Apple granted patent for action cam device, GoPro stock slumps
posted Tuesday, January 13, 2015 at 3:46 PM EST
According to a Reuters report Apple has been granted a patent for a wearable action cam. Not major news, in and of itself, this seemed to cause quite a bit of stir amongst investors of other manufacturers of action cams, specifically GoPro. So much so that after it was revealed Apple received the patent, GoPro shares dropped 12%.
The patent in question was filed back in 2012 and is said to cite specific weaknesses in other companies’ action cams. Additionally, it makes note of underwater recording and a dedicated mounting system.
GoPro isn’t the only company who could be affected by a potential Apple action cam. Polaroid, Sony, Garmin and HTC all have a fairly large portion of the market, which could potentially be uprooted if Apple decides to branch out.
That being said, it’s unlikely to happen. Apple is known for keeping its product line-up as minimal as possible and the gains from creating such a product category would be minimal in comparison to what Apple historically looks for.
Interestingly enough, the patent contains intellectual property acquired from Eastman Kodak back in December of 2012.