GoPro founder and CEO Nick Woodman has rubbished Barron’s report that the action camera maker was a “one-product wonder” like BlackBerry and Palm. In an interview on CNBC’s Fast Money, Woodman said his company was growing its ecosystem, teaming up with top tech companies to bring new services to customers, and defending its market share despite rising competition.
GoPro has done a terrific job
Barron’s said in a damning piece over the weekend that GoPro shares could sink to $25, within touching distance of its $24 IPO price. Woodman said, “I have been hearing that for 13 years since I started GoPro.” He said the company had done a terrific job of building an ecosystem. Barron’s said Apple entering the market could spell doom for the San Mateo-based company.
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However, Woodman said there was no reason to believe that Apple would build a GoPro-like device. The action camera maker has launched five cameras in the last 11 months, and over 60 complementary accessories. The company is now pushing into video editing and software.
GoPro is a ‘lifestyle media company’
To say GoPro is a one-trick pony is “shortsighted,” he said. Speaking at the TechCrunch Disrupt conference, Woodman said his company was more than just a maker of hardware. He called GoPro a “lifestyle media company.” He has been focusing on transforming the company into a media giant by monetizing all the amazing videos created by its users. GoPro is also expanding into verticals like drones and virtual reality.
He also rejected reports of GoPro becoming an acquisition target. Any conversations with giants like Google, Facebook and Apple revolved around partnerships rather than acquisition. Woodman admitted that the company’s latest device Hero4 Session was not selling as well as expected. It was facing stiff competition from the company’s own Hero4 Black and Silver editions.
GoPro shares fell 1.89% to $32.68 at 11:19 AM EDT on Wednesday. The stock has declined more than 505 year-to-date.