GoPro Drops Price of Hero4 Session for Second Time
GoPro is struggling to find the sweet spot for pricing its Hero4 Session action camera.
The company on Friday announced the second price drop for camera, which is now priced at $199.
The Session was first announced in July, priced at $399—the same price as the better equipped Hero4 Silver. The Session lacks an LCD screen and 4K recording capabilities, both of which are found in the company’s Hero4 Silver. The pricing parity with a more powerful camera led to disappointing sales, prompting the company to lower the price to $299 in September.
The camera was marketed as the GoPro for the non-daredevil who wanted to capture everyday moments. GoPro CEO Nicholas Woodman reiterated the sentiment in today’s announcement, stating “[the Session is] the perfect way to capture rough-and-tumble family activities this holiday season.”
GoPro’s third quarter revenue was $400 million, failing to reach the lower end of its own guidance range of $430 to $445 million. Woodman blamed the miss on “lighter than anticipated” sales, but remained confident the Session’s then-new $299 price point would prove to be the sweet spot for the camera. Nearly a month after the initial price drop, Woodman stated the camera was “selling in-line” with the company’s expectations for a product at that price point.
With today’s announcement, it’s clear the first price decrease failed to provide the sales spark Woodman was expecting.
And GoPro is in need of a spark. The company’s stock price has taken a beating in the last few months. After trading at $65 in August, its shares have seen a continuous decline.
GoPro (GPRO) continues to traded under $20 after hitting the mark in November, well below its IPO listing price of $24.
Despite this writer finding a use for the cameras traditionally marketed towards those who enjoy jumping out of airplanes, investor fears of market saturation and lack of new products leading into the holiday season are driving shares down.
GoPro’s lineup consists of six cameras, ranging in price from $129 to $499. The entry level Hero was introduced in September, while the last updates to its flagship Hero4 Silver and Hero4 Black came in September of 2014.
Looking forward, GoPro has said it will release a drone (also known as a quad-copter) and continue to pursue media partnerships in 2016. The company has been tight-lipped about its upcoming drone, outside of sample footage captured by the flying camera. Recent media partnerships have included Comcast in the U.S. and SkyQ in Europe. Both providers will offer a GoPro channel of curated content captured with its cameras.
For more about GoPro’s drone plans, watch this Fortune video:
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