Technology has become an intricate part of almost every person’s lives in the 21st century. A couple of years ago we saw a major increase in the production of videography technology. With this emerged many new companies. One of these being GoPro, a smaller company, made a name for itself.
When GoPro first launched their products, they were very popular and were the big talk of the video technology industry. In 2014, GoPro started the process of going public. Since then, their stock has begun to struggle. In response, they launched a plan to become a media company, rather than just a producer of the hardware. Their aim was to earn more money. They started creating shows that followed people’s lives and added them to Roku and similar platforms. Their effort turned out to be a major failure and as of a few days ago, they have decided to stop these programs and focus simply on engineering projects again.
The story of GoPro demonstrates a struggle that many manufacturing and hardware companies are facing and will face. Media is overtaking the industry and many companies, like GoPro are feeling pressure to address this market which is currently being dominated by businesses like Amazon and Netflix. The media industry is expensive and a small company like GoPro struggled to compete. But without expanding, the company worries that they will struggle to continuing appealing to the public. There are only so many cameras that a company can produce, but media is forever changing and attracting new customers. Technology companies may struggle to gain profit and grow if they do not incorporate this media aspect into their brand. At the same time, this may not be feasible for many companies because it is expensive.
Original Story: “Not made for TV: GoPro’s failed media business” CNNTech, Apr 14, 2017.