Dougherty & Company published their Weekly Report Card for wearable camera maker GoPro on August 3rd, and highlighted several notable developments at the still wet-behind-the-ears action camera firm. In the report, Dougherty analysts Charles Anderson and Jessica McHugh discuss current sales trends and offer some insights into the growth of the company’s valuable media brand.
Key recent developments with action camera maker GoPro
Anderson and McHugh point out that Google searches for the GoPro brand increased by 10% year over year globally (compared to. +30% YOY the prior week) and flat YOY in the U.S. (compared to +22% YOY the prior week). Also of note, YouTube searches for “GoPro” increased by 4% YOY (compared to +23% YOY the previous week).
The analysts also note that the GoPro app on the iPhone in the U.S. slipped in the rankings by 20% YOY for the week (compared to -7% the prior week). App downloads on Google Play were off by 1% YOY (compared to -3% YOY the prior week). They highlight downloads moved down by 29% YOY on the iPad (compared to +4% YOY the previous week).
When comparing the camera GoPro is selling in China to the sub-$100 camera sold by Chinese brand Xiaomi, users of both iPhones and Android phones preferred GoPro last week. As of August 1st, the Xiaomi app was the 31st-most downloaded app in the Photography section of the Google Play app store in China and GoPro was 25th. For the iPhone, GoPro was No. 146 vs. Xiaomi No. 191.
Anderson and McHugh note two things to keep in mind in interpreting the above data: “1) GoPro YOY unit growth outperformed Google searches in Q4, Q1 and Q2 (as a brand matures, less keyword search research is necessary) 2) Apps downloaded do not capture buyers of the low-end $130 HERO camera (it has no Wi-Fi to pair with an app) nor do they capture repeat buyers of GoPro products (the app would already be installed).”
GoPro’s media brand also continued its strong growth last week, with more than 21,000 new subscribers to its YouTube channel, which suggests a 35% annual growth rate, and more than 69,000 new Instagram followers (suggesting a 61% annual growth rate).