You can indicate your reason for choosing No here. GoPro, HERO, Omni, Odyssey, Kolor, HEROcast, Autopano, and their respective logos are trademarks or registered trademarks ofGoPro, Inc.inthe United Statesand other countries. GoPro's action cameras will be used at the more than 1,800 sporting events sponsored by Red Bull in 100 countries. We share the same visionto inspire the world to live a bigger life. Strategic alliance success factors: A literature review on alliance lifecycle. (2019). GoPro is the developer of the best action camera. See how Cramer rates the stock here. Because of this the brand even had to hire 15,000 more crew members in its stores to keep up with the sudden increase in traffic and high demand for the co-branded menu item. We will be able to bring viewers closer to their favorite team than theyve ever been and tell the stories you dont usually get to see. Change), You are commenting using your Facebook account. Ride along with Rachel Atherton as she claims her record-breaking 10. consecutive downhill victory at the UCI Mountain Bike World Cup presented by Shimano in Leogang, Austria. Energy drink maker/lifestyle brand Red Bull is tying the knot with GoPro: GoPro's cameras will exclusively be used to capture . Red Bull enjoys this benefit and has exclusive access to the best action cameras in the market hence making their production a success. According to the deal, GoPro will from now on be the exclusive supplier of point-of-view sport action cameras for Red Bull-produced footage. This is the type of partnership adopted by most businesses in the world. "Joe was an absolutely fantastic mentor and offered me a lot of valuable guidance and skills about PR, media, marketing and communications. Cases in strategic management: A flexibility perspective. In recent months, it has also signed deals withMicrosoft, the PGA, and the Grammy's. Partnership marketing (sometimes called partner marketing) is collaboration between parties that benefits both entities and helps them achieve their business and marketing objectives. ! The company's major problem seems to be that it has reached a saturation point with the recreational, extreme athlete. In this blog, we will do something for the first time. In their agreement, Red Bull is to receive equity from Go Pro while GoPro becomes Red Bulls only provider of imaging technology to capture the events and production of Red Bull. BusinessEssay. The strategic partnership between GoPro and Red Bull has grown successfully for five years because they have put the five components of success in place. Redbull and Gopro shared the same vision. Slots are limited so it is good to register here early. 2023 TheStreet, Inc. All rights reserved. There's nothing showy here, which befits the platform, just incredible stunts, brilliantly captured. GoPro and Red Bull form an exclusive global partnership. And not only have these partnerships prompted the start of new product lines, but they've helped these companies increase influence, share resources, acquire new audiences, break into new markets and many more. In the case of Red Bull and GoPro, their tie-up is an example of co-marketing and not co-branding, since their partnership did not result in a new product or service. Alphabet and Twitter areholdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. A., & Chatterjee, R. (2018). A typology of brand alliances and consumer awareness of brand alliance integration. International Journal of Business Administration, 8(3), 1-9. In May, GoPro joined forces with Red Bull for a multi-year partnership connecting two of the world's most beloved brands to innovate, produce and distribute world-class content to a massive worldwide audience. Commenting on the agreement Daniel Ricciardo said: This is a pretty cool partnership. read more Gear GoPro sales collapse by 50 percent Red Bull and GoPro proved that two brands can achieve so many things by working together. That's because Red Bull is getting GoPro (GPRO, Tech30) stock as part of the deal.The companies did not disclose how much or at what price. Both parent firms maintain the new company by sharing resources and signing an agreement. In marketing parlance, this is also referred to as co-marketing. For. GoPro, HERO, Omni, Odyssey, Kolor, HEROcast, Autopano, and their respective logos are trademarks or registered trademarks ofGoPro, Inc.inthe United Statesand other countries. But it wasn't until today that the two. 2. Red Bull and GoPro have teamed up before the alliance and registered success in the partnership (GoPro, 2016). GoPro and Red Bull: The Perfect Marketing Partnership? GoPro CEO Nick Woodman touted the partnership as "very strategic" for the company, and said that "we share the same vision to inspire the world to live a bigger life." Last week, GoPro and Red Bullannounced their new global partnership. Cameras from the GoPro families are predominantly used for sports such as running, biking, skateboarding, and climbing, but their accessory range makes it possible to use your camera for various activities and capture unique shots. GoPro's product and brand will have access to more than 1800 Red Bull events across more than 100 countries, the companies will share content rights on co-productions, and related content. And finally, the synergy of the partners provides a significant boost to the awareness of both brands which ultimately redounds to the commercial benefits for both parties. For example, GoPro recently published an article on how to master the mode of Hero10 in videos and photo settings (GoPro, 2016). { Clients: Brookfield Properties, GoPro, Red Bull, Red Bull TV, Stone IPA Freelance Art Director WONGDOODY Oct 2015 - Nov . International management: Managing across borders and cultures: Text and cases (8th ed.). When expanded it provides a list of search options that will switch the search inputs to match the current selection. He said the microstock company is pleased to learn about this new partnership, particularly since point-of-view content is increasingly captured using GoPro cameras, and pointed that point-of-view footage is highly popular at Shutterstock. Published by M. Ridder , Mar 9, 2022. Red Bull Media House's portfolio includes today hundreds of social media channels, long and short form videos, still images, documentaries, feature films, music, games and mobile apps, as well as print GoPro sells more cameras than energy drinks, whereas Red Bull sells more drinks than anything else. I created several software solutions in stock photography like WordPress plugins. The two businesses combined their efforts to create a global and multi-year partnership which included product innovation, production, cross-promotion, and distribution of their resources (GoPro, 2016). Red Bull is the number one energy drink in sales ahead ofMonster Beverage. Another benefit for GoPro is that it has a competitive advantage over rivals eyeing Red Bull for sales of similar products. Shutterstock Flex Subscriptions Multimedia Downloads with 15% Off! "GoPro and Red Bull Companies' Strategic Alliance." Shutterstock has a wide audience and is perfect for anyone in need of high-quality licensed assets for their businesses and projects including creatives, designers, tech, start-ups, and SMB's, although it is perfectly suited for any other creative projects.#stock-search-form-1 button.stock-search__button{background-color:#e32124}#stock-search-form-1 button.stock-search__button:hover{background-color:#4e4e55}. li.prnews_li All rights reserved. Photo - http://photos.prnewswire.com/prnh/20160523/371151, To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gopro-and-red-bull-form-exclusive-global-partnership-300273533.html, GoPro and Red Bull Form Exclusive Global Partnership, http://photos.prnewswire.com/prnh/20160523/371151, http://www.prnewswire.com/news-releases/gopro-and-red-bull-form-exclusive-global-partnership-300273533.html. In July 2015 they launched a stand-alone marketplace for GoPro-shot imagery. GoPro will be involved in the media . Available on Mac + Windows, High-def 1080p webcam. Web. In a major relief to action camera maker GoPro, Inc. GPRO , shares of the company surged 4.9% to $9.71 following the news of the signing of a multi-year global partnership with European energy . ", "First person perspectives, breathtaking images and cutting edge cinematography are the hallmarks of every story told within Red Bull's portfolio of productions and live broadcasts," said Dietrich Mateschitz, founder and CEO of Red Bull. - Analyzing the success of marketing campaigns and creating reports. Registration is now open for the early bird rate of more than 15% discount versus the regular rate. It's been tough going for GoPro of late. 2. Eliminating equity sharing for the two firms gives them an advantage in marketing, sales, production, and research development (Tjemkes et al., 2017). While GoPro and Red Bull have collaborated on many events and projects together, perhaps the biggest collaboration stunt they've done was "Stratos," in which Felix Baumgartner jumped from a space pod more than 24 miles above Earth's surface with a GoPro strapped to his person. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Total workforce of Red Bull worldwide 2011-2021. GoPro and Red Bull go together like red dirt and Rampage. We will focus on the overlapping positioning of two seemingly unrelated brands which have entered into a partnership to help promote each other to its similar consumer audience. There is a partnership business between GoPro and Red Bull. All other trademarks are the property of their respective owners. Want to be alerted before Cramer buys or sells GOOGL or TWTR? GoPro is an activity image capturecompany; it manufactures action cameras and develops its own mobile apps and video-editing software. For example, GoPro and Red Bull are involved in an equity type of strategic alliance. . (2016). GoPro and Red Bull have formalised their close working bond, signing a multi-year global partnership which will span content production distribution, cross-promotion and product innovation. { This partnership would be referred to. If you find the article helpful, please like, comment, and share it with your peers. A collaborative venture alliance is formed by two businesses when they combine resources to create a new business (Russo & Cesarani, 2017). GoPro doesn't just sell portable cameras, and Red Bull doesn't just sell energy drinks. Companies enter strategic alliances for various reasons, including accessing new markets, gaining a competitive advantage over rivals, and improving their products, among others. Retrieved from https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/, BusinessEssay. 3. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. But that's unlikely to generate wider growth. Both Red Bull and GoPro have taken over to media producing in the past years. A successful strategic partnership gives a company a competitive advantage, a chance to enter new markets and be innovative. And yet, this concept of co-marketing can have an extraordinary and far-reaching effect on the brand equity of both participating brands. What began as an idea to help athletes self-document themselves engaged in their sport,GoProhas become a standard for how people capture themselves engaged in their interests, whatever they may be. Red Bull has their portal, Red Bull Content Pool, since years, but last year they also incursioned in stock footage, by partnering with Shutterstock to bring footage from their Red Bull Media House production brand to be exclusively sold at Shutterstock's platform. An equity alliance happens when one company acquires equity in another as a partial acquisition, or each company buys equity from another, also known as a cross-equity alliance. font-size:8pt; Red Bull's Vines are mini masterclasses in lo-fi innovation. Routledge. Image credit: Red Bull. It is to inspire the world to live a bigger life. . But these deals did not involve the rights to insert GoPros as backup cameras, which would have made the most sense for a camera company. This button displays the currently selected search type. All other trademarks are the property of their respective owners. Both of these brands take on a sense of adventure and spontaneity to a whole new level, appealing to a similar audience, making them a perfect match-up as they equip athletes and adventurers from around the globe with cameras, tools and funding to capture the action through first person point-of-view videos at thousands events across hundreds of countries around the world.