This deal is now only available in the U.S., and for a limited time, although in the FAQ's GoPro adds: "The Trade-Up Program will last for a limited time and determine if and how the program will live on in the future".
The big appeal here is that the older GoPro cameras can be returned in any condition, even if they're nonfunctional. This could help drive a wave of camera upgrades for consumers who have been loyal to GoPro for years. Second, the company must first get the order for a HERO5 Black or HERO5 Session, then receive the shipped old GoPro, before applying the discount - essentially making the offer a rebate of sorts.
Back in March, GoPro cut 270 jobs and CEO Nick Woodman acknowledged that he has "failed to make GoPro contemporary".
"Our Trade-Up Program allows us to introduce existing customers to the modern GoPro experience and prepare our community for the new software enhancements ahead", GoPro COO CJ Prober said.
It's also possible this will improve GoPro's direct relationship with customers.
These trade-up transactions will be direct sales to GoPro, which means enjoying juicier margins than it would if it were to include retailers in the loop.
GoPro has faced a number of turbulences over the past two years: The company repeatedly missed shipping dates, some of its new products sold a lot less than expected, and an ambitious expansion into the entertainment industry was scrapped as part of massive cost-saving efforts that included hundreds of layoffs over multiple rounds and office closures in San Francisco, Los Angeles and Austin.
That's not to mention the fact that a few weeks ago, GoPro announced it expects revenue in the first quarter to be near the high end of its previously announced guidance of $190 million to $210 million. If you're in the market for a tiny camera to strap to your face as you take a 10-storey jump into a pool, GoPro is for you. And that's a problem for GoPro, whose stock is tanking. The Motley Fool owns shares of and recommends GoPro. The Motley Fool has a disclosure policy.