Andrew Uerkwitz, Executive Director and Senior Analyst covering emerging services and technology companies at Oppenheimer & Co., says he thinks the market for GoPro Inc (GPRO) is likely to remain fairly limited. He says it is currently limited to people who use action cameras for sports, which is a relatively small market.
“For GoPro to really be successful, they have to bridge that gap from being an exclusively action camera to one you use everyday,” Uerkwitz says. “They have to go from where people are taking their GoPro from the ski slope to where they all of a sudden are carrying it with them all the time. And I just think the interface is so much easier on the smartphone than with a camera that GoPro is going to struggle to bridge that gap.”
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Uerkwitz says the numbers support his thesis. He says cameras peaked in 2010, with over 120 million units, and are projected to be 35 million units in 2015.
“Clearly — and the big thing that happened in 2010 is the iPhone 3 launch with an 8-megapixel camera,” Uerkwitz says. “For the first time you really could take a comparable picture with your phone, and you didn’t need to bring a second device.”
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