The HERO4 Session, which is half the size and 40 percent the weight of the company's flagship HERO4 Black and Silver cameras, will retail for $399.99, and will be available starting July 12.
GoPro founder and CEO, Nick Woodman, said on Monday that the Session would not cannibalize the higher-end cameras. "I think that Session is the perfect camera for existing GoPro customers that want an additional GoPro to capture additional perspectives of whatever it is that they love to do," he said in an interview on CNBC's "Squawk Alley."
"And for new customers, this GoPro is so easy to use that we think its size and simplicity is going to be really appealing. Session does a good job of rounding out our total offering at the HERO4 high-end line of our products," he said.
This is the second new camera the company launched in a little over a month, with the HERO+LCD camera—aimed at the middle-aged-dad demographic—launched early in June.
The Session is the "best-sounding waterproof GoPro we have ever made," Woodman added.
In its last reported quarter, GoPro shipped 1.3 million cameras, which was a nearly 60 percent increase year-over-year. It was GoPro's third consecutive quarter of shipping over 1 million cameras.
The company's stock was down slightly in morning trading. And while still up more than 100 percent from its IPO price in the summer for 2014, it's down roughly 45 percent from its high.
"We're going to know a lot more about the appetite for the new Session when we get a little bit closer to the holiday season," Alex Guana, JMP senior research analyst, told CNBC's "Power Lunch" Monday. "We think it's going to be another banner year for GoPro."
Guana said features such as the waterproofing and second microphone will make the camera more attractive to GoPro's existing customer base.
Disclosures: Alex Guana does not own shares of GoPro. JMP Markets currently makes a market in GoPro and the firm was involved in the company's IPO.
—CNBC's Josh Lipton contributed to this report.