Since the Oculus Rift prototype was exhibited in 2012, the VR industry has experienced ups and downs for more than a decade. Although many projects have been shut down and bankrupt, there are still "lucky ones" with annual revenue of 4 billion yuan.

Recently, the American business magazine "Fast Company" released the list of the most innovative companies in the world in 2024, and Shenzhen-based Insta360 Innovation Technology Co., Ltd. (hereinafter referred to as "Insta360") ranked among the top three in the consumer electronics field.

This seemingly unknown company is quietly earning a lot of money.

As early as 2015, Apple's head-mounted display project was just established. A year later, Liu Jingkang, who had graduated from Nanjing University for less than two years, and his team brought their self-developed first-generation VR panoramic camera Nano to the German IFA exhibition and began to compete in the field of panoramic cameras.

Nowadays, in terms of products, Insta360 has launched intelligent imaging products such as panoramic cameras, action cameras, thumb cameras, video conference cameras, and AI phone stabilizers, in addition to panoramic cameras and action cameras. Previously, Insta360's globally first interchangeable lens action camera "ONE R" was featured on the cover of Time magazine and named one of the best inventions of 2020.

And this is reflected more clearly in the financial data.

On June 17, Insta360 Technology announced its revenue for the past year, reaching nearly 4 billion yuan in 2023, representing a year-on-year increase of nearly 100%.

According to earlier news, Insta360's revenue exceeded 1 billion yuan in 2021, an increase of nearly 10 times compared to 2017; revenue exceeded 2 billion yuan in 2022, achieving double-digit growth for two consecutive years last year.

Digging deeper into Insta360's revenue sources, the most eye-catching is the overseas market.

In the past year, Insta360's overseas revenue accounted for about 80%, with the main markets being Europe, the United States, Japan, South Korea, and other regions. Among them, the South Korean market has seen significant growth, with shipments doubling last year.

From the perspective of market size, since 2021, Insta360 has surpassed DJI and become one of the top two in the global action camera market, with its market share catching up with traditional giant GoPro. GoPro's 2023 financial report showed that the company's revenue last year was $1 billion, an 8% year-on-year increase. However, profits turned from profit to loss, with a loss of $53 million in 2023, a year-on-year decline of 284%.

Insta360's rapid rise has also caught the attention of GoPro.

In May this year, the U.S. International Trade Commission (ITC) voted to initiate a Section 337 investigation into certain cameras, camera systems, and accompanying accessories.

The reason for this investigation was that American camera manufacturer GoPro submitted an investigation application to the International Trade Commission (ITC) on March 29, accusing Insta360's cameras, systems, and accessories of infringing on its patents. In response, Insta360 has directly responded, planning to resolve the issue through court litigation and expressing confidence in winning the case.

Behind the direct competition with overseas players lies the huge market attractiveness.

According to a Frost & Sullivan report, the global action camera market is expected to grow to 46 billion yuan by 2026. It is certain that the competition among future action camera players will inevitably continue to intensify.

Written by Zero Degrees