GPRO - GoPro points to big financial benefits as subscription business grows

GoPro ( NASDAQ: GPRO ) announced that its GoPro subscription service has surpassed two million subscribers.

GoPro ( GPRO ) CEO Nicholas Woodman said the company expects subscriber growth to continue to impress as new features and benefits are rolled out on a regular basis.

The GoPro Subscription is noted to provide customers with unlimited cloud storage, the ability to auto upload footage to the cloud directly from GoPro cameras, premium editing tools in the Quik App, a private livestreaming platform, guaranteed damaged-camera replacement, and exclusive savings on GoPro cameras.

The subscription business is also paying off financially, according to GoPro CFO Brian McGee. He said the business represents the fastest-growing, highest-margin and most profitable product  offered by GPRO.

"Two million GoPro subscribers translates into $100 million in annual recurring revenue with gross margin of 70-80%, positively impacting our bottom line, and we expect subscription growth to continue as we add significant new features and benefits on an ongoing basis."

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