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GoPro Quits the Drone Business (theverge.com)

Posted by msmash on from the thanks-for-all-the-fish dept.

GoPro has announced that it's exiting the drone business, citing the challenges of turning a profit in an "extremely competitive" market. From a report: The company revealed the news during its earnings report today, saying that its Karma drone would be the last it would make. The company is also laying off hundreds of staff and reducing the pay of CEO Nicholas Woodman to $1 as it struggles to manage its rocky financials. The $799 Karma drone was first unveiled in late 2016, but proved to be an unfinished and expensive product.

2 of 65 comments (clear)

  1. Rather Predictable by nealric · · Score: 3, Interesting

    I never understood how GoPro ended up getting so hyped in the first place. As smartphone cameras get better and better, the universe of people who really care enough to buy a stand alone camera keeps getting smaller. I know their schtick was "action sports" where a smartphone camera is too bulky or difficult to use, but most people figure out after filming a ski run or two that they aren't Shane McConkey (RIP) and won't be filming much of interest. Then, the gopro goes in the drawer, never to be used again.

    I suppose branching out into drones was an attempt at recognition of the above, but the problem is then they had to extend outside their core competencies. There's a lot more to a good drone than a good camera.

  2. Thank Nick, take on for the team! by viperidaenz · · Score: 5, Interesting

    Drop your salary from about a million per year to $1
    Keep your hundred million in stock payments.

    That year, Woodman earned a staggering $77.4 million. His package included a base salary of $800,000 and stock awards of $74.6 million, as well as other compensation

    That was his 2016 package, 2017 was probably bigger.