GoPro Inc (NASDAQ:GPRO) is now moving into producing original content, according to a story in Variety magazine. GoPro’s stock has not been doing well over the past year since the company has missed revenue targets.
GoPro developing its entertainment unit
GoPro says it wants to make more than 30 short-form TV-style shows this year and next year. The list of could-be titles includes a music show called Off the Record, a family show called Kids Save the World and a travel show called Beyond Places.
The other programs that the camera making company reportedly has in the works include a complete series on the Real Madrid soccer club, which it is producing in partnership with the team, and one that follows a group of motorbike cops as they go through training, according to Variety.
GoPro has reportedly been developing its entertainment unit for the past year. Now the unit is being run by Ocean MacAdams after the former head, Zander Lurie, left to join SurveyMonkey. MacAdams used to work at Warner Music and MTV. GoPro’s entertainment team has around 200 employees and includes Joe Lynch, formerly of Time Inc., and former award-winning HBO documentary producer Bill McCullough. Last year, the camera-maker added Charlotte Koh to the team. Koh used to run Hulu’s original content arm, according to Fortune.
Is GoPro taking a big risk?
In addition, the camera maker rolled out its own channel on Wednesday on Red Bull TV, notes Variety. The camera maker teamed up with Red Bull in May to distribute high-quality video content all over the world. Red Bull is available on desktops, tablets and smartphones. Also it is available via Roku, Apple TV and smart TVs.
For the camera maker, this investment in original content may seem a little risky when every streaming service from Amazon and Netflix to most of the big cable networks are investing loads of cash each year into making original shows. Some of these shows are somewhat similar to what GoPro has in mind, notes Fortune.
The stakes are pretty high for GoPro, as its stock has lost more than 60% of its value on concerns about declining growth. In the fourth quarter, the camera company’s sales were about 30% less than they were in the same quarter a year earlier. Also GoPro lost around $121 million this year in the first-quarter – six times what it lost last year in the same timeframe.