GoPro announces the release of a new entry-level camera in 2018.
According to The Verge, GoPro CEO Nick Woodman announced in an earnings call that the company is replacing Hero 5 Session with a better, cheaper and yet unnamed entry-level camera next year.
Woodman explained that the demand for Hero 5 Session was "much higher than anticipated," resulting in an early end for the product. He added that this is a good opportunity for the company to expand its market through a new gadget.
"In 2018 we've got a new product to address that entry level which we're even more excited about than Session, because it's an even better form factor for that price point," added GoPro Chief Operating Officer CJ Prober.
When asked about new competition in the market, which Woodman correctly guessed as the Google Clips, he said the tiny artificial-intelligence-powered camera serves a completely different purpose from GoPro's action cameras.
"[Clips] doesn't shoot video, it doesn't capture sound. It's generally designed for more static use cases than a GoPro," said Woodman.
He went on to say that gadgets like Google Clips can even do more good than bad for his company as they help raise awareness for action cameras.
In the same earnings calls, GoPro announced that the previous quarter has been the company's most profitable three months in the past two years, which saw several of its departments closed, a number of products discontinued and hundreds of employees laid off.
By the end of the year, GoPro is looking at a total revenue of $1.32 billion. That is relatively higher than last year's $1.19 billion but still short of the $1.6 billion it made in 2015. With the lower than expected sales for Hero 5 Black and the waning availability of Hero 5 Session, GoPro is projecting a $470 million revenue for this quarter, making it its worst holiday season since 2015.
However, with a new camera entering the market next year, Woodman remains positive of the company's future. "Our goal is to enter 2018 with a bang," he said.
