GoPro Hero 5 release date rumors: New action camera to be more connected and convenient?

GoPro is said to be having financial issues due to poor sales. According to reports, the company is developing the upcoming fifth model of the Hero series, which is said to save them from the financial slide the company is currently experiencing.

In a report by ValueWalk, Joe Wittine, a Longbow Research analyst, said that the new action camera model and its rumored Karma Drone are the only chance of the company to redeem itself from poor sales performance in the previous years. However, Wittine has remained positive that GoPro will come up with a good plan in the next few months and part of that is the release of Hero 5.

The action camera company has been in a slump for a year now. There are speculations that the reason why GoPro has to make a major price cut in 2015 on their Hero 4 Session is to make sure they have enough sales before the year ends to cover the expenses. It is reported that GoPro sales had gone down by 31 percent compared to the previous years.

Meanwhile, there have been several reports stating that the next GoPro model will be the most connected and convenient product the company has ever manufactured. The company has already confirmed that the next action camera will be the best of all the releases as they will try to recapture their glory days.

GoPro CEO Nick Woodman recently revealed the company's plan to make the Hero 5 primarily cloud-based.

"GoPro as we have known it today has resonated with our core customer, who wants the solution so badly that they are willing to deal with the inconvenience of manually offloading and accessing and editing their content," Woodman explained. But we are self-aware and we're willing to acknowledge that experience is too difficult for the mass market consumer, today."

The company has yet to provide significant details regarding the Hero 5's release date. Many fans expect the company to make an official announcement anytime soon.