Wyze is one of the more popular names in the smart home world. They’re often mentioned right up there with Ring, Arlo, Eufy, and Google Nest. They’ve been around for a while and have made it into the smart homes and businesses of many.
Still, they’re a smaller company. Especially in an ever-changing economy, smaller businesses don’t always fare well. Then comes the fact that they’ve recently made changes to their product line and Cloud subscription plans. This has left some wondering – is Wyze going out of business, or are they here for the long haul?
- It is true that Wyze have discontinued some products and changed their subscription plans.
- But in general, Wyze seem financially stable and they have attracted recent investment.
- Wyze are also adding new products all the time.
- Therefore there is no immediate sign that Wyze will disappear from the market.
About Wyze Labs
Wyze Labs, Inc. is a company that provides smart home products for the modern smart home. They were founded in 2017 by former Amazon employees. This led to the rumor that Wyze was owned by Amazon. In truth, though, Wyze is its own entity.
The company provides a wide variety of smart home products, and has recently added several newer, even more innovative devices. They’re best known for their smart home cameras. However, they also offer a wide array of other products. These include smart lights, plugs, vacuums, an alarm, a gun safe, and even gaming headphones!
As with many smart home devices, these products work using Wi-Fi. Wyze devices typically rely on the 2.4 GHz band of Wi-Fi. They use this Wi-Fi connection to connect to the Wyze app, which acts as the hub of control for your devices. Here is where you make adjustments to different settings.
Part of Wyze’s popularity is the fact that their devices are affordable, especially in comparison with more high-end competitors such as Ring and Arlo. They offer great pricing without sacrificing quality. This makes them a great option for those who want to monitor their homes, but are on a tight budget.
Their cameras are also known for providing local storage in addition to Cloud storage. Local storage is via a microSD card, which you’ll have to purchase separately. Cloud storage is via their Cloud subscription plan, Cam Plus. This enables you to have longer videos, and have them stored in the app and in the Cloud as opposed to only receiving live snapshots of a motion event that you can’t view later.
As popular as Wyze is, some people have still wondered if Wyze is going out of business. What would make anyone think that? And is there any truth to it?
Is Wyze Going Out of Business?
Speculations abound as to why people think Wyze is going out of business, or will soon. So now it’s time to address and clear up some of these rumors.
One reason some have speculated that Wyze is going out of business is due to the fact that they’ve discontinued one of their cameras. After about 5 years, the Wyze Cam v.1 was retired on February 1st, 2022. This move made some users concerned that the rest of the Wyze Cam line would follow suit. Fortunately, that’s not the case.
The reason they discontinued this security camera is because it can no longer support important updates. The fact of the matter is, being that there’s now a Wyze Cam v.2 and v.3, each with progressively better features and performance, it’s simply an upgrade.
From a business standpoint, it makes no sense to continue supporting a product that will soon be obsolete while there are newer and better options.
While Wyze will no longer be maintaining or offering updates for the Wyze Cam v.1, you can still use it if you have one. At some point, however, you may want to upgrade to the v.2 or v.3 if you want to continue receiving security update and improvements to your Wyze camera’s software and firmware.
So what other reasons may make people wonder if Wyze is going out of business?
While in general Wyze keeps their software and firmware up to date, sometimes there are issues.
For example, last year, in 2022, some users were experiencing problems when trying to update their devices to a newly released firmware. The updates were failing, which left many customers upset, annoyed, and wondering if Wyze was going under.
Fortunately, Wyze spoke out and soon solved the issue so that the firmware updates were able to take place.
The truth of the matter is, sometimes small companies will take longer to update software and firmware, as opposed to larger companies. A great deal of work goes on in the backend when it comes to incorporating updates. This is especially the case when it involves making sure this update goes smoothly for their over 6 million customers! On top of that, some of these customers own more than one camera.
Making sure that everything is on point for every customer can be quite a task for a company with 350 employees. It may seem like a lot, but consider a larger company such as Ring, which has over 1,300 employees!
Wyze may be a smaller company, but don’t worry, they’re still doing very well.
Cloud Subscription Changes
Another reason that made people skeptical of Wyze, is how they’ve handled the availability of Cam Plus Lite. This is the name-your-price Cloud subscription plan offered by Wyze. It gives you the option to name your price, even if that’s $0 (which I personally chose!)
Cam Plus Lite, however, is only available on certain devices – and not the newer ones. It won’t be available for the video doorbells, Wyze Cam Pro v.3, Wyze Cam OG, or the Wyze Cam OG Telephoto. This is probably due to the fact that many people would choose the $0/month option, resulting in a loss of profits.
This, however, is no indication that Wyze is going out of business anytime soon. In fact, it’s actually a smart decision business-wise to ensure profitability! After all, Cam Plus is the ultimate way to get the most out of your Wyze cameras, so most people will want to opt for it. A smart business move designed to keep Wyze in business.
…Or Is Wyze Here To Stay?
There were a few reasons that led people to think that Wyze was going out of business. Fortunately, those also came with logical explanations as to why these things happened.
Let’s now examine some reasons that point to Wyze being here to stay.
The Wyze Line Is Expanding
If you’re any bit familiar with Wyze and their product line-up, you’ll see that not only has their site received some fresh updates – but so has their product line.
They’ve introduced such devices as the Floodlight Cam, as well as two new cameras; the Wyze Cam OG and the Wyze Cam OG Telephoto.
They’ve even added mesh wifi systems and gaming headphones. The Wyze Cam Outdoor also now has a second version.
And just perusing the site, you’ll note that their marketing team has definitely been hard at work! Product descriptions are lively and highlight real-world applications for using their varied product line.
The fact that they put that much effort into marketing and that their product line has expanded and improved significantly shows a lot of care. A company that’s about to go under probably wouldn’t put that much effort into its product line. So it’s (hopefully!) safe to say: they’re not going under anytime soon.
Since Wyze devices aren’t expensive, some many conclude that they’re not making much money. But that’s certainly not the case! Shoppers on a budget love a good bargain, but they don’t want to sacrifice quality and functionality. Enter Wyze.
Their devices provide the services they need, at a lower cost than competitors. This earns Wyze enough customers to keep them thriving. In fact, Wyze’s average annual revenue is about $8 million! This was actually their peak revenue in 2021.
In addition, they also have their Cam Plus subscription plans, which also bring in money. These come in different tiers that include Cam Plus Lite, Cam Plus, Cam Protect, Home Monitoring for their alarm system, and Sprinkler Plus for their sprinkler system. But it doesn’t stop there.
Recently, a company owned by Jay-Z invested $110 million into a project with Wyze.
Now if that’s not an indication they’re here to stay, I don’t know what is!
What Happens If Wyze Does Go Out of Business?
So let’s say for kicks and giggles that Wyze does go out of business. What would that mean for current Wyze users?
Well, if they rely on local storage, they may still be able to use their cameras. It would most likely require some workarounds, however.
- Android users can try an Android app called TinyCam. This enables users to view their Wyze footage on Android devices, without using the Wyze app. The only problem is you most likely won’t get push notifications, as it won’t be connected to Wyze servers.
- Another option you can try is flashing the Wyze Cam firmware. Flashing the firmware basically means reprogramming it so it can be used with different apps and operating systems. You can try flashing it with something like DaFang Hacks firmware. This will enable you to make use of your Wyze Cam’s local storage and use it almost like a CCTV camera. You’ll have to access the microSD card in order to view any footage, however, instead of being able to see it remotely.
- Using a microSD adapter, you can plug it into your computer to see what footage your camera caught.
Now, because you’re essentially altering the firmware and workings of the camera with third-party firmware, you invalidate the warranty. But if Wyze truly did go out of business, that really isn’t a concern now, is it?
Here To Stay
Wyze is a smaller company, so certain things may take longer to update. In addition, as products get upgraded, older devices will be discontinued as they become obsolete and unable to handle any updates. Essentially, out with the old, in with the new.
However, with an ever-expanding product line and being part of a very significant investment, it’s safe to say that Wyze isn’t going anywhere.