Insta360, the Chinese rival of GoPro, is seeing success with its full-degree action cameras due to competition with DJI. Despite fierce price wars, the company achieved over 90% revenue growth in the third quarter, attracting more customers for its unique strengths.

Insta360, with a 67% share in the global 360-degree camera market, slashed prices for its X5 camera in response to DJI’s launch of the Osmo 360. DJI also offered price cuts, prompting Insta360 to respond with cash coupons and discounts on a wider range of gadgets.

Insta360 is making a bold move into the drone market, where DJI holds a 70% share globally. Antigravity, Insta360’s drone brand, is expected to start sales in selected markets in the fourth quarter, tapping into unfulfilled demand and growth potential.

Insta360 reported a revenue of 2.94 billion yuan for the third quarter, a 93% increase year on year. However, net income shrank 16% due to investments in chip customization and strategic projects. The company aims to cut costs to ensure stable margins and future competitiveness.

Read more at Yahoo Finance: Chinese sports camera maker Insta360 says price war with DJI is expanding the market