GoPro’s stock price and sales figures are plummeting. And as I sit here, going over everything they have, and comparing their strategy against other companies that had similar products and failed — I don’t know exactly what can save them. In fact, I rewrote this blog post three times as I’ve changed my mind about what might work.
GoPro needs software in spades, far beyond just something to make editing easier. The company that created the first mass-market visceral experience broadcasting device ought to have a hand in every dimension of the current live revolution, not just be one of its few cameras. That requires software.
As my friend Gary Vaynerchuk recently said in Daily Vee #29… just as large broadcasters can turn their companies around by having a hit show, software and hardware companies can turn themselves around with features. It is an over simplification (Gary knows this) but he is right. If GoPro had a hit application (or was integrated fully into one) it would turn everything around for them, especially in the eyes of the public investor.
Obviously, they won’t save anything without selling hardware. Hardware is where they make all of their revenue and it always will be. And, as Matt points out in his piece, they already make great hardware. So perhaps great software would stem the tide for GoPro?
Matt’s proposition that GoPro build the next Periscope is intriguing. It had me thinking all last night of what that could look like and how it would be received. Rather than allowing Periscope or Meerkat to integrate into GoPro (and they already have), Matt proposes that GoPro itself build a platform for live streaming video that would allow input from GoPro cameras and other devices.
This would be a huge gamble for GoPro. Live streaming isn’t easy nor inexpensive. Matt knows this very well so I know he does not make this suggestion lightly. And, GoPro already has experience in live streaming (sort of) with Herocast. So I’m sure the thought of putting a platform behind that has crossed their minds. Perhaps they even built something in a lab. To get live streaming right they’d have to put some major resources behind such an endeavor and the Board would definitely see it as Nick’s (the CEO) last effort to turn it around.
I love GoPro. But I’m not as optimistic as Matt. I fear the Board will call for Nick’s head after another bad quarter. And I believe it will take several quarters, a few acquisitions, and the recruiting of a few key team members (all in design, software and platform) in order to turn GoPro around. If Nick goes the whole thing goes I say because once a founder is kicked out recruiting can be tough.
Will they go the way of Flip? I hope not. Let’s just hope the team at GoPro isn’t sleeping and is way, way smarter than I am and can figure it out.