Insta360 Ramps Up Rivalry With DJI as Panoramic Camera Market Heats Up

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AsianFin -- Liu Jingkang, founder of Insta360, minced no words in a recent interview when asked about his company’s biggest competitor: “Our greatest misfortune is having DJI on the track, but our greatest fortune is also having DJI.”

The quote underscores the complex relationship between two of China’s most prominent hardware brands, now locked in an increasingly high-stakes battle for dominance in the global imaging device market.

When Insta360 went public with a 70x price-to-earnings ratio, it stunned investors and sparked a wave of attention toward niche imaging technologies. But the Shenzhen-based company has faced relentless pressure in 2024 as rivals DJI and Dreame moved into the panoramic camera market, putting Insta360’s leadership to the test.

In a recent shake-up reported by Leiphone, Zhang Bo, a former DJI sales executive, has joined Insta360 to lead China sales. Zhang previously served under DJI’s VP of Sales Yuan Dong and was instrumental in reforming DJI’s distributor model. He is now applying similar tactics at Insta360—overhauling its CRM system and reshaping its domestic distributor network in what industry observers describe as a direct lift from DJI’s playbook.

The rivalry is unfolding as the traditional camera industry, once written off due to smartphone disruption, experiences a renaissance. Innovative devices like 360-degree cameras and action cams have reignited consumer interest, especially as social media drives demand for immersive content.

Insta360’s Global Footprint

Insta360’s product portfolio spans consumer and professional 360-degree cameras, action cameras, smartphone gimbals, video conferencing tools, and AI-enhanced imaging systems. Its flagship products—including the ONE X panoramic camera, Ace action series, GO wearable line, and Flow stabilizers—have made significant inroads with outdoor sports enthusiasts and content creators.

In 2024, consumer products accounted for 86.6% of Insta360’s revenue. According to company filings, the brand commanded a 67.2% share of the global consumer panoramic camera market in 2023, with Ricoh and GoPro trailing at 12% and 9%, respectively. Eight out of every 10 panoramic cameras sold worldwide bear the Insta360 label.

But in the broader action camera space, Insta360 remains the No. 3 player. DJI’s 2024 action camera sales are expected to hit 1 million units, generating revenue between 2 to 3 billion yuan. Insta360’s non-panoramic action cam revenue was roughly 1.5 billion yuan.

Channel, Content, Community

Facing a maturing market, Insta360 is fine-tuning its channel strategy. By 2024, its online and offline sales channels reached a near 1:1 split, with distributors accounting for 44.4% of revenue. Direct sales from its own store comprised 18.8%, and third-party e-commerce platforms like Amazon, JD.com, and Tmall made up 24.4%.

Offline, Insta360 relies on retailers such as Best Buy, Sam’s Club, and Sundan, using a mix of buyout and consignment models. The focus is on reducing purchase barriers for customers seeking premium imaging experiences.

On the marketing front, Insta360 has pioneered a KOL-centric approach. From viral trends like the "Pushpin Effect" to collaborations with influencers, the company has built a strong presence on platforms like Douyin and Xiaohongshu. Campaigns under hashtags like #Panoramic Cameras Are Just Too Comprehensive have attracted hundreds of creators and garnered over 250 million views.

DJI has historically maintained a muted marketing presence, but that is beginning to change. Since the departure of Xie Jia in 2020, the drone giant has begun scaling its marketing team and budget to compete with Insta360 for influencer mindshare.

The company’s Pocket 3 camera, launched in 2024, topped Taobao and Tmall’s digital camera rankings with 124 million yuan in sales, beating Insta360 GO 3s and Sony’s ZV-1.

The upcoming DJI Osmo 360, with a compact dual-lens design and shared hardware elements from its Action 5 Pro, is set to compete directly with Insta360’s flagship X5. DJI's global sales channels and vertical integration give it a formidable edge.

DJI is also known for repurposing its core technologies across business lines. Its drone stabilization tech evolved into the Ronin gimbal, then into the Osmo Pocket. Drone battery and sensor capabilities now support its new e-bike and robot ventures.

Price Wars and IP Threats

DJI’s pricing strategy continues to undercut rivals. Its original Action camera launched at 2,499 yuan, forcing GoPro to drop its Hero7 Black by 600 yuan. The latest DJI Action 5 Pro also sells for 100 yuan less than Insta360’s Ace Pro2 despite similar specs.

Meanwhile, Insta360 faces legal headwinds. Its latest prospectus warns of risks tied to a U.S. Section 337 investigation, which could block product sales if unfavorable rulings materialize.

Diverging Innovation Models

While Insta360 aims to expand into drone cameras and has flagged flight control as a new R&D focus, DJI remains cautious about new categories unless they promise self-sustaining growth.

Still, Insta360 has built moats around its software ecosystem—AI editing, FlowState stabilization, invisible selfie stick effects, and more—while maintaining a robust R&D team comprising over 46% of its staff. R&D spend consistently exceeds 12% of operating revenue.

But Insta360's hardware is heavily reliant on third-party DSP chips from Ambarella and Sony. In 2024, chip costs accounted for nearly 30% of total raw material expenses. DJI’s in-house chip design, in contrast, has helped it weather recent supply chain volatility and lure mid-range consumers.

As imaging technology demands more processing power—particularly for AI-assisted stitching and stabilization—Insta360’s approach of offloading tasks to smartphones may soon hit its limits.

The Road Ahead

With DJI set to release the Osmo 360 and Insta360 continuing to push into new verticals, the rivalry between the two Chinese imaging powerhouses is entering a critical phase.

The outcome could reshape not only the landscape for consumer imaging devices but also serve as a case study in how software and hardware synergies, channel strategy, and marketing innovation intersect in China’s highly competitive hardware scene.