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GoPro SWOT and PESTLE Analysis

ID : 52929653| Feb 2023| 21 pages

COMPANY PROFILE -GoPro

Business Sector :Technology, Action Cameras

Operating Geography :United States, North America, Global

About GoPro :

GoPro, Inc. is a technology company based in the United States that makes action cameras and creates its smartphone applications and video editing tools. The company has its headquarters in San Mateo, California, U. S. In 2002, Nick Woodman, a surfer, skier, and motorsports enthusiast, created GoPro in search of a better way to film himself and his friends surfing. Originally known as Woodman Labs, Inc., the company gradually shifted its attention to the connected sports genre, creating a line of action cameras and, later, video editing tools. The business, which began with a 35mm camera and a wrist strap made from old wetsuits and plastic scraps, has grown to sell over 26 million GoPro cameras in over 100 countries. GoPro makes a 3-way mount, suction cup, chest brace, jaws-type flexible clamp, dog harness, surfing mount, and other mounting accessories for its cameras. On March 16, 2021, the company launched its mobile app and named it Quik, which makes it fast and simple for users to get the most out of their favourite images and videos, regardless of which phone or camera they are using.
GoPro's Unique Selling Proposition or USP lies in it being creating high brand recognition by offering the highest quality live-action camera, which is trusted by filmmakers and athletes all over the world and they have a surging fan base due to their outstanding success in sports. GoPro's mission statement reads, "To free people to celebrate and live more at the moment. From cameras and drones to apps and accessories, everything GoPro does is geared to help their customers capture life as they live it and to share their experiences with the world".

GoPro Revenue :


USD 892 million - FY ending 31st December 2020 (y-o-y growth -25.34%)
USD 1,195 million - FY ending 31st December 2019

Competitive Analysis of GoPro

SWOT
PESTLE

The SWOT analysis for GoPro is presented below in a matrix followed by the detailed analysis report

StrengthsWeaknesses
1. Best-in-class portable live-action camera products
2. Brand born out of massive user generated content
3. Exclusive partnership with sports brands for co-branding
1. Pandemic has forced organizational restructuring and layoffs
2. Weaker financial performance with no growth since IPO
3. Unable to use capabilities to diversify into related business product lines
OpportunitiesThreats
1. 360 degree & action cameras are expected to see CAGR growth in forthcoming years
2. Virtual reality gaming and AR market are expected to grow to $40 billion in 2024
3. Demand for Digital Video Surveillance market is expected to see exponential rise by 2029
1. Low-cost competition is crippling the business
2. DJI action camera offering is superior and provides better features
3. Powerful high-quality in built cameras in smartphones
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Detailed SWOT Analysis of GoPro

Strength

1. Best-in-class portable live-action camera products: GoPro has been leading portable camera market with its camera offerings. The company has pioneered in designing compact pocket-sized camera that has 4K recording capabilities, optical image stabilization, longer battery life, waterproof, and are compatible with variety of mounts and mods accessories. Its Hero series camera are highly rated in industry for sports enthusiasts. The recent device in this category is GoPro Hero9, which is their flagship, has been listed as the best action camera in 2021. It features a waterproof casing that houses a 20 Megapixel camera with 5K recording support and uptown 3 hrs. battery life. Other famous offerings are GoPro Max which offers a 360-degree video shooting and ultra-wide view shooting. This both cameras are majorly used by video loggers and adventure enthusiasts.

2. Brand born out of massive user generated content: GoPro has been successful in leveraging social media to drive traffic and create brand awareness. With the rise in usage of social media, principally video consumption sites such as YouTube; GoPro created a campaign of rewards for videos featuring GoPro where they offered $1 million to top contents; this helped them generate a traffic to the tune of 130K. With many video bloggers and adventure enthusiasts using GoPro cameras to shoot moments, this American shutterbugs spartan has increased brand awareness monumentally through user generated content. GoPro even launched its own app that allowed users to edit content on the go and directly upload it to social media sites such as Instagram and Facebook, this saved users from the hassle of connecting cameras to their computer for editing.

The remaining section under "Strength"is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

Major Brands :

  • HERO9 Black
  • HERO8 Black
  • Max
  • GoPro Plus
  • GoPro App
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References used in GoPro SWOT & PESTLE Analysis Report

1. The best action cameras in 2021: action cams you can take just about anywhere - https://www.digitalcameraworld.com/buying-guides/the-best-action-cameras
2. GoPro Hero 9 Black brings dual-display, 5K videos, & more: Price, features - https://www.business-standard.com/article/technology/gopro-hero-9-black-brings-dual-display-5k-videos-more-price-features-120091700901_1.html
3. Digging into GoPro’s User Generated Content Strategy for YouTube - https://rightmetric.co/blog/digging-into-gopros-user-generated-content-strategy-for-youtube
4. gopro and red bull form exclusive global partnership - https://www.stockphotosecrets.com/news/gopro-and-red-bull-partnership.html
5. gopro partners with major brands to create original entertainment series - https://gopro.com/en/us/news/GoPro-Partners-with-Some-of-the-World%27s-Most-Recognized-Brands
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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GoPro SWOT and PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2024). GoPro SWOT and PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/gopro/ [Accessed 20 Apr, 2024].

In-text: (SWOT & PESTLE.com, 2024)

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GoPro SWOT and PESTLE Analysis has been conducted by Rakesh Shewale and reviewed by senior analysts from Barakaat Consulting.

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