GoPro Subscription Service Surpasses Two Million Subscribers

Rhea-AI Summary

GoPro, Inc. (NASDAQ: GPRO) announced a significant milestone, surpassing two million subscribers for its subscription service, which contributes approximately $100 million in annual recurring revenue. This service, known for its high margins and profitability, offers features like unlimited cloud storage, auto-upload functionality, and exclusive discounts. CEO Nicholas Woodman and CFO Brian McGee highlighted ongoing subscriber growth, driven by the introduction of new features and benefits that enhance customer value.

Positive

• Two million subscribers lead to $100 million in annual recurring revenue.
• Subscription service has a gross margin of 70-80%.
• Ongoing development of new features expected to drive further subscriber growth.

Negative

• None.

SAN MATEO, Calif., Aug. 16, 2022 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced that its highly profitable GoPro subscription service has surpassed two million subscribers.

"Our subscription service is having a profoundly positive financial impact on our business, and we're excited to announce that we've surpassed the two million subscriber mark," said Nicholas Woodman, GoPro's founder and CEO. "We expect subscriber growth to continue to impress as we roll out new features and benefits on a regular basis, driving subscriber value further."

The GoPro Subscription provides customers with unlimited cloud storage, the ability to auto upload footage to the cloud directly from GoPro cameras, premium editing tools in the Quik App, a private livestreaming platform, guaranteed damaged-camera replacement, exclusive savings on GoPro cameras, and up to 50% off at GoPro.com on accessories.

"In addition to providing our customers with immense value, subscription has become a powerful financial engine for GoPro, representing the fastest-growing, highest-margin and most profitable product we offer," said Brian McGee, GoPro's CFO and COO. "Two million GoPro subscribers translates into $100 million in annual recurring revenue with gross margin of 70-80%, positively impacting our bottom line, and we expect subscription growth to continue as we add significant new features and benefits on an ongoing basis."

For details about the GoPro subscription, visit GoPro.com.

About GoPro, Inc. (NASDAQ: GPRO)

Celebrating its 20th anniversary in 2022, GoPro helps the world to capture and share itself in immersive and exciting ways.

For more information, visit GoPro.com. Open roles can be found on our careers page. Members of the press can access official logos and imagery on our press portal. GoPro customers can submit their photos and videos to GoPro Awards for an opportunity to be featured on GoPro's social channels and receive gear and cash awards. Connect with GoPro on Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube, and GoPro's blog The Current.

GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.

View original content to download multimedia:https://www.prnewswire.com/news-releases/gopro-subscription-service-surpasses-two-million-subscribers-301606462.html

SOURCE GoPro, Inc.