Over time, there have been a handful of companies that became so synonymous with an entire product category that their brand names became instantly recognizable shorthand. Think Kleenex, or Xerox, or Band-Aid. Plenty of people say those words when they want to talk about facial tissues, photocopies, or adhesive bandages—regardless of what brand any of the products they're referring to actually is.
In the category of action cameras, there's another name that rises to that level, and it's GoPro. Sure, the likes of DJI, Insta360, and others are offering stiff competition, but none of those names have risen to the level of category synonym yet.
And yet, despite achieving that level of name recognition, times haven't been kind to GoPro. 2024 was the roughest year yet, in fact. How bad is it? 2024 revenues were down 20 percent year-on-year, and came in at US $801M. This was due in no small part to a decrease in camera sales. Over the course of the year, GoPro sold just 2.4 million units across its entire range, as compared to 3 million in 2023. Finally, the company said, delays on the launch of its MAX2 360 camera (now expected to launch in 2025) also didn't help matters. In 2024, GoPro's paid subscription services grew, and retention of existing subscribers was also good—but those were the only rays of sunshine to be found in that report.
This situation is, at least in part, likely why GoPro recently filed a specific notice with the US Securities and Exchange Commission (SEC). The notice basically states that GoPro CEO Nicholas Woodman "volunteered to waive his salary for the remainder of the year ending December 31, 2025." The filing is dated March 19, 2025. Furthermore, additional language later in the document states that Woodman will have no expectation of any other form of compensation to make up for the salary that he's voluntarily waiving for the remainder of the year.
In his own writing on the matter, SFGate reporter Stephen Council notes that Woodman's salary in 2022 and 2023 was $850,000, not including the stock he also holds in the company. He also likened this move to the compensation scheme favored by Meta CEO Mark Zuckerberg for years; he gets a $1 nominal salary, but receives significant compensation via his stocks in the company instead.
It's not clear whether this is a make-or-break year for GoPro, but it is definitely clear that the company is eager to turn its fortunes around sooner rather than later. Offering paid software subscription services in addition to hardware is helping, but will this particular mix of things be enough, particularly with the shaky economic times we currently live in? Stay tuned.
Are you an active GoPro user? Did you used to love their cameras and now you don't? Is there something about GoPro that you're particularly looking forward to in 2025? Or do you think the company has lost its way and you have ideas about how it can get back on track? Let me know in the comments.
