GoPro Buys Video Editing Firms Stupeflix and Vemory, Android Apps Announced
Digital camera maker GoPro is working on improving its software. The company has acquired Stupeflix and Vemory video editing companies to perfect its software and bring “ultra-convenient, yet powerful, mobile editing solutions” to GoPro customers and billions of smartphone users. The move comes as GoPro tries to battle its declining revenue.
The American manufacturer of action cameras made the announcement of the acquisition reports on Monday. Financial details of the acquisition weren’t made public, though Variety that the company paid a sum of $105 million (roughly 712 crore) to acquire both firms. Stupeflix is a Paris-based firm which is best known for Replay, an iOS editing app that generates videos with background music.
Austin-based Vemory, on the other hand, allows users to quickly edit the video from their iPhone or iPad. “Splice, Replay and GoPro will combine to deliver what we believe will be the fastest and most enjoyable mobile editing experience,” wrote Nicholas Woodman, founder and CEO at GoPro.
GoPro says that both the firms will continue to work on their respective apps. Interestingly, an Android version of the apps will be released later this year. The company is likely to rebrand the apps soon.
Speaking on the importance of these two firms, and why GoPro needs them, Woodman noted, “The problem is that it is still to hard to offload, access and edit GoPro content. […] We believe the accessibility, speed and efficiency of mobile will make it the predominant editing platform of the future.”
oThe company last month disclosed that it lost about $34.5 million (roughly Rs. 233 crores) during the holiday season quarter. The company also announced that it was curtailing its product line, discontinuing the cheaper regular Hero variant.