Woodman started promoting his product, called the GoPro 35mm Hero, directly to tradeshows and surf shops on the West Coast. In 2006, as digital cameras were becoming more and more popular and their technology increasingly affordable, the company (then still known as Woodman Labs, Inc) launched its first Digital Hero, a camera capable of recording video as well. According to Forbes, the small company, which only had two other employees aside from Woodman, managed to raise the revenue of around 800 thousand U.S. dollars in 2006 and some 3.4 million U.S. dollars the following year. Since then, the company has grown rapidly and as of 2018 regularly reports total revenues of well over a billion U.S. dollars. The company has large business operations in both the Asia Pacific and EMEA regions, but its most prolific region in terms of sales is its home market in the Americas.
GoPro Inc. invests heavily into research and development as it strives to retain its position atop an action camera market that sold an estimated 2.4 million units in 2018. Total action camera market revenue amounted to nearly 4.5 billion U.S. dollars in 2018 and is expected reach over 10 billion by 2026. The company additionally spends hundreds of millions of dollars each year on its sales and marketing budget in the hopes of increasing its share of the overall market.
Following the company’s initial success, GoPro has continued to release new editions of its line of HERO action camera devices. Newer versions include HD imaging, wireless internet access, image sensors, and increased internal memory. In addition to its capture devices, the company also manufactures a range of accessories enabling users to film in any conditions, such as chest harnesses and head straps, and from any surface, as mounts for helmets and handlebars. Furthermore, GoPro has developed two software applications: GoPro Studio, a video editing tool helping users to create videos from their GoPro footage, and the GoPro App, which enables users to remotely control their GoPro capture device using a smartphone or tablet.