SAN
MATEO, Calif., Oct. 19,
2023 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today
announced that its subscription service surpassed 2.5 million
subscribers at the end of Q3, growing 20% year-over-year.
"GoPro's subscription service is core to our strategy to provide
a high value, complete end-to-end content creation experience for
our customers," said Nicholas
Woodman, GoPro's founder and CEO. "Surpassing 2.5 million
subscribers is a meaningful milestone, and we're excited to expand
the value of our subscription offering even further with the launch
of our all-new Quik desktop app later this year as an additional
subscriber benefit included at no additional cost to
subscribers."
"The GoPro subscription continues to be a powerful financial
engine for GoPro, representing the fastest-growing, highest-margin
and most profitable product we offer," said Brian McGee, GoPro's CFO and COO.
GoPro's subscription service provides customers with unlimited
cloud storage of their GoPro footage, the ability to auto upload
footage to the cloud directly from their camera, automatic
highlight videos sent to a customer's phone, premium editing tools
in the Quik mobile app, a private livestreaming platform,
guaranteed damaged-camera replacement, exclusive savings on GoPro
cameras, and up to 50% off accessories at GoPro.com.
GoPro's all-new Quik desktop app, launching in November 2023 for MacOS and in Summer 2024 for
Windows, will support footage from any camera and sync with the
Quik mobile app for seamless cross-platform editing and content
management.
The Quik desktop app will be made available to both new and
existing GoPro subscribers at no additional cost, making the
$49.99 annual GoPro subscription a
powerful and affordable choice for aspiring content creators,
regardless of what camera they use.
For details about the GoPro subscription, visit GoPro.com.
About GoPro, Inc. (NASDAQ: GPRO)
GoPro helps the world capture and share itself in immersive and
exciting ways.
Connect with GoPro on Facebook, Instagram, LinkedIn, TikTok, X,
YouTube, and GoPro's blog, The Current. GoPro customers can submit
their photos and videos to GoPro Awards for an opportunity to be
featured on GoPro's social channels and receive gear and cash
awards. Members of the press can access official logos and imagery
on our press portal.
GoPro has been recognized as an employer of choice by both
Outside Magazine and US News & World
Report for being among the best places to work. Open roles
can be found on our careers page. For more information, visit
GoPro.com.
GoPro, HERO and their respective logos are trademarks or
registered trademarks of GoPro, Inc. in the United States and other countries.
Note on Forward-looking Statements
This press release may contain projections or other
forward-looking statements within the meaning Section 27A of the
Private Securities Litigation Reform Act. Words such as
"anticipate," "believe," "estimate," "expect," "intend," "should,"
"will" and variations of these terms or the negative of these terms
and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements in this
press release may include but are not limited to statements
regarding our expectations for profitability and subscription
growth; product pricing strategy, expanded distribution and overall
consumer demand for our products. These statements involve risks
and uncertainties, and actual events or results may differ
materially. Among the important factors that could cause actual
results to differ materially from those in the forward-looking
statements include the inability to achieve our revenue growth or
profitability in the future, and if revenue growth or profitability
is achieved, we may not be able to sustain it; the fact that an
economic downturn or economic uncertainty in our key U.S. and
international markets, inflation, volatility in the global banking
system, and fluctuations in interest rates or currency exchange
rates may adversely affect consumer discretionary spending and
demand for our products; the fact that our goal to grow revenue and
be profitable relies upon our ability to grow sales from our
direct-to-consumer business and our retail partners and
distributors; our ability to acquire and retain subscribers; our
reliance on third-party suppliers, some of which are sole-source
suppliers, to provide services and components for our products
which may be impacted due to supply shortages, long lead times or
other service disruptions and may lead to increased costs due to
the effects of global conflicts and geopolitical issues such as the
conflict in Ukraine or
China-Taiwan relations, inflation or the negative
impact on exchange rates; our ability to maintain the value and
reputation of our brand and protect our intellectual property and
proprietary rights; the risk that our sales fall below our
forecasts, especially during the holiday season; the risk we fail
to manage our operating expenses effectively, and may result in our
financial performance suffering the fact that our continued
profitability depends in part on further penetrating our total
addressable market, and we may not be successful in doing so; the
fact that we rely on sales of our cameras, mounts and accessories
for substantially all of our revenue, and any decrease in the sales
or change in sales mix of these products could harm our business;
the risk that we may not successfully manage product introductions,
product transitions, product pricing and marketing; the fact that a
small number of retailers and distributors account for a
substantial portion of our revenue and our level of business with
them could be significantly reduced; our ability to attract, engage
and retain qualified personnel; any changes to trade agreements,
trade policies, tariffs, and import/export regulations; the effects
of the highly competitive market in which we operate, including new
market entrants; the fact that we may experience fluctuating
revenue, expenses and profitability in the future; risks related to
inventory, purchase commitments and long-lived assets; the risk
that we will encounter problems with our distribution system; the
threat of a security breach or other disruption including
cyberattacks; the concern that our intellectual property and
proprietary rights may not adequately protect our products and
services; the continuing impact of the COVID-19 pandemic and
its effects on the United States
and global economies and our business in particular; and other
factors detailed in the Risk Factors section of our Annual Report
on Form 10-K for the year ended December 31,
2022, which is on file with the Securities and Exchange
Commission (SEC), and as updated in filings with the SEC. These
forward-looking statements speak only as of the date hereof or as
of the date otherwise stated herein. GoPro disclaims any obligation
to update these forward-looking statements.
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SOURCE GoPro, Inc.