Consumers are no longer spending their money on point-and-shoot cameras–pocket cameras–because they already have that in the form of their smartphone,” says Woodman. “So they have disposable income for something like a GoPro, which is highly differentiated from a smartphone.
This is exactly why I bought a GoPro. I have a smartphone with an excellent camera that's always with me. And when I go diving, biking or snowboarding I can use the GoPro.