GoPro gave rise to action sports in a way that cannot be understated. Without the company's original and subsequent action cameras, we wouldn't have seen the Renaissance that is action sports today, where everyone and anyone can head out into their yard, throw a sick trick, and instantly reach millions.
Yet, in the intervening years, GoPro has faced increased competition. Insta360 and DJI have entered the space with better tech, smaller cameras, easier-to-use backend apps, and cheaper offerings. They began beating GoPro at its own game. And at the same time, GoPro has had a few missteps and struggles.
That's all made GoPro's market incredibly difficult to navigate, something that's evident given its recent statement it'll be laying off not the 15% of staff it originally floated earlier this year, but rather by 26%. That's a massive cut of the brand's staff, all of which happens during the holidays, making it obviously worse for those affected.
These cuts come, as mentioned above, as the action camera maker is facing increased pressure from competing companies. Whereas it was once the only name in town, DJI and Insta360 have taken up residence and, unlike other upstarts in the space, actually delivered reliable and competitive cameras. And priced right, they're solid choices for action sports athletes and home consumers alike. GoPro's market share, then, just isn't what it used to be.
