Chinese Panoramic Camera Firm Insta360 Reports Revenue of over CNY2 Bn in 2022, up 50% YoY

Consumer Discretionary Author: Yiran Xing, Wang Zhisheng Editor: Zhang Xiaoguang Apr 25, 2023 08:30 PM (GMT+8)

Insta360, one of the leading companies in the panoramic imaging industry, has seen year-on-year revenue growth of over 50% in each of the last three years.


According to EqualOcean, Insta360 (Chinese:影石), a Chinese company specializing in panoramic cameras with headquarters in Shenzhen, generated over CNY 2 billion (USD 289.503 million) in revenue in 2022. Insta360’s revenue reached about CNY 850 million in 2020 and about CNY 1 billion in 2021, representing annual growth of over 50% over the past three years.

Founded in 2015 and headquartered in Shenzhen, Insta360 is one of the leading giants in panoramic cameras. Its product line includes panoramic cameras, action cameras, and video conferencing products, which are sold in over 200 countries and regions worldwide. Insta360 has offices in Shenzhen, Hong Kong, Los Angeles, Tokyo, and Berlin.

According to Frost & Sullivan's 2021 White Paper on the Global and China’s Handheld Smart Imaging Devices Market Development, Insta360 held over 40% of the global panoramic camera market share in 2021. It ranked second in the global action camera market, only after GoPro. The rise of intelligent imaging (provoked by the waves of VR in 2015, the short video in 2019, and the outdoor economy in 2022) and the growing demand for intelligent products have been the two major driving forces.

Overseas business is one of the key sources of Insta360's revenue. Its overseas business accounts for about 70% of its total revenue. Among them, Insta360's sales on the Amazon platform alone reached about CNY 70 million in 2020 and doubled to CNY 140 million in 2021. On April 23, 2023, Insta360 announced that Will Smith would serve as its global brand ambassador.

Many companies have entered the action camera market, including Chinese companies such as Insta360, DJI (Chinese:大疆), SJCAM (Chinese:臻呈科技), and AKASO (Chinese:赛纳电子科技), as well as international players such as GoPro from the United States, Sony from Japan, and Leica from Germany.

With the development of cutting-edge technologies such as VR and 5G, traditional image browsing methods can no longer meet people's visual needs. Panoramic data acquisition equipment has become compact, lightweight, and easy to operate. It collects data quickly and with high quality, enabling wider applications in industries such as tourism, education, public security, and property modeling. In the future, panoramic imaging is expected to become a basic visual productivity tool in the digital age.