The new GoPro HERO6 is a miraculous little camera.

It now films in 4k at 60 frames per second. It has great image stabilization. And the screen on the back is new for me and a real game changer. The creative possibilities are endless.

But probably more importantly you can tell that GoPro is investing heavily in their software. They have to make it easier for people to share the content they create.

They also know that their survival likely depends on some sort of software layer.

At its peak, GoPro was trading at $86 per share. Right now, as I write this post, it’s $9.40. Some think the company will be sold within the next year.

Here is a recent quote from Benedict Evans:

As we saw with first GoPro and now perhaps Sonos, if you’re riding the smartphone supply chain cornucopia but can’t construct a story further up the stack, around cloud, software, ecosystem or network effects, you’re just another commodity widget maker.

To borrow Marc Andreessen’s line: Software is eating the world.