The second half of action cameras: GoPro to the left, Shadow Stone to the right

Speaking of action cameras, which brand do you think of first? I believe most people will say GoPro. From a certain perspective, GoPro has become synonymous with the category of "action cameras," just like some elders call all tablets "iPads." But the problem is that although the first thing everyone mentions is GoPro, judging from the financial report released by GoPro some time ago, what everyone actually buys is not necessarily GoPro.

On August 7, 2024, GoPro announced its second quarter performance report for fiscal year 2024, which mentioned that GoPro’s total revenue in the second quarter of 2024 was US$250 million, compared with US$290 million in the same period in 2023 Compared with that, it dropped by about 13.8%. The net loss was US$15 million, compared with the net profit of US$8 million in the same period in 2023, a significant 288% drop in net profit.

Image source: Baidu Stock Exchange

In fact, GoPro has experienced revenue declines for several consecutive quarters, and since August 7, GoPro’s stock price has increased by 9.09% of decline. So where did all this disappearing revenue go?

According to 36kr reports, Shadow Stone Innovation’s revenue in 2023 will be close to 4 billion yuan, a year-on-year growth of nearly 100%. This is the second consecutive year that Shadow Stone’s revenue has doubled. Even in Meiya's "action camera" sales rankings, Shadowstone's new product Insta 360X4 ranks behind GoPro HERO 12 Black.

The same view is also reflected in GoPro’s performance report. GoPro's financial report shows that its shipments in the first half of 2024 were 993,000 units. According to reliable sources, Shadow Stone's shipments in the first half of the year have surpassed the number and ranked first in the industry.

Some brands only focus on a little bit, and some brands are fully blooming

Opening the product pages of GoPro and Shadow Stone, it is not difficult to see the difference between the two: GoPro hopes to use one product to add different scenes accessories to cater to different consumers, while Shadow Stone’s product line is much richer.

In addition to Ace Pro and ONE RS small action cameras that directly compete with GoPro, there are also X4 that focuses on panoramic shooting, GO 3S that focuses on non-sensory wearables, Flow handheld stabilizers for shooting around mobile phones, and video Link to the meeting. These are only Yingshi's products in the consumer field. In the professional field, film and television, there are also many professional panoramic cameras for commercial customers.

Provide different products for different users for different scenarios. This is the fundamental reason why Shadow Stone, a "rising star", can gain such high recognition in the global market.

Image source: GoPro

In fact, GoPro has also tried to develop its own product line in the past, such as the Karma drone, which we just "remembered" some time ago, and just a taste of it Panoramic camera GoPro MAX, but its poor hardware performance, poor software support, and some unexpected design flaws have made GoPro almost useless outside of wide-angle action cameras, and this single product line The strategy also makes GoPro unable to cope with the diverse demands of the market.

In contrast, Shadowstone has adopted a more diversified product strategy, rapidly expanding its market share by segmenting the market and continuously launching innovative products targeted at different user groups. Through this "full bloom" strategy, Shadow Stone has not only grown steadily in the consumer market, but has also gradually established its position in the professional market.

Image source: Shadow Stone

This difference in strategy allows Shadow Stone to succeed in multiple market segments, while GoPro relies more on its core product line Keep upgrading. However, as consumer demands continue to change, Shadowstone's diversified product strategy clearly has more advantages and is better able to cope with future market challenges.

The consumer demand for action cameras has already changed dramatically

But if you look at the problem from a deep-rooted perspective, GoPro’s failed exploration of business diversification is just a symptom of GoPro’s decline. The fundamental reason has to fall back on consumers. In simpler terms, consumers' demand for action cameras has undergone fundamental changes. Traditional single-lens wide-angle action cameras have long been unable to meet consumers' actual needs for diverse scenes. need.

Take GoPro’s core product - GoPro Hero as an example. After so many years, the technology upgrades are only reflected in shooting specifications and software anti-shake. In contrast, domestic competitors such as Yingshi have already achieved "full scene" coverage in the field of video creation:

For creators who shoot daily and don’t want to attract attention by holding the camera up, the thumb camera’s compact body and wearable design allow creators to shoot video materials in a more natural and non-sensory way. For cycling enthusiasts, the "rear view" design of the panoramic camera unlocks richer shooting angles for video content. Many motorcycle players around Xiao Lei even use Insta 360X4 directly as a "driving recorder".

Picture source: Shadow Stone

And this is the epitome of Shadow Stone in the field of consumer action cameras. As a representative of panoramic cameras, Shadow Stone has also brought panoramic camera technology to the commercial field . Many people may not know that Yingshi has actually launched a number of multi-lens panoramic cameras for commercial users. Many VR panoramic views of large-scale sports events and concerts, and even VR viewings when choosing a house, actually use them. Panoramic camera in shadow stone.

This diversified product layout is actually the reason why Shadow Stone can rise rapidly. This diversified product strategy not only expands the brand's market share, but also enables it to stand out in the fierce market competition.

Now, while GoPro’s new product, GoPro Hero12 Black, is still equipped with hard-to-squeeze toothpaste, Shadowstone has already created a new market with panoramic cameras and thumb cameras. Against this backdrop, GoPro’s crisis is almost doomed.

Short-sighted strategy in terms of products and eagerness for quick success in business caused GoPro to lose its first-mover advantage early. Not only did it not expand into new areas, its core business was also affected. People have not been laid off until today. It can be said to be a huge crisis caused by poor decision-making.

Image source: GoPro

In the action camera market in 2024, Shadowstone and DJI have become the three giants alongside GoPro, with the combined market share of the three brands approaching 90% %. It’s just that GoPro’s share is steadily declining, just like the other two domestic manufacturers are steadily increasing. If Shadowstone can continue to maintain this growth trend, as the brand with the most comprehensive range of action cameras, Shadowstone is fully capable of shaking GoPro's position in the field of action cameras.

Of course, GoPro, aware of the crisis, is still actively expanding its business beyond cameras. For example, in January this year, the company announced that it would acquire Forcite Helmet Systems, a technology helmet company. GoPro is planning to develop its own line of GoPro-branded helmets with the goal of "improving the performance and safety of various types of helmets through technologically advanced motorcycle helmets."

Judging from the introduction, this so-called "helmet cooperation" is essentially an "investment promotion" activity by GoPro to expand its reputation in the racing field. Whether GoPro is not aware of it or is aware of it but does not do it, as long as GoPro does not let go of the glorious history created by GoPro Hero in the field of action cameras and actively explores the subdivision of the action camera category, it will only be surpassed by domestic companies. inevitable thing.

In the first half of 2024, the technology world is turbulent.

Large models are accelerating, AI mobile phones, AI PCs, AI home appliances, AI search, AI e-commerce...AI applications are emerging in endlessly;

Vision Pro is on sale and launched in the Chinese market, setting off another wave of XR space computing;

HarmonyOS NEXT Officially released, the mobile OS ecology has changed;

Cars have fully entered the "second half", and intelligence has become a top priority;

E-commerce competition is becoming increasingly fierce, with lower prices and higher services;

The wave of going overseas is surging, and Chinese brands are embarking on the journey of globalization ;

...

In July, Lei Technology·Mid-year review topic is online, summarizing the brands, technologies and products worth recording in the first half of 2024 in the technology industry, recording the past and looking forward to the future, so stay tuned.

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