Polaroid Cube makes way onto GoPro's turf

Polaroid's latest product, the Cube, is pushing its way into the sports-action market to compete with the dominant GoPro cameras.

In an interview Friday with CNBC's "Squawk on the Street," Polaroid CEO Scott Hardy said that while GoPro focuses on extreme sports, "we're really focused on addressing a more broader demographic, so that's younger, more female as well as even an older demographic."

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The Cube is a 35 mm camera that shoots both HD 720p or 1080p video. Hardy gave his children Cubes for Christmas and said that the product is meant to be "much more playful and fun than a typical action camera."

It's priced at $99 compared with the GoPro Hero action camera at $129.

Polaroid has been able to hold on to its iconic image over the years as it recovers from a second bankruptcy filing and kicks off the year with new leadership.

Polaroid CEO Scott Hardy holds the company's Cube digital cameras in London, Dec. 4, 2014.
Simon Dawson | Bloomberg | Getty Images
Polaroid CEO Scott Hardy holds the company's Cube digital cameras in London, Dec. 4, 2014.

But the company is driving a lot of its recovery through the hype over instant photo cameras. Hardy said most of the demand is coming from "young teenage girls who love instant photography."

"There's so much demand right now for these analog instant photography products, it's hard to build it even fast enough," added Hardy. "So we're continually chasing supply to get more to meet the demand because it really is going gangbusters right now."