GoPro announced that they’ll be entering the drone world, expanding outside the market of solely producing action cameras. Nicolas Woodman, CEO of GoPro has been working on a UAV concept since 2013 but has since fallen behind superstars of the drone world like DJI. With a drone concept in the works, GoPro hopes to stimulate their stock value and it has, with shares jumping 6.5% upon the recent announcement. It is interesting to note when Woodman announced his intention to enter the drone market at the Code Conference in Ranchos Palos Verdes, California, it was met with indifference.
“Consumer and commercial drones are regularly used at sporting events like skiing, snowboarding and surfing–the same places where GoPro rules,” said Bilal Zuberi a partner at Lux Capital. “So it makes sense that GoPro does not want to leave that field open for DJI and others, and hurt its standing as the dominant brand among sports enthusiasts.”