Can GoPro Turnaround with Virtual Reality?
After GoPro released an earnings report that fell in line with the expectations of its investors, its stock moved higher. This might seem like the start of a turnaround while GoPro long may see this as the start of a turnaround, it doesn’t change the fact that the company is still a bad investment.
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Massive tech companies are giving Virtual Reality market more attention these days and major companies are trying to enter into the Virtual Reality Market. GoPro publicized its website and application based on Virtual reality GoPro VR for Android and iOS users so they can have a feel and be able to share VR videos. The new website promotes GoPro’s latest six-camera Omni-rig and also contains several categories of videos.
The launch of GoPro VR points to the desires of GoPro to advance in the VR market without the support of Google. GoPro now has all the fragments required to build a Virtual Reality ecosystem such as stitching software from Kolor, a comparatively low-priced VR rig along with its own VR application and site. However, the toughest work will be to capture a considerable amount of users to view its first-party virtual reality content.
In its most recent quarter, GoPro related its media progress and brand power with the number of followers it had on Instagram, YouTube and other social media networks. A major percentage of the company’s social achievement can also however be credited to the reputation of those websites. YouTube comes in as one of the top three most visited websites, whereas GoPro does not even come in the top 2,500.
Should GoPro be able to convince its YouTube users to switch to the use of GoPro VR, it is highly unlikely that its consumers will be in favor of purchasing a $5,000 six-camera rig.
Apart from this, the introduction of a smartphone compatible GoPro VR app also signifies GoPro’s struggles to add strength to its software. During the prior few years, GoPro was broadly deprecated for sticking with manual offloading and editing solutions, which looked outdated equated to an automatic cloud-based backup service for smartphones such as Google Drive.
The demand for GoPro’s action cameras has made GoPro place its focus on Virtual Reality market. Unfortunately, it is quite an feat for GoPro to make a stronghold in the VR space as many other major firms like NVIDIA have already grasped a strong position in the VR market.
A lot of money has been lost by retail investors who chose to put in their money because they believed in GoPro’s hype and things don’t seem to look like it’s going to change anytime soon. Most of these investors will avoid GoPro like a plague despite its efforts in the VR industry.
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