LAS VEGAS – The news that action-camera maker GoPro ( GPRO ) is exiting the drone organization was welcomed by rival flying camera maker Mota Group.

“It was songs to my ears,” Mota Group Main Executive Michael Faro told Investor’s Enterprise Daily at CES 2018, the four-working day purchaser electronics clearly show, which ended Friday. Mota makes the Lily Up coming-Gen camera drone, which went on sale late past year.

GoPro announced Jan. 8 that it will depart the drone market place right after advertising its remaining Karma stock.

“Despite the fact that Karma reached the No. two market place placement in its price tag band in 2017, the product or service faces margin troubles in an incredibly competitive aerial market place,” GoPro explained in a news launch. “On top of that, a hostile regulatory natural environment in Europe and the United States will possible lower the total addressable market place in the many years in advance.”

Consolidation in the purchaser drone market place was expected, Mota’s Faro explained. Today, Chinese drone maker DJI is the crystal clear market place share chief.

“In a year or two, I feel it will be DJI, Lily and all people else,” Faro explained.

CES 2018: See The Most recent Technological innovation Developments & Major Tech Stocks

Mota is preparing for preliminary general public featuring in the months in advance. It hopes to use the proceeds from the IPO for doing the job cash to ramp up creation of its Lily drone and other typical company needs.

The San Jose, Calif.-centered corporation, which also sells JetJat brand name toy drones, is not financially rewarding. In the fiscal year ended June 30, 2017, Mota missing $4.71 million on income $4.forty four million. That compares with a reduction of $two.forty three million on income of $three.ninety eight million in the year-earlier period of time.

Mota’s Lily Up coming-Gen drone starts at $699 for a package deal that involves two rechargeable batteries. The lightweight drone capabilities flying modes these kinds of as “adhere to me,” 360-degree orbit and steady hovering. It also has one particular-touch get-off, landing and return.

Related:

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GoPro Main Goes From $287.two Million A Yr To $one Sale Converse Surfaces

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