The street average sale price (ASP) of GoPro cameras hit a record high of US$336 (up 4% YoY) in 1Q2021, indicating that the more premium of the action cameras from this brand (such as the latest HERO9 Black) are getting more popular and are selling more as time goes on.
The company attributed this success to its "evolution" into an OEM that follows a heavily online direct-to-consumer (DTC) model that focuses on subscriptions. The new combination really started to take effect throughout 2020, and is mainly mediated through GoPro.com.
The strategy is now clearly working out well in 2021, as demonstrated in GoPro's latest financial report. It shows total revenues of $204 million, as opposed to $119 million from 1Q2020. Then again, its adjusted earnings before taxes and other expenses (its EBITDA) were calculated at $11 million.
This doesn't sound as impressive, until one realizes GoPro's 1Q2020 EBITDA was -$41 million. The company also did post a GAAP net profit of -$10 million, although this is still considerably better than -$64 million from a year ago.
GoPro also released a new Quik App for mobile devices in 1Q2021. This new product is intended to prove another subscription-based money-spinner for the OEM, at a yearly rate of $9.99. On that note, GoPro announced that its current subscriber count shot past 1 million in April 2021, as opposed to ~760,000 at the end of 2020.
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