GoPro, which has had at the risk of understatement a horrible year, is looking to fix something that it can control more than its stock price, the lack of editing tools it provides to its millions of customers and their myriad hours of footage that they, presumably, shoot each year.
GoPro is stocking up on editing apps
GoPro’s stock has had an absolutely dismal run of form in recent months including the loss of 40% from just December 1, 2015. While once an absolute darling, the stock is presently trading well under its IPO valuation. Having risen to a high of $65 and change, it now sits just below $12 a share in a day of trading where the stock is largely unchanged since the announcement of the acquisitions.
Despite the company’s stock woes, it did have nearly half a billion dollars lying around going into the week, but the acquisitions of Stupeflix and Vemory, the companies behind the mobile apps Replay and Splice respectively, will has certainly chopped into its coffers.
“Splice, Replay and GoPro will combine to deliver what we believe will be the fastest and most enjoyable mobile editing experience,” said Nicholas Woodman, founder and CEO of GoPro, in a statement.. “We believe the accessibility, speed and efficiency of mobile will make it the predominant editing platform of the future.”
Replay allows users to select multiple video clips and photos and automatically combines them into a single video while also making smooth transitions automatically while syncing music to the created video. Splice allows more user control over the videos that users wish to edit and ultimately upload.
GoPro is hoping the apps will “deliver ultra-convenient, yet powerful, mobile editing solutions to GoPro customers and billions of smartphone users,” said Woodman.
“We’re opening GoPro up not just to GoPro customers, but to billions of smartphone users around the world to make it easier for them to create and share great content with their smartphones,” he added.
Somewhat surprisingly given screen size if no other reason, mobile video editing is on the upswing and GoPro quite simply needed something to call its own.
GoPro may have gotten a bit of a deal as both companies have yet to release their apps to the Android platform that dominates the smartphone market though both are available for iOS.
Financial woes? Yes. Positive about the future? Also, yes.
CEO Nick Woodman is optimistic that 2016 will change the company’s fortunes. Taking to the airwaves at CNBC today, Woodman expressed his delight with what the company has in store for this year.
“We’ve got a terrific product road map. 2016 is the single most exciting year for new product that we’ve ever had at GoPro. Whether it’s hardware, software, entertainment products that we’re developing, this is the biggest year ever for GoPro,” Woodman said today during his appearance on “Squawk on the Street.”
Woodman then answered questions about his future at the company following a disastrous near year-and-a-half.
“GoPro has massively enhanced my own life experience and documenting my family experience and development of my three boys, and I think that, you know, life is about pursuing your passions, your interests, and doing what you love. I’m fortunate that I get to express myself through GoPro.”