GoPro's subscription cushioned a hardware slump. Total revenue fell from $1,005 million in 2023 to $652 million in 2025, but subscription and service revenue held at $106.3 million (against $107.0 million in 2024), about 16% of revenue. It costs roughly 30 cents per dollar to deliver, against about 73 cents for hardware. Subscribers slipped to 2.45 million as fewer new cameras meant fewer sign-ups.
Key takeaways
- Revenue fell from $1,005 million (2023) to $801 million (2024) to $652 million (2025). Subscriptions held at about $106 million.
- Subscriptions cost about 30 cents per dollar to deliver; hardware about 73 cents (2025).
- Subscribers peaked and slipped to 2.45 million at the end of Q2 2025, down 3%, as fewer new cameras meant fewer new members.
- An attached subscription cushions a product slump, but it can't outgrow the product that feeds it.
"GoPro? Those are the guys who make the cameras, right? Surely they're exactly the kind of one-off business you just told us to avoid."
That's the objection I put in the reader's mouth at the start of Chapter 2 of The Subscription Playbook. And my answer was: kind of.
GoPro made its name selling tough little cameras. But in 2016 it added a $4.99-a-month cloud storage plan. By May 2022 it had 1.74 million subscribers on a $49.99-a-year plan that bundled storage, editing tools, discounts and camera replacement. I used it to prove that "any business can do subscriptions with a suitable model."
Then camera sales fell off a cliff.
What happened to the subscription is the most useful lesson in this whole case.
The numbers: 2023 to 2025
| Year | Total revenue | Subscription and service revenue | Subscription share |
|---|---|---|---|
| 2023 | $1,005 million | – | – |
| 2024 | $801 million | $107.0 million | About 13% |
| 2025 | $652 million | $106.3 million | About 16% |
Subscribers: 750,000 (end of 2020), 1.74 million (May 2022), 2.45 million at the end of Q2 2025, down 3% year on year.
Cost to deliver in 2025: about $32 million for $106 million of subscription revenue. That's roughly 30 cents per dollar. Hardware cost about 73 cents per dollar of revenue.
What did GoPro build?
A product-plus-membership hybrid that mixes two of the book's eight models.
The member benefits model. Pay a fee, get things non-members can't: unlimited cloud storage at full quality, premium editing tools, up to 50% off accessories and mounts, exclusive offers, premium support.
A slice of the insurance model. Subscribers could replace damaged cameras (up to two a year when I wrote the book). Cancel, and you lose the peace of mind.
It's the razor-and-blades idea applied to cameras. You buy the camera once, then keep paying for the things that make owning it easier.
Why did the subscription hold up when cameras didn't?
Because it lives off the customers GoPro already had, not the ones it was trying to win.
Camera revenue depends on new buyers each year. When fewer people bought cameras, total revenue dropped by about a third in two years. The subscription depends on existing owners deciding to keep paying. Most did. GoPro's CFO credited "improving attach rates, retention rates and driving ARPU higher."
That's the O in MOATS: no single point of failure. GoPro didn't escape the slump, but it wasn't relying on one revenue line to survive it.
And look at the margins. Every dollar of subscription revenue costs about 30 cents to deliver. Every dollar of hardware costs about 73 cents. Subscriptions were about 16% of 2025 revenue but a much bigger share of gross profit.
The catch: a subscription can't outgrow its feeder
Most GoPro subscribers sign up when they buy a camera. Fewer cameras means fewer new subscribers, which is why the count slipped 3% to 2.45 million. Once that happens, retention and revenue per member are the only levers left.
What would a membership add to your business?
See how adding a subscription to one-off sales changes your revenue, cash flow and valuation with the free Subscription vs One-off Profit Calculator.
What the book said in 2022
I did some quick math in Chapter 2: 1.16 million subscribers × $49.99 = $86,982,600 a year. "GoPro created an eight-figure recurring revenue stream in about five years using a subscription model."
I also said the brilliant part was mixing "a touch of the insurance model with the member benefits model." And in Chapter 5 I used GoPro to show a hardware company widening its moat with a subscription.
What's happened since
The eight-figure stream became a nine-figure one: $107.0 million in 2024 and $106.3 million in 2025.
The rest of the business shrank around it. Total revenue fell from $1,005 million in 2023 to $652 million in 2025. The subscription went from a nice extra to the most stable line GoPro has.
But it stopped growing. Subscribers peaked and slipped to 2.45 million. The lesson I'd add to the book is the one in the warning above: an attached subscription cushions the fall, but it can't replace the product that feeds it.
What you can steal from GoPro
- Attach a membership at the point of sale. Care plan, service plan, extended warranty, storage, priority booking. Offer it at the moment someone buys. Attach rate (the share of buyers who also subscribe) is the number to watch.
- Include replacement or "peace of mind" cover. It's the stickiest benefit there is. People cancel extras; they hesitate to cancel protection.
- Price for margin, not just revenue. A membership with 70% margins can be worth more profit than a product line twice its size. Check yours with the subscription vs one-off profit calculator.
- Plan for the day your core product slows. Build tiers so you can lift revenue per member when new-customer volume dips.
- Keep feeding the funnel. The subscription is only as healthy as the flow of new owners. Don't let product investment slide because recurring revenue feels safe.
Worked example: a bike shop care plan
A bike shop sells 600 bikes a year. It offers a $15-a-month care plan (two services, priority repairs, 20% off parts). If 25% of buyers sign up, that's 150 new members a year, adding about $27,000 of annual recurring revenue each year before churn. If bike sales halve, the members already on the plan keep paying. (Illustrative numbers.)
Free Subscription Profit Review
Australian business owners can book a free 30-minute review with a BPAG Accountants adviser. An honest conversation about:
- whether a subscription model could work for your business
- how recurring revenue could cover your fixed costs each month
- how it could lift what your business is worth
No cost, no obligation. General information only until we understand your situation.
Your next step
Take your best-selling product and ask: what do owners need after they buy it? Storage, servicing, refills, repairs, advice, replacement?
Turn the best answer into a simple membership and offer it at the counter or at checkout for the next 30 days. Track how many say yes. For hardware businesses, my page on subscriptions for manufacturers has more ideas, and how Peloton's churn changed after its boom shows the same hardware-plus-subscription model under more pressure.
Frequently asked questions
How many subscribers does GoPro have?
GoPro reported 2.45 million subscribers at the end of Q2 2025, down 3% year on year. That's up from 1.74 million in May 2022, the figure in The Subscription Playbook, and 750,000 at the end of 2020. The recent dip follows falling camera sales, because most new subscribers sign up when they buy a camera.
How much revenue does the GoPro subscription make?
Subscription and service revenue was $106.3 million in 2025, against $107.0 million in 2024, according to GoPro's results. That's about 16% of GoPro's total 2025 revenue of $652 million, and a much larger share of its gross profit, because subscriptions cost far less to deliver than cameras.
What does the GoPro subscription include?
When I wrote the book in 2022, it bundled unlimited cloud storage at full quality, premium editing tools in the Quik app, discounts of up to 50% on accessories and mounts, exclusive offers, premium support and guaranteed camera replacement (up to two cameras a year). GoPro has adjusted plans since, so check its site for the current inclusions.
Can any hardware business add a subscription?
Most can, if there's an ongoing need after the sale: storage, servicing, consumables, software features, replacement cover or priority support. The key test is whether owners would pay for the benefit every year. A one-off product that's never used again has nothing to attach a subscription to.
Get both books free
The Subscription Playbook (ebook + audiobook) and Feed a Starving Crowd, instantly. In Australia? Claim the free hardcover.
Robert Coorey, MBA
Robert is the author of The Subscription Playbook and Feed a Starving Crowd and a Director at BPAG Accountants in Sydney. More about Robert.
Sources
- GoPro, fourth quarter and 2025 results (5 Mar 2026)
- GoPro, fourth quarter and 2024 results (6 Feb 2025)
- GoPro, second quarter 2025 results
Facts and prices checked 27 October 2026. Spotted something out of date? Tell us.