Federica Laricchia
Research expert covering the global consumer technology industry
Get in touch with us nowFrom the West Coast to the rest of the world: GoPro’s rapid growth
Woodman started promoting his product, called the GoPro 35mm Hero, directly to tradeshows and surf shops on the West Coast. In 2006, as digital cameras were becoming more and more popular and their technology increasingly affordable, the company (then still known as Woodman Labs, Inc) launched its first Digital Hero, a camera capable of recording video as well. According to Forbes, the small company, which only had two other employees aside from Woodman, managed to generate revenues of around 800,000 U.S. dollars in 2006 and roughly 3.4 million U.S. dollars the following year. Since then, the company has grown rapidly, with a revenue of over a billion U.S. dollars in 2021. The company has large business operations in both the Asia Pacific and EMEA regions, but its most prolific region in terms of sales is its home market in the Americas. Having shipped more than three million action cameras in 2021, GoPro is the leader in the market. The company invests heavily into research and development as it strives to retain its leading position in the action camera market, which is forecast to generate a revenue of 4.4 billion U.S. dollars by 2028. The company additionally spends hundreds of millions of dollars each year on its sales and marketing budget in the hopes of increasing its share of the overall market.Not only cameras: GoPro’s accessories and software applications
Following the company’s initial success, GoPro has continued to release new editions of its line of HERO action camera devices. Newer versions include HD imaging, wireless internet access, image sensors, and increased internal memory. In addition to its capture devices, the company also manufactures a range of accessories enabling users to film in any conditions, such as chest harnesses and head straps, and from any surface, such as mounts for helmets and handlebars. Furthermore, GoPro has developed two software applications: GoPro Studio, a video editing tool helping users to create videos from their GoPro footage, and the GoPro App, which enables users to remotely control their GoPro capture device using a smartphone or tablet.
