began developing the wearable-camera idea during a surfing trip through Australia in 2002. Photographs taken from the beach, he recalled, could not adequately capture the action he and his friends experienced in the water.
From wrist straps to digital cameras
Woodman helped finance the business by selling bead-and-shell belts brought back from Indonesia. He recalled ordering 600 belts and selling most of them after returning to California, where he used his Volkswagen Westfalia van while selling belts and making prototype camera straps. Early financing also included a $235,000 loan from his parents.
Developing the first product took longer than Woodman expected. He said he initially anticipated a two-month process, but it took two years. At the 2004 trade show, a Japanese distributor bought $2,000 worth of the HERO film cameras.
GoPro introduced its first digital camera in 2006, when annual sales exceeded $800,000. Woodman described the early transition from film to digital as a move to silent, 10-second video clips, followed by cameras with sound and an SD card slot.
The mounting system also expanded beyond the wrist. Woodman said attaching a Digital HERO to a race car’s roll bar prompted him to develop ways to mount cameras on other equipment. GoPro launched the HD HERO in late 2009.
Karma recall and planned drone exit
GoPro subsequently expanded into drones with Karma. On November 8, 2016, the company recalled approximately 2,500 drones purchased since October 23 after discovering that a small number had lost power during operation. GoPro said no related injuries or property damage had been reported and offered owners full refunds.
On January 8, 2018, GoPro announced that it would leave the drone market after selling its remaining Karma inventory. The company cited margin challenges, intense competition and regulatory conditions that it expected would reduce the market. It said it would continue providing service and support to Karma customers.
Cameras and subscriptions in 2023
GoPro’s financial results released on February 7, 2024, showed growth in camera unit sales and subscriptions during 2023, alongside a decline in total revenue. The company reported selling 3 million cameras, up 6% year over year, and ending the year with 2.5 million subscribers, up 12%.
Subscription and service revenue rose 18% to $97 million. Total annual revenue fell 8% to $1.0 billion, and GoPro reported a GAAP net loss of $53 million, compared with net income of $29 million in 2022.
