GoPro stock hit $93 in 2014.

GoPro stock hit $93 in 2014. today it's worth around $1. here's what actually happened. Nick Woodman Founder of Go-Pro is broke and burned out at 26. but then he straps a disposable camera to his wrist while he's surfing in Australia. This was his light bulb moment. But he realizes he can't compete on better optics or better sensors, because this is Canon's and Nikon's whole game So he comes back and builds the Hero camera but he sells it as an identity tool. You buy this and now you're someone who does epic stuff that is worth filming. By 2009 they dropped the first HD camera something unexpected happened. People started uploading their content to YouTube. Surfers Mountain Bikers I mean you're watching someone go through an insane wave and you feel like you're right there with them. The craziest thing is that they didn't even need a marketing department Because the customers became the marketing department. Millions of views generated all through UGC content. but then something happens that just sends everything into the stratosphere. Felix, the Red Bull guy steps off a capsule at 128,000 feet above earth. He falls back down and and breaks the speed of sound with his human body. This is a pivotal moment for Red Bull but a lightning strike for GoPro. Because there were seven GoPros strapped to him. When hundreds of millions of people watched one man fall from the edge of space GoPro's logo was in every single frame. GoPro did one of the hardest things in branding they created a category out of thin air. By the time you heard action camera Go-Pro was the first thing that will pop in your head. But the question still remains if you're the category king How do you lose 10 billion dollars? Go-Pro owned the product but what they should have owned was the behaviour. Insta360 came DJI took over the sky iPhone kept getting better and better The thing is POV content watched content today but now when you watch it you don't necessarily think of GoPro. See, the brands that live forever don't just create the category they make sure that the only way to live it is through them GoPro showed us how to build something extremely iconic but they just couldn't figure out how to make themselves irreplaceable and how do you make yourself irreplaceable? You keep trying to put yourself out of business before someone else does.