For GoPro founder Nick Woodman, the future of his company is about content--not cameras.
During a recent panel discussion at the Las Vegas tech trade show CES, Woodman stated that his wearable camera company is not successful because of its products, but instead because of the highly shareable nature of the photos and videos that come from those products.
"The more our customers are using our product to share content, the more they're building awareness for GoPro and the more product we sell," Woodman said. "We are in the content business."
He added that he expects a major company shift in the near future, where GoPro will be known more for software that allows customers to offload, edit, and share content than the actual cameras that facilitate those activities.
"Out of that comes this growing media opportunity, which is to have the ability to aggregate the best of our customers' content and redistribute that as a GoPro Channel program.
The GoPro Channel is already ranked as the most popular on YouTube's brand channel leaderboard, and also runs on platforms including Instagram, XBOX, Playstation, Roku, and Apple TV. Before GoPro can switch from focusing on hardware to focusing on software, however, the company will have to work on making its software easier for consumers to use, according to Woodman.
"We definitely need to improve the ease of offloading content and accessing content from your mobile device so that you can enjoy it," he said.
Despite the increasing emphasis on software, GoPro is also pursuing new products on the hardware side. The company has partnered with YouTube parent company Alphabet to build what is expected to be the first commercially available 3-D, 360-degree camera for consumers, called Odyssey. Comprised of 16 GoPro cameras, Oddysey will capture video and automatically stitch it together for virtual reality headsets.
GoPro reported that it earned $18.8 million, or 13 cents per share, during the third quarter of 2015, up from $14.6 million, or 10 cents per share, during the same period in 2014.