GoPro’s CEO Has Lost $1.4 Billion This Year

29 Sep 2015 | Author: | No comments yet »

GoPro unveils sub-$200 waterproof, WiFi Hero+ camera.

Nick Woodman, the billionaire founder of action camera-maker GoPro Inc., has seen his fortune fall $1.4 billion this year amid a market downdraft and concern mounts about competition from Apple Inc. and other companies. That version of the GoPro, priced in between its basic $130 action camera and its $299 version, could attract a new crop of gadget lovers — and holiday shoppers — looking for a more affordable GoPro, still beefed up enough with features to appeal to more tech lovers. The Hero+ also has a built-in microphone, is wearable and mountable and Bluetooth-enabled so that you can connect to the GoPro mobile app (you can also use Wi-Fi). “Even as we continue to raise the bar for our highest performing cameras like Hero 4 Black, Silver and Session, we remain committed to developing simplified products like Hero+ that make GoPro life-capture accessible to everyone,” said GoPro founder and CEO Nicholas Woodman in a statement accompanying the product announcement.

Woodman’s net worth is down 46 percent for the year to $1.6 billion, according to the Bloomberg Billionaires Index, buoyed by cash from sales of GoPro shares. Investors have been concerned about GoPro, the company, relying solely on cameras, but in an interview with CNBC’s Josh Lipton, Nick Woodman refuted the idea that the company he founded is a one-trick pony. “A drone opens up a perspective for our world that we’ve never seen before,” Woodman told TechCrunch in an interview. “I think it’s awe-inspiring to see yourself in the world in that way,” Woodman said. Other Hero+ features include 1080p60 and 720p60 video, time lapse and burst photos, built-in microphone, single button power-up and recording with QuikCapture, HiLight tagging of key moments, as well as SuperView wide-angle and Auto Low Light video modes.

In another nod to affordability, GoPro is also reducing the price of the smaller, lighter and waterproof Hero 4 Session mini-camera by $100 to $299.99. The decline comes even as the company has sought to expand its reach, including a deal with Toyota Motor Corp. to use GoPro as the on-board camera for its 2016 Tacoma pickups, and the hiring of Hulu’s Charlotte Koh as head of a newly created division to produce features and series.

The second-highest earning U.S. executive, Liberty Global Plc Chairman and CEO Michael Fries, has seen the value of his 2014 pay fall to $119.4 million from $132 million.

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