S GoPro: Be a hero - Tufts Fletcher Schoolfletcher.tufts.edu/~/media/Fletcher/MIB/pdfs/B236 Student Case... · GoPro: Be a HERO 2 Das$Roy,$English,$Erlwanger,$Hallaran,$Holub,$Yaworsky$

Tapobrata Das Roy, Erik English, Alison Erlwanger, Katie Hallaran, Lisa Holub, and Kathleen Yaworsky

April 2015

STUDENT CASE STUDY

GoPro: Be a hero

GoPro: Be a HERO

1 Das Roy, English, Erlwanger, Hallaran, Holub, Yaworsky

Team Wangari Maathai: Tapobrata Das Roy, Erik English, Alison Erlwanger, Katie Hallaran, Lisa Holub, and Kathleen Yaworsky

“We recognized we are as much in the content enabling business as we are in the consumer products business.”

“If I'm a content creator, and I get recognition for my work, that's going to motivate me to spend even more time on my next production and make it even better.”

-‐Nick Woodman, Founder and CEO of GoPro1 2 Nick Woodman, founder and CEO of GoPro, was sipping a rum cannonball out of a hollowed-‐out coconut shell on a rural beach in Tobago. As his surfboard rested against the nearby palm trees overloaded with coconuts, he took a deep breath of the ocean air and wondered, “Am I in over my head?” He had recently made waves by announcing the GoPro channel’s partnership with Roku, but was aware that their shift from an action camera producer to a media company would not be easy. They would have to deal with a new group of major media competitors and entertain the possibility of creating partnerships with former competitors. They had also encountered recent setbacks with more delays to the release of their new camera, the HERO5.3 Ultimately, GoPro may struggle to stay true to its core and its customer base while the entire landscape of the media, Internet, and television shifts underneath its feet. As GoPro’s footprint expands from camera maker to a more vertically integrated media company, spanning the entire media process, how will they account for new competitors like Netflix, HBOGo, and other video on demand (VOD) companies? How will their relationship with Apple, who may begin making GoPro-‐like action cameras but also provides AppleTV to showcase VOD, change? What steps can GoPro take to ensure that Apple becomes a partner rather than a direct competitor? How do they stay true to their core community of video makers while attracting new video partnerships that appeal to a wider audience? With his feet dug into the sand, ready to order a piña colada, Woodman had much to think about, and many decisions to make. Early Beginnings Nick Woodman was on a surf trip in Australia in 2002 when he first came up with the idea for GoPro.4 At the time, surfing was filmed from the shore or from a jet ski, far from the action. Most other action sports, like skateboarding, allowed a camera operator to film from relatively close by, but surfing was different. To follow the surfer on the go, the cameras had to be physically affixed to another person, either by design or do-‐it-‐yourself ingenuity, for them to record videos and take pictures (Exhibits A and B).5 Professional surfers and high-‐income amateur surfers could have cinematographers take their videos and pictures with high-‐quality sports cameras from helicopters or boats (Exhibits A and B). High-‐quality sports cameras, however, were out of the price range of the average surfer, who often used lower quality cameras carried by a friend near them in the water. The point-‐of-‐view nature of the cameras required another person to be present, often placing the recorder in more precarious conditions than the subject of the video, and ultimately limiting the range of shots that could be taken. The rough conditions and speed under which sports videos and pictures are generally taken necessitate technical specifications that are not standard in all cameras and explain, to some extent, the higher cost of traditional sports cameras. The cameras need to be portable, durable, equipped with a shorter

GoPro: Be a HERO


shutter lag and shutter speed, and in the case of surfing, waterproof.6 Woodman’s initial idea was to create a simple wrist strap for disposable cameras. After two years of tinkering, Woodman came to the realization that the legal and logistical hurdles associated with partnering with existing camera companies meant that manufacturing his own camera was his best bet. In 2005 Woodman had a market-‐ready prototype, the HERO 35MM, which took still photographs only; he pitched it on the Home Shopping Network in 20057 (Exhibit C).8 The first iteration of the GoPro camera on the Home Shopping Network was a far cry from the current model: a sleek, lightweight design that films in high definition and is a nearly ubiquitous sight for any outdoor enthusiast (Exhibit D and E). GoPro’s online presence is equally impressive; in 2014 alone, users of this model uploaded more than 3.9 years of content to YouTube, featuring “GoPro” in the title.9 The explosion in user-‐generated content stemmed from a realization that Woodman made from another high-‐action sport he was passionate about: auto racing. Not wanting to rent the traditional outward facing camera offered at his racetrack, Woodman impulsively strapped a GoPro to the hood of the car positioned to face him directly, and immediately realized the untapped potential afforded by the new perspective.10 With a digital camera that faced the user, allowing them to be featured as the subject of the video, GoPro was able to create a new way to experience action sports and redesigned its product line around this core insight. GoPro’s more recent list of products showcase the range of technical specifications the company prioritizes (Exhibit D). Originally an action camera company, GoPro now also offers a social media platform to share the content created by its users, which ultimately guided their partnership with Roku. The move to Roku was aligned with the growing trend away from bundled cable packages toward VOD channels, which require a steady stream of fresh content. The key challenges GoPro faces are major shifts in entertainment consumption patterns and social interactions. In order to be successful, the company is trying to predict the future evolution of multimedia. Nick Woodman says in jest that GoPro “was a 10 year overnight success.”11 12 It is easy to see his point, given that at the beginning of the decade, he started his venture by borrowing $260,000 from his parents as initial capital.13 Prior to starting GoPro, Nick had already started two failed companies. The first was EmpowerAll.com, which sold electronics at a small markup, and failed immediately. The other was Funbug.com,14 which was “a gaming and marketing platform that gave users the chance to win cash prizes.”15 Even though that business also failed, Woodman did manage to raise $3.9 million in funding for FunBug. Both businesses combined social and technology functions, and the trial-‐and-‐error exercise helped Woodman realize that some combination of the two held the magic formula. Between 2004, when Woodman sold his first camera, and 2011, when the company sought its first round of venture financing, it underwent a series of strategic changes to increase sales. The moves included: the introduction of video (through Digital HERO) and the wide-‐angle lens, marketing GoPro as mountable devices, and entering the high-‐definition market through the introduction of HERO HD.16 A stroke of good luck accompanied the series of smart moves and made for a winning combination. In 2011, Cisco Systems Inc., unexpectedly discontinued their Flip Cam, the market leader at the time.17 That led to Best Buy scrambling to fill shelf space and deciding to make a bet on GoPro, which at the time was a ten-‐person company that happened to be in the right place at the right time.18 Since 2004, GoPro has doubled its revenue every year and is currently worth over $2.5 billion.19

GoPro: Be a HERO


Going Public In 2011, Woodman announced that GoPro was open for funding from five venture capital firms including Riverwood Capital, Steamboat Ventures, and Disney’s venture investment arm. The total investment was estimated to amount to $88 million.20 The company continued its yearly practice of refreshing product lines after the first round of funding, ending 2012 with a sales figure of $521 million from 2.3 million cameras sold. In 2012, GoPro attracted investments from the Chinese electronics manufacturer Hon Hai Precision Industry, also known as Foxconn. Foxconn made a $200 million investment for an 8.88% stake in the company; Woodman kept 45 percent.21 The investment is significant because Foxconn also manufacturers for Apple, but to date has never invested in any Apple products.22 They see GoPro as having the potential to make huge strides in markets they have not yet explored. GoPro’s valuation was then pegged at $2.25 billion, making Woodman’s net worth $1.3 billion. In 2014, the company announced that it aimed to raise $427 million from an initial public offering. The funds from the IPO were earmarked to repay a loan, develop specialty hardware, and build a content management system intended for the creation of a media entity to sell user-‐generated content—a key strategic objective for the company’s growth. GoPro targeted selling 17.8 million shares at an estimated price of $21 to $24 per share. The company showed profits in the filings for every year since 2011, including more than $60 million in 2013.23 However, the stock price has experienced ups and downs since the IPO. For example, in September 2014, concerns about the company’s valuation led JP Morgan to downgrade GoPro’s stock from “Overweight” to “Neutral.” Only one other consumer electronics company with a single product line had been able to go public in the last few years.24 The consumer electronics market has been largely dominated by major smartphone companies with significant capital and technological expertise, making it difficult for smaller players to enter the market. This is where GoPro significantly differentiates itself in the market. In 2011, GoPro’s Facebook fan base exploded from 50,000 viewers to 1.3 million viewers, in stark contrast to traditional competition like Canon USA, which had 135,000 followers, and Panasonic USA, which had 134,000 followers.25 It was evident that GoPro was more than a consumer electronics company; it was selling the lifestyle that came with using a camera that real “doers” wear, and most importantly, it was building a community of loyal followers and contributors by selling an experience through dynamic, authentic, user-‐generated content. GoPro HEROs: The Core Community GoPro is hailed as a leader in breakthrough marketing strategies because of their deft management of user-‐generated content to engage current and potential customers. While GoPro doubled its net income between 2010 and 2011 to $24.6 million, it spent only $50,000 more that year on marketing costs. Similarly, in 2013, GoPro increased its year-‐to-‐year marketing costs by $41,000 and brought in $28 million more in net income.26 GoPro has tapped into something incredibly powerful. A recent Forrester study revealed that 48 percent of users trust the words, pictures, and videos created by other customers, as compared to only 14 percent that trust ads created by the brands themselves.27 Additionally, Millennials are now spending 30 percent of their total media consumption on content created by their peers.28 By harnessing this powerful trend, GoPro benefits from material created directly by its users, available for them to turn around and use for marketing purposes. The potential migration from YouTube toward Roku begs the question of pricing: what business model will attract new customers while ensuring continued loyalty

GoPro: Be a HERO


from current fans accustomed to watching online for free? Will content be available on both channels? If so, how should they differentiate? Will they have to compensate users who upload content, if displayed for profit on Roku? From the first GoPro video posted to YouTube, which featured a BASE jumper leaping off a cliff and spinning the camera away from his face to the huge drop below,29 the company understood the power of a strategically symbiotic relationship with the streaming video website.30 In order to build up an arsenal of content to curate for YouTube and their other social media channels, the company regularly hands over their cameras to famous athletes who return with breathtaking footage from all over he world. GoPro also benefits from the general public, who promote the camera with their amateur content, posting their latest adventures to their own social media streams.31 The GoPro channel remains true to their core community of enthusiasts by awarding them “achievements” when they watch videos; they can earn up to ten different badges based on the number and frequency of videos they’ve watched.32 GoPro also promotes “video of the day” and “photo of the day” shout-‐outs on its Twitter page. This ingenious and cost-‐effective marketing ploy wins GoPro sustained attention on YouTube, Twitter, Facebook, and the GoPro site, which transforms fans into brand advocates. The GoPro YouTube channel has over two million followers and provides additional exposure through its curated, user-‐generated content, with most videos garnering well over one million views (Exhibits G, H, and I). By including in its marketing strategy both expert material from professional athletes and celebrities, as well as extraordinary shots and videos from the wider public, GoPro is able to continually appeal to its core and potential markets with a fresh mix of curated and uncut content each day. Despite the marketing fervor for user-‐generated content, there are risks to brand reputation from decentralizing control, as well as the possibility that business could falter if users lose interest or if GoPro deviates from its core. On the other hand, maintaining an iron grip on branded material can equally alienate fans and compromise authenticity and engagement. Their success thus far illustrates that GoPro has managed to maintain balance in its approach to content.33 The GoPro marketing and design teams have worked closely to ensure that the physical characteristics of the camera make it easy and intuitive for users, from the casing and mounting hardware to the lightweight, durable body of the camera.34 While the product itself is best-‐in-‐class, the marketing strategy has propelled it from a niche brand for extreme athletes to a widely recognizable “purpose brand,” as Clay Christensen coined.35 GoPro has done an exceptional job of building its brand around the “job to be done”—capturing first-‐hand experiences to be consumed and enjoyed by a wider audience. Since its YouTube debut, strategic partnerships have been central to GoPro’s sustained growth, leveraging its product and platform to expand its market through cross promotions. One current example of this is a partnership with Universal Studios promoting the latest Fast and Furious film through a contest that solicits stunt footage; the grand prize is an all-‐expenses-‐paid trip to one of America's top stunt driving schools.36 Shifting Tides By moving to create its own channel and partnering with Roku, GoPro enters a new market and must reevaluate its competitive landscape on multiple fronts. Roku devices are easy to use and make VOD more accessible, which leverages the shift in consumer behavior away from traditional, bundled

GoPro: Be a HERO


television subscriptions in favor of internet-‐based entertainment.37 By launching this partnership, GoPro is betting that the VOD model will become more prevalent, and that unbundled cable services like HBOGo and Netflix will replace the traditional cable package model.38 They must also believe that viewers who switch on their Roku will select the GoPro channel over Netflix. It remains to be seen whether GoPro and other VOD services would compete directly, or carve out niche markets based on distinct usage patterns. For example, the GoPro channel might be preferred by consumers with fifteen minutes to kill but not enough time to watch an episode of their favorite show. GoPro’s traditional competitors include the producers of other popular cameras and electronics, such as Sony, Apple, Polaroid, and Garmin. A summary of the primary strengths, weaknesses, opportunities, and challenges for GoPro and its current competitors can be found in Exhibit F. GoPro enjoys a first-‐mover advantage in action camera production, to the extent that its brand is synonymous with the genre itself, with an impeccable reputation for quality. However, there are a number of new market entrants offering affordable, high-‐quality cameras that could potentially erode GoPro’s market share. Notably, in March 2015, Chinese company Xiaomi introduced the Yi Action Camera with specs comparable to the HERO4, but priced at a mere $64, drastically lower than GoPro’s $400 price point.39 While it is unclear whether Xiaomi’s camera will be offered outside of China in the foreseeable future, the availability of a cheaper model in one of the world’s biggest markets may foretell a need for GoPro to lower its price, ultimately decreasing its revenues and profit margin, and perhaps increasing the strategic appeal for it to diversify revenue streams. GoPro’s pivot towards becoming a media player places them in the company of new competitors like VOD suppliers Netflix and HBOGo, which have a stranglehold on the market. HBO also recently unbundled their VOD service (HBO Now) from their subscription television channel, perhaps recognizing the same shift in viewing habits that is driving Woodman to partner with Roku. Currently, HBO Now is only available on Apple devices, which highlights another challenge to GoPro’s expansion.40 Apple is also well-‐positioned to launch a GoPro-‐style channel thanks to its AppleTV product. In January 2015, Apple, whose products have immense consumer loyalty, was granted a patent for a camera that can be used as both a hand-‐held and mounted device.41 Foxconn, a GoPro investor, is also a current manufacturer for Apple, which creates a potential conflict of interest if they produce cameras for both companies.42 News of this patent—without any publicly known plans to manufacture—caused GoPro’s shares to drop by 13% in a single day.43 Apple’s long legacy of innovation and magnetic brand could pose a serious threat to GoPro’s market share in the event that it does release an action camera. If a proprietary “iCamera” is integrated with AppleTV, Apple could pose a double threat. Catching the Next Wave As Woodman finished the last sips of his rum cannonball and hailed a waiter for his piña colada, he contemplated whether making the transition from an action camera manufacturer to a media company was too far outside GoPro’s core competencies. If GoPro chooses to expand from a camera manufacturer to a media company, they would have to consider with which partners to engage beyond Roku and what strategic advantage those partners would offer in attracting new customers and viewers beyond their traditional audience.

GoPro: Be a HERO


Exhibit A: Sports Filming Before GoPro44

Exhibit B: Mounted Action Sports Cameras45

GoPro: Be a HERO


Exhibit C: Amazon Listing For The First GoPro Model, The GoPro 35MM All Season Sports Camera46

Exhibit D: The Historical Evolution Of GoPro Cameras

GoPro: Be a HERO


Exhibit E: The GoPro HERO4

GoPro: Be a HERO


Exhibit F: GoPro Camera Competitor Analysis47 48 49 Strengths Weaknesses Opportunities Challenges Go-‐Pro 1st-‐mover advantage;

reputation as best action camera brand in terms of image quality and diversity/functionality of accessories

High price; low battery life

Premium Hero4 Black positions Hero4 Silver as high quality/good value; flexible shooting modes appeal to still photographers too

Maintain market leadership; continue to offer superior products; appeal to wider audience

Xiaomi Offering new Yi Camera with similar specifications to Go-‐Pro Hero3 Silver for only $64

Currently only available in China

Capture Chinese market; potential for international expansion with price advantage

No known plans to expand outside China

Sony Best in class audio quality; better battery life than Go-‐Pro

Poor functioning surf mount; waterproof only to 16 feet; inconsistent image quality

Sony HDR-‐AS100V at $250 is $100 cheaper than Hero4 Silver; releasing new premium and lower price models with revamped specs

Adapt expertise in electronics to extreme outdoor environments more consistently across products

Apple Filed patent for high-‐quality camera that can be used in hand-‐held and mounted modes and remote control via Apple Watch; brand stickiness

Proof of concept patent only; no product currently in market

Focus on battery life, high quality and integration with other Apple products

Long-‐term market play, depends partly on success of Apple Watch

Polaroid Cube is cute, simple, affordable

Doesn't meet durability or performance requirements for extreme action camera market

Position as "everyday" action camera to appeal to wider market

Weak current demand for non-‐extreme action camera

Garmin VIRB Elite offers second best image quality after Go-‐Pro

New entrant to camera market

Impressive first showing with potential for improvement

Brand strength currently lies elsewhere

GoPro: Be a HERO


Exhibit G: Fifteen Most Viewed GoPro Videos As Of March 30, 201550

Video Title Min Views Rating

1 GoPro HERO3: Almost as Epic as… 5:08 37,459,978 4.93

2 GoPro: Fireman Saves Kitten 2:04 26,251,440 4.95

3 GoPro: Lions -‐ The New Endange… 14:43 25,823,602 4.95

4 GoPro: Backflip Over 72ft Cany… 2:04 24,143,927 4.94

5 GoPro HERO4: The Adventure of … 4:14 21,816,357 4.91

6 The HD HERO2: Almost as Rad as… 5:12 21,564,623 4.95

7 GoPro: HERO3+ Black Edition: S… 4:35 17,378,387 4.92

8 GoPro HD: Skateboard Big Air w… :31 12,770,303 4.73

9 GoPro: Director's Cut -‐ Shark … 8:08 9,831,789 4.81

10 GoPro 2010 Highlights: You in … 5:51 8,338,795 4.95

11 GoPro: Combing Valparaiso's Hi… 9:21 7,437,122 4.94

12 GoPro: Let Me Take You To The … 10:37 7,267,520 4.94

13 GoPro: The Streets of Japan in… 9:43 6,723,013 4.8

14 GoPro HD: Avalanche Cliff Jump… 2:39 6,704,512 4.95

15 GoPro HD HERO Camera: Crankwor… 1:29 6,666,008 4.95

Exhibit H: GoPro And Red Bull YouTube Subscribers From October 31, 2014 to April 2, 2015

0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000

31-‐Oct

7-‐Nov

14-‐Nov

21-‐Nov

28-‐Nov

5-‐Dec

12-‐Dec

19-‐Dec

26-‐Dec

2-‐Jan

9-‐Jan

16-‐Jan

23-‐Jan

30-‐Jan

6-‐Feb

13-‐Feb

20-‐Feb

27-‐Feb

6-‐Mar

13-‐Mar

20-‐Mar

27-‐Mar

Red Bull GoPro

GoPro: Be a HERO


Exhibit I: Hourly Subscribers (Gain And Total)

Hourly Subscribers -‐ Thursday (4/2)

Hour :00-‐59

Gain Subs (End)

Hour :00-‐59

Gain Subs (End)

Hour :00-‐59

Gain Subs (End)

12 am 105 2,915,772 8 am 59 2,916,468 4 pm 141 2,917,746

1 am 72 2,915,844 9 am 142 2,916,610 5 pm 118 2,917,864

2 am 73 2,915,917 10 am 132 2,916,742 6 pm 109 2,917,973

3 am 90 2,916,007 11 am 146 2,916,888 7 pm 94 2,918,067

4 am 91 2,916,098 12 pm 179 2,917,067 8 pm 90 2,918,157

5 am 112 2,916,210 1 pm 209 2,917,276 9 pm 99 2,918,256

6 am 86 2,916,296 2 pm 175 2,917,451 10 pm 92 2,918,348

7 am 113 2,916,409 3 pm 154 2,917,605 11 pm 104 2,918,452

GoPro: Be a HERO


Exhibit J: Unaudited Financial Statements

Condensed consolidated balance sheets

Assets

(In thousands US dollars) September 30, 2014 December 31, 2013 Current assets:

Cash and cash equivalents 237,749 101,410 Accounts receivable, net 94,563 122,669

Inventory, net 117,014 111,994 Prepaid expenses and other current assets 49,057 21,967

Total current assets 498,383 358,040 Property and equipment, net 40,339 32,111 Intangible assets and goodwill 16,529 17,365 Other long-‐term assets 33,807 32,155 Total assets 589,058 439,671

Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (deficit) Current liabilities:

Accounts payable 112,270 126,423 Accrued liabilities 99,928 86,391 Deferred revenue 7,996 7,781

Income taxes payable 4,795 19,702 Current portion of long-‐term debt 0 60,297

Total current liabilities 224,989 300,594 Long-‐term debt, less current portion 0 53,315 Other long-‐term liabilities 13,408 13,930 Total liabilities 238,397 367,839 Total stockholders\ equity (deficit) 350,661 -‐5,366 Total liabilities, redeemable convertible preferred stock and stockholders\ equity (deficit) 589,058 439,671 Source: GoPro Form 10Q (Quarterly Report, Filed 11/04/14 for the Period Ending 09/30/14). EdgarOnline.

GoPro: Be a HERO


1 Woodman, Nick. BrainyQuote. accessed April 3, 2015. http://www.brainyquote.com/quotes/authors/n/nick_woodman.html#JAGS0VBs9ul6roA0.99 2 Brown, Graham. 10 Quotes From Industry Leaders and Gurus On The Future Of Marketing. Accessed March 30, 2015. http://image.slidesharecdn.com/slideshare-‐leadership-‐150121223740-‐conversion-‐gate02/95/grahamdbrown-‐brand-‐leadership-‐2015-‐10-‐quotes-‐from-‐industry-‐leaders-‐and-‐gurus-‐on-‐the-‐future-‐of-‐marketing-‐26-‐638.jpg?cb=1422856302 3 Morris, Christopher. GoPro Hero 5: What To Expect? Value Walk. March 1, 2015. Accessed March 23, 2015, http://www.valuewalk.com/2015/03/gopro-‐HERO-‐5-‐what-‐to-‐expect/ 4 History of the GoPro. The Cam Authority. Accessed March 27, 2015, http://www.goprobuyersguide.com/story 5 Wolff-‐Mann, Ethan. Old School GoPro Camera Rigs Were Way More Badass. Supercompressor. April 15, 2014. Accessed April 1, 2015, http://www.supercompressor.com/gear/actioncams-‐before-‐gopro-‐mounted-‐cameras 6 Hendricks, Gary. Learn How to Capture Action Shots. Picture Correct. Accessed March 24, 2015, http://photo.net/learn/sports/overview?; Miracle, Rob. Sports Photography. Photo.net. June 1999. Accessed March 15, 2015, http://www.picturecorrect.com/tips/learn-‐how-‐to-‐capture-‐action-‐shots/ 7 Foster, Tom. The GoPro Army. Inc. April 2015. Accesed April 1, 2015, ttp://www.inc.com/magazine/201202/the-‐gopro-‐army.html 8 Nick Woodman on QVC (2005). Forbes Channel on Youtube. February 26, 2013. Accessed March 31, 2015, https://www.youtube.com/watch?v=i89qZNFf6_E&t=233 9 Q4 2014 Investor Presentation, GoPro. February 2015. GoPro. Accessed March 27, 2015, http://files.shareholder.com/downloads/AMDA-‐2QSTB3/4064749841x0x813221/45EFF987-‐23C0-‐422E-‐9B0F-‐DB852BF5208D/Q4_14_IR_Slides.pdf 10 Foster, Tom. The GoPro Army. Inc. April 2015. Accesed April 1, 2015, ttp://www.inc.com/magazine/201202/the-‐gopro-‐army.html 11 Quittner, Jeremy. GoPro is Synonymous With Founder Nick Woodman (And That's a Bad Thing). Inc. May 20, 2014. Accessed March 25, 2015, http://www.inc.com/jeremy-‐quittner/gopro-‐reveals-‐financial-‐highlights.html 12 Shontell, Alyson. The Life and Awesomeness of A Surfer-‐Turned-‐Billionaire, GoPro Founder Nick Woodman. Business Insider. June 2014. Accessed March 15, 2015, http://www.businessinsider.com/the-‐life-‐and-‐awesomeness-‐of-‐a-‐gopro-‐founder-‐nick-‐woodman-‐2014-‐6 13 Shontell, Alyson. The Life and Awesomeness of A Surfer-‐Turned-‐Billionaire, GoPro Founder Nick Woodman. Business Insider. June 2014. Accessed March 15, 2015 14 Hein, Kenneth. FunBug.com Looks to Infest the Net. Direct Marketing News. August, 2000. Accessed March 20, 2015, http://www.dmnews.com/funbugcom-‐looks-‐to-‐infest-‐the-‐net/article/67854/ 15 History of the GoPro. The Cam Authority. Accessed March 27, 2015, http://www.goprobuyersguide.com/story 16 Mac, Ryan. GoPro Evolution: From 35mm Film to America's Fastest-‐Growing Camera Company. Forbes. March, 2013. Accessed March 2015, http://www.forbes.com/sites/ryanmac/2013/03/04/gopro-‐evolution-‐from-‐35mm-‐film-‐to-‐americas-‐fastest-‐growing-‐camera-‐company/ 17 Stevens, Tim. Cisco killing Flip line of camcorders, axing 550 employees in restructuring effort. Engadget.April 2011. Accessed on March 17, 2015, http://www.engadget.com/2011/04/12/cisco-‐killing-‐flip-‐line-‐of-‐camcorders-‐shakes-‐fist-‐at-‐hd-‐recordi/ 18 Reilly, Mark. How Flip's demise got GoPro on Best Buy shelves. Minneapolis/St. Pauls Business Journal. June 2013. Accessed March 23, 2015, http://www.bizjournals.com/twincities/morning_roundup/2013/06/how-‐flips-‐demise-‐got-‐gopro-‐on-‐best.html 19 History of the GoPro. The Cam Authority. Accessed March 27, 2015, http://www.goprobuyersguide.com/story ; Mac, Ryan. GoPro Evolution: From 35mm Film to America's Fastest-‐Growing Camera Company. Forbes. March, 2013. Accessed March 2015 20 Mac, Ryan. GoPro Evolution: From 35mm Film to America's Fastest-‐Growing Camera Company. Forbes. March, 2013. Accessed March 2015 21 EMIS Professional. A Euromoney Institutional Investor Company. 22 Mac, Ryan. Foxconn Buys Stake In Camera Maker GoPro Turning Founder Into A Billionaire. Forbes. December 20, 2012. Accessed March 2015, http://www.forbes.com/sites/ryanmac/2012/12/20/foxconn-‐buys-‐stake-‐in-‐camera-‐maker-‐gopro-‐turning-‐founder-‐into-‐a-‐billionaire/ 23 Berniker, Mark. GoPro going public, but is it a good investment? CNBC. May 2014. Accessed March 21, 2015, http://www.cnbc.com/id/101684784 24 Lapowsky, Issie. Why GoPro’s Success Isn’t Really About the Cameras. Wired.June 2014. Accessed on March 20, 2015, http://www.wired.com/2014/06/gopro/ 25 Foster, Tom. The GoPro Army. Inc. April 2015. Accesed April 1, 2015, ttp://www.inc.com/magazine/201202/the-‐gopro-‐army.html 26 Bobowski, Kevin. How GoPro is Transforming Advertising as we Know it. Fast Company. July 1, 2014. Accessed on March 29, 2015, http://www.fastcompany.com/3032509/the-‐future-‐of-‐work/how-‐gopro-‐is-‐transforming-‐advertising-‐as-‐we-‐know-‐it

GoPro: Be a HERO


27 Forrester Research. User-‐Generated Content’s Impact on Brand Building. December 2014. Accessed April 2, 2-‐15. http://media2.bazaarvoice.com/documents/Bazaarvoice+-‐+Forrester+study+-‐+User-‐generated+content%27s+impact+on+brand+building.pdf 28 Bourque, Andre. How User Generated Content Marketing Is Helping America Discover New, Creative Talent. Huffington Post. February 2015. Accessed on April 1, 2015, http://www.huffingtonpost.com/andre-‐bourque/user-‐generated-‐content-‐ma_b_6703186.html 29 BASE is an acronym for Building, Antenna, Span, and Earth. BASE jumpers jump from a fixed object and then pull their parachute. 30 YouTube Advertisers. GoPro YouTube Case Study. April 2012. Accessed March, 2015. https://www.youtube.com/watch?v=oCUjAmW5yCA 31 Bobowski, Kevin. How GoPro is Transforming Advertising as we Know it. Fast Company. July 1, 2014. Accessed on March 29, 2015, http://www.fastcompany.com/3032509/the-‐future-‐of-‐work/how-‐gopro-‐is-‐transforming-‐advertising-‐as-‐we-‐know-‐it 32 Go Pro Channel Achievements. http://www.trueachievements.com/GoPro-‐Channel/achievements.htm 33 Pros and Cons of User-‐Generated Content. BrandSalsa. Accessed March 5, 2015, http://www.brandsalsa.com/pros-‐and-‐cons-‐of-‐user-‐generated-‐content/ 34 Cooke, Russel. Go Big Or GoPro: How The GoPro Marketing Strategy Defines Content Marketing. Business 2 Community. November 2014. Accessed March 25, 2015, http://www.business2community.com/content-‐marketing/go-‐big-‐gopro-‐gopro-‐marketing-‐strategy-‐defines-‐content-‐marketing-‐01055894 35 Clay Christensen’s Milkshake Marketing. Harvard Business School. February 2011. Accessed March 20, 2015, http://hbswk.hbs.edu/item/6496.html 36 Seven Seconds with Furious7. GoPro. Accessed March 31, http://gopro.votigo.com/furious7 37 Lawler, Richard. Roku 3 review: our favorite media streamer, and the simplest to use, too. Engadget. April 2013. Accessed March 28, 2015, http://www.engadget.com/2013/04/03/dnp-‐roku-‐3-‐review/ 38 Yarow, Jay. Intel Is Reportedly Going To Destroy The Cable Model By Offering People The Ability To Subscribe To Individual Channels. Business Insider. January 2013. Accesed on March 19, 2015, http://www.businessinsider.com/intel-‐cable-‐2013-‐1 39 Schiesser, Tim. Xiaomi's Yi Action Camera is a $64 GoPro competitor. Techspot. March 2, 2015. Accessed March 13, 2015, http://www.techspot.com/news/59909-‐xiaomi-‐yi-‐action-‐camera-‐cheap-‐gopro-‐competitor.html 40 Stenovec,Timothy. HBO's New Streaming Service Will Launch Exclusively On Apple Devices. Huffington Post. March 9, 2015. Accessed March 30, 2015, http://www.huffingtonpost.com/2015/03/09/apple-‐hbo-‐go_n_6832448.html 41 Kopytoff, Verne. Apple’s new video camera patent sends GoPro’s shares into a tailspin. Fortune. January 2015. Accessed on March 29, 2015, http://fortune.com/2015/01/13/apples-‐new-‐video-‐camera-‐patent-‐sends-‐gopros-‐shares-‐into-‐a-‐tailspin/ 42 Voyles, Bennett. Foxconn Faces Its Future. CKGSB Knowledge. August, 2013. Accessed March, 2015. http://knowledge.ckgsb.edu.cn/2013/08/29/china/foxconn-‐faces-‐future/ 43 Voyles, Bennett. Foxconn Faces Its Future. CKGSB Knowledge. August, 2013. Accessed March, 2015. http://knowledge.ckgsb.edu.cn/2013/08/29/china/foxconn-‐faces-‐future/ 44 Fleetham, David. Helicopter Filming Surf At Peahi (Jaws), Maui, Hawaii. Accessed March, 30, 2015. http://miraimages.photoshelter.com/image/I0000AW6pq82thlI 45 Pell, Nicholas. Before GoPro. Accessed March 30, 2015. https://huckberry.com/journal/posts/before-‐go-‐pro 46 Amazon, Inc. GoPro HERO 35MM All Season Sports Camera. Accessed March 30, 2015. http://www.amazon.com/Hero-‐35MM-‐All-‐Season-‐Sports-‐Camera/dp/B0009E3UL8 47 The Wirecutter. The Best Action Sports Camera. Accessed March 30, 2015. http://thewirecutter.com/reviews/the-‐best-‐action-‐camera/ 48 Schiesser, Tim. Xiaomi’s Yi Action Camera Is A $64 GoPro Competitor. March 2, 2015. Accessed March 30, 2015. http://www.techspot.com/news/59909-‐xiaomi-‐yi-‐action-‐camera-‐cheap-‐gopro-‐competitor.html 49 McGarry, Caitlin. Apple patent reveals plans for a GoPro competitor. Jan 13, 2014. Accessed March 30, 2015. http://www.macworld.com/article/2868308/apple-‐patent-‐reveals-‐plans-‐for-‐a-‐gopro-‐competitor.html 50 VidStatsX. GoPro YouTube Channel Stats. Accessed March 30, 2015. http://vidstatsx.com/goprocamera/youtube-‐channel

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S GoPro: Be a hero - Tufts Fletcher Schoolfletcher.tufts.edu/~/media/Fletcher/MIB/pdfs/B236 Student Case... · GoPro: Be a HERO 2 Das$Roy,$English,$Erlwanger,$Hallaran,$Holub,$Yaworsky$