Ricoh is the latest company to get in on the 4K action camera market with their new WG-M2.

The WG-M2 packs a ton of features into a package costing just $300, including UHD 4K up to 30fps, 1080p up to 60fps, and 720p up to 120fps. One of the interesting features of the WG-M2 is its incredibly wide lens with an angle of view of 204° in the widest mode, and 151° in the Narrow mode. What might be the nicest feature of the camera is its durability, and the fact that you don't need an external housing to take it underwater. It's waterproof down to 65', shockproof up to 6.5', and freezeproof to a chilly 14°F, and with the built-in 1.5" LCD on top, you'll be able to monitor the whole time.

Since the camera has built-in WiFi, it's able to be operated remotely with the Ricoh ImageSync app, very similar to the way current GoPro models can be operated from afar. Another handy feature is the ability to rotate the image 90° depending on the orientation and how you've mounted it — allowing you to get a level horizon even if the camera is on its side or upside down.

Unfortunately, as far as specs are concerned, the camera does have one huge downside: it can't shoot 23.98 at any resolution.

Check out the intro video from Ricoh:

And here's some footage:

The specs:

1/2.3" CMOS Sensor

Ultra HD 4K video at 30 fps (4K S.Fine mode offers 100 Mbps average bit rate)

MPEG4-AVC/H.264: 3840 x 2160p / 30 fps (100 Mbps)

3840 x 2160p / 30 fps (100 Mbps) 1920 x 1080p / 60 fps / 30 fps

1280 x 720p / 120 fps / 60 fps / 30 fps

ISO 200-6400

Ultra-wide-angle lens with 204° Wide and 151° Narrow angle of views

8MP photos in burst up to 8 fps for 10 frames

JPEG: 8 MP 3264 x 2448 (4:3), 6 MP 3264 x 1840 (16:9), 6 MP 2448 x 2448 (1:1)

Stereo PCM Audio

Waterproof to depths of 65' for up to 2 hours

Shockproof from drops up to 6.5'

Freezeproof to 14°

1.5" LCD

Built-in Wi-Fi for remote monitoring and control via Ricoh ImageSync App

Records to microSD/SDHC/SDXC memory card

Micro-USB and micro-HDMI connectivity

Rechargeable lithium-ion battery provides 80 minutes of continuous 4K recording ( 2.17 hours charging time)

Lens protectors for dry-land and underwater use included

Time-Lapse Movie mode for 30x, 60x, and 150x speed movies

Video Capture Orientation Correction - adjust image orientation in relation to camera position to maintain a level horizon without having to rotate the image in post. Select from 0, 90, 180, and 270° body orientations

1/4" - 20 Mount on Bottom

Dimensions: 2.3 x 1.3 x 3.1" / 57.4 x 34.1 x 77.8 mm

Weight: 4.80 oz / 136 g including battery, microSD card, and O-LP1631 lens protector

including battery, microSD card, and O-LP1631 lens protector Availability: April 2016

Price: $300 for Orange or Silver Body

The Photo Buyer Guy has a great first look at the WG-M2:

There are a whole bunch of accessories (you can see them all here), but this will probably stay a more consumer model until they add frame rates like 23.98, which can be used to intercut with more cinematic footage. Certainly slow motion could be conformed to 24 without too much issue, but the lack of narrative frame rates is a bit of an oversight.

You can pre-order the WG-M2 right now here.