While the co-marketing partnership was a win-win for both brands, GoPro had more to gain commercially at the point when the agreement was reached. In its launch video, it is very clear why these two seemingly unrelated brands have decided to enter into this global co-marketing partnership (play video below): In a joint press release during the partnerships launch back in May 2016, the Founders x CEOs of both GoPro and Red Bull had this to say: Red Bulls global scale and execution is something to be admired. Find the perfect setup for your next adventure. Strategic alliance success factors: A literature review on alliance lifecycle. Sharing the same vision It is to inspire the world to live a bigger life, this alliance not only has nudged the new product lines but also helped them to increase their influence , share the resources, content promotion , entering the new markets etc. Strategic alliances preserve the independence and autonomy of each organization, allowing each to focus on its own objectives while working together for a common goal. - Won partnership with NBCUniversal and Cond Nast . It was announced in 2016 that GoPro and Red Bull had entered into a multi-year global partnership to produce, distribute, cross-promote, and innovate products. For more information, visitwww.gopro.comor connect withGoProonYouTube,Twitter,Facebook,Pinterest,Instagram,orLinkedIn. When expanded it provides a list of search options that will switch the search inputs to match the current selection. His work has appeared on BGR, Fox News, Fox Business, and Yahoo News, among other publications. The GoPro and Red Bull partnership goal is to enjoy benefits from shared promotions, production, distribution, and innovation of new products. For example, GoPro and Red Bull are involved in an equity type of strategic alliance. When expanded it provides a list of search options that will switch the search inputs to match the current selection. At first glance, an energy drink brand and a camera brand may not have much in common, but the partnership between these two brands redefines co-marketing excellence. The two firms share content rights on distribution, production, and other related networks, including Red Bull TV, GoPro Channel, Red Bull Content Pool, Red Bull.com, and Red Bull media platforms. Image credit: Red Bull. GoPro and Red Bull, as a match, are as good as it gets. Two (or more) great minds are always better than one! All other trademarks are the property of their respective owners. The historic jump was successfully executed and set3 Guinness World Records! Do Not Sell or Share My Personal Information. 4 January. Deresky, H. (2013). - Analyzing the success of marketing campaigns and creating reports. GoPro's stock got a much needed caffeine boost, surging 7% following the announcement. GoPro and Red Bull today announced they are joining forces on a multi-year, global partnership that includes content production, distribution, cross-promotion and product innovation. Its stock rallied 5.4 percent after GoPro unveiled the partnership.. Red Bull and GoPro have informally been in cahoots for years, and today they are publicly declaring a relationship that's expanding in multiple ways. Strategic alliance management. Today, were excited to announce the next phase of our partnership: the launch of The GoPro Channel on Red Bull TV. Available on Mac + Windows, High-def 1080p webcam. ! Available on Mac + Windows. "GoPro and Red Bull Companies' Strategic Alliance." Prague, The Capital, Czech Republic. The GoPro Channel was launched last week on Red Bull TV. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. GoPro's action cameras will be used at the more than 1,800 sporting events sponsored by Red Bull in 100 countries. Both Red Bull and GoPro have taken over to media producing in the past years. a.prnews_a One of the benefits is that the two partners are working together without making investment capital for an independent business (Mtonga, 2020). Strategic alliances: An evaluation of the benefits for selected Zambian universities (Doctoral dissertation, The University of Zambia). Springer. To get involved please contact the Natural Selection Tour's Partnership Team. According to Lim (2019), an excellent strategic alliance can bring a business more revenue. 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. I focus on providing knowledge and solutions for buyers, contributors and agencies, aiming at contributing to the growth and development of the industry. GoPro and Red Bull Form Exclusive Global Partnership SAN MATEO, Calif., May 24, 2016 /PRNewswire/ -- GoPro (NASDAQ:GPRO) and Red Bull today announced they are joining forces on a multi-year, global partnership that includes content production, distribution, cross-promotion and product innovation. The two most unlikely international companies teamed up in 2016 to form a partnership where each business enjoys the benefits of the alliance. There's nothing showy here, which befits the platform, just incredible stunts, brilliantly captured. In this blog, we will do something for the first time. font-family:"Arial"; 3. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. They both have a large range of media channels where they share their content, and their own media licensing platforms. While weve worked closely for many years, as official partners well be able to more effectively help one another execute our shared vision and scale our respective businesses. Based on 2 salaries posted anonymously by Red Bull Partnership Manager employees in Godalming, England. Based on 2 salaries posted anonymously by Red Bull Partnership Manager employees in Kidderminster. Want to be alerted before Cramer buys or sells GOOGL or TWTR? Plus I am a recurrent speaker at Photokina Official Stage, and an industry consultant at StockPhotoInsight. Two companies that are so distinct from each other yet share some traits, showing symbiosis. Kudos to you, A relationship between two companies that synergize in a healthy way and bring each other to great heights. Energy Drink and Camera business may not have anything common apparently, but we see that strategic partnership between Go Pro and Red Bull is something difficult to beat. BusinessEssay. In January, GoProsigned a video partnership with Alphabet's YouTube, renewed a partnership deal with the NHL, and inked a live-streaming deal with Periscope, a company owned by Twitter. Its adjusted EBITDA for Q1 2021 was positive $11 million, compared to negative $41 million in the same period a year ago during the height of the global pandemic. Mtonga, T. (2020). 3. See how Cramer rates the stock here. Very informative article. The equity-based partnership between GoPro and Red Bull does not involve investing together. The GoPro Channel on Red Bull TV will also feature two of its acclaimed original series, Chasing El Nio with Chris Benchetler and Two Roads, as well as additional content exposing the intimate, never-before-seen perspectives of some of the worlds top adventure sport athletes: Authentic and immersive GoPro content has been synonymous with the Red Bull brand since the revolutionary cameras were first introduced in 2002. All other trademarks are the property of their respective owners. Master the Modes: New Firmware Coming for HERO10 Black, Master the Modes: HERO10 Black Resolutions + Frame Grabs. As Red Bull is already using the Go Pro technology for their filming , it does not seem that Red Bull will gain anything from this alliance. A., & Chatterjee, R. (2018). This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. font-family:"Arial"; "As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate.". As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate.. 1. Briefly a Wall Street favorite following an initial public offering in 2014, GoPros shares have fallen 82 percent in the past year as the company wrestles with weak demand for its helmet- and body-mounted cameras. p.prnews_p International management: Managing across borders and cultures: Text and cases (8th ed.). When he isn't tinkering with the latest gadgets and gizmos, he can be found enjoying the sights and sounds of New York City. Another benefit for GoPro is that it has a competitive advantage over rivals eyeing Red Bull for sales of similar products. 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. One iconic example of a mega successful co-branding initiative was the Doritos Los Tacos tie-up between PepsiCos popular snack Doritos and Yum! The businesses had worked for years before the alliance and admired each others dreams. Puzzlement in Leadership can occur as everyone would keep their points in systematic way on board. GoPro's product and the brand have access to 1800 Red Bull events happening across over 100 countries. Buy any image product (image packs or subscription) with a 15% discount. "This partnership is very strategic for GoPro," said GoPro founder and CEO Nicholas Woodman in a statement Tuesday. Based on 2 salaries posted anonymously by Red Bull Partnership Manager employees in Kettering, England. Available on iOS + Android, Pro stabilization + 360. { Sharing a similar vision, the companys compatibility was easy as they needed to combine to meet each others needs. The partnership will see GoPro's action cameras used at the more than 1,800 sporting events sponsored by Red Bull. Redbull and Gopro shared the same vision. It reached a high of almost $88 a share in late 2014 but the stock closed Tuesday at just under $10. GoPro, HERO, Omni, Odyssey, Kolor, HEROcast, Autopano, and their respective logos are trademarks or registered trademarks ofGoPro, Inc.inthe United Statesand other countries. To capture the thrill and essence of the sportsman, Red Bull carefully entered into a strategic relationship with GoPro. They have been winning together ever since. 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 will be distributed across both Red Bull and GoPro's digital distribution networks, including The GoPro Channel, Red Bull TV, Red Bull.com and in the Red Bull In. But it wasn't until today that the two. Its our way.. Instead, both have established themselves as lifestyle brands -- in particular, a lifestyle that's action-packed, adventurous, fearless, and usually pretty extreme. From extreme to mainstream, professional to consumer,GoProenables the world to capture and share its passion in the form of immersive and engaging content. Partnership interview questions and answers can be an important part of the process of finding the right partner to work with. Red Bull and GoPro entered into the strategic partnership in 2016. Non-equity alliance is a little bit different from an equity and joint venture. Companies enter strategic alliances for various reasons, including accessing new markets, gaining a competitive advantage over rivals, and improving their products, among others. Red Bull and GoPro share content rights on co-productions, and related content is distributed across both the Red Bull and GoPro digital distribution networks, including the GoPro Channel, Red Bull TV, Red Bull.com, and Red Bull Content Pool, Red Bulls media service platform. To celebrate our newest content channel, were unveiling exclusive raw footagefrom the highly anticipated film, The Fourth Phase, featuring Travis Rice and Eric Jackson in Alaska. Red Bull and GoPro: A Brand Partnership that has Defined the Meaning of Co-Marketing Excellence In previous blogs, we've talked about brand positioning but always only featuring a single brand. 2011 - 2023 Stock Photo Secrets - A Stock Photo Press Online-Magazine. 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. { Red Bull and GoPro teamed up for a stunt called Stratos in which Felix Baumgartner jumped from a space pod over 38 kilometres over the surface of the Planet Earth. At the time of publication, the author held positions in Alphabet, Microsoft and Twitter. By the end of 2021, Red Bull had employed just over 13,600 people in approximately 170 countries. Both brands convey the sense of adventure, spontaneousness and they create a perfect duo for a adventurers, travelers who carry cameras to capture the moments in the way. Their relationship could also be formal or informal, and the arrangement could be long-term or short-term, depending on the settled agreement (Ramadan, 2019). } The world's top seller of caffeinated energy drinks, Red Bull is a major sponsor of automobile racing, BMX, skateboarding and other sports in which athletes widely use GoPro's devices to record their often extreme accomplishments, according to Reuters. Their compatibility in terms of operation needs is what has kept them strong and going. This article is commentary by an independent contributor. Also known as a brand partnership, co-branding (or cobranding) encompasses several different types of branding collaborations, typically involving the brands of at least two companies. This stunt was to demonstrate the technical abilities of the GoPro camera harnessed onto Baumgartner and to embody the daredevil brand of Red Bull. (2016). margin:0in; This alliance will help them in increasing their international reach and increase the power of their content. In 2014, the company signed deals with BMW, Mini, and Toyota. This partnership is very strategic for GoPro, said Nicholas Woodman, founder and CEO of GoPro. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Red Bulls global scale and execution is something to be admired. The partnership makes more sense for Red Bull, which heavily markets its energy drink to extreme sports enthusiasts. Prentice Hall. Retrieved from https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/, BusinessEssay. You can indicate your reason for choosing No here. This button displays the currently selected search type. They can help to . And Red Bull founder and CEO Dietrich Mateschitz added: "As partners,. There are various strategic alliances, but an alliances success or failure depends on business compatibility and the ventured market. Total workforce of Red Bull worldwide 2011-2021. All other trademarks are the property of their respective owners. { GoPros 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 will be distributed across both Red Bull and GoPros digital distribution networks, including The GoPro Channel, Red Bull TV, Red Bull.com and in the Red Bull Content Pool, Red Bulls media service platform. color:blue; Getty Images Sues AI Image Generator Stable Diffusion for Copyright Infringement in the US, Shutterstock Introduces Their Own AI Image Generator Available to All in Partnership with OpenAI, vAIsual Partnered with The Middle Frame to Create More Inclusive AI Training Datasets, Getty Images files lawsuit against Stability AI for alleged copyright infringement on Stable Diffusion. Although this partnership will not have a direct impact on Red Bull's exclusive distribution deal with microstock agency Shutterstock since last year, it does prove that point-of-view action footage is more and more popular in the market, and that companies are thriving to exploit this niche. The GoPro and Red Bull partnership goal is to enjoy benefits from shared promotions, production, distribution, and innovation of new products. Both GoPro and Red Bull are renowned for the production of content that takes sports fans right to the heart of the action and this new partnership is set to see the Red Bull Racing Team and the HERO4 camera maker push the boundaries of motorsport video to new and thrilling heights. In the Toyota deal, GoPro mounts were installed in trucks. Therefore, this perfect combination of immersive and engaging content and storytelling shared by these two brands provides the very foundation on which this co-marketing partnership was borne and continues to thrive on. "GoPro and Red Bull Companies' Strategic Alliance." 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. ", First person perspectives, breathtaking images and cutting edge cinematography are the hallmarks of every story told within Red Bulls portfolio of productions and live broadcasts, said Dietrich Mateschitz, founder and CEO of Red Bull. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Derick Rhodes, Director of Footage Marketing at Shutterstock, explained us that the new GoPro deal doesn't have any direct impact in Shutterstock's licensing of Red Bull Media House footage. Average salary for Red Bull Partnership Manager in Kidderminster: 43,489. International Journal of Business Administration, 8(3), 1-9. Red Bull has been making a dent in Elitest and Extreme sports from Formula 1 to Red Bull Cliff Diving. GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. Both the sport action cameras expert and the extreme sports events sponsor have their own footage production branches and have incursioned in stock imagery, and they're teaming up to boost up point-of-view content, distribution and marketing. "Red Bull's global scale and execution is something to be admired. For BMW and Mini, GoPro supplied technology to allow vehicle owners to connect backup camera to their iPhones. Red Bull adventure sport athletesincluding big wave surfers, freestyle mountain bikers, slopestyle snowboarders and pro skateboarderswere among the many early adopters to tell their stories using GoPro technology. A successful strategic partnership gives a company a competitive advantage, a chance to enter new markets and be innovative. Based on 2930 salaries posted anonymously by Red Bull Partnership Manager employees in Seaham. Their slogans 'Gives You Wings' and 'Be a Hero' of Red Bull and GoPro each provide insights into how their strategic partnership has succeeded. color:black; There are three types of strategic alliances, namely joint venture, equity, and non-equity strategic alliance. This partnership would be referred to. Thus, instead of working as just customers, the two decided to work as partners. GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. . BusinessEssay. . This partnership is very strategic for GoPro,, First person perspectives, breathtaking images and cutting edge cinematography are the hallmarks of every story told within Red Bulls portfolio of productions and live broadcasts,, As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate., adobo Talks x Branding Nerd: THE BRAND ARCHITECTURE | What it Takes to Build a Brand That Lasts, Gojek: A Brand with a Clear Focus to Remove Friction From PeoplesLives, Netflix: A Brand that Secured Global Market Leadership through ProductEvolution, Red Bull and GoPro: A Brand Partnership that has Defined the Meaning of Co-MarketingExcellence, Sperry: An 86-year old Boat Shoe Brand Connecting with Todays Youth Through Micro-Influencers and Co-Branding Branding Nerd, LifeWearMagazine: How Uniqlos Promotional Strategy Became a Brand in Itself Branding Nerd, Swatch: Re-Booting the Brands Playful & Collectible Positioning to Attract New Market Segments via Co-Branding with Omega Branding Nerd, Brand partnerships types and activities - content, Brand partnership strategy: Brand partnerships types and activities, Maximum Vertical Speed 1,357.6 km/h (At Mach 1.25, Baumgartner broke the sound barrieron his descent, becoming the first human to do so without any form of engine power. Marketing Letters, 29(3), 275-289. I am the founder and editor of Stock Photo Press, one of the largest networks of online magazines in the industry. GoPro and Red Bull Announce Global Partnership "Red Bull's global scale and execution is something to be admired. This is an advantage because even though the alliance would end, no firm would lead to closure. Both of these brands are dedicated to going to extremes. The GoPro Channel on Red Bull TV will also feature highlights from some of Red Bull TVs most popular content and original series, including bonus footage of rooftop jumping, bridge climbing and subterranean exploration from URBEX and Claudio Caluoris white-knuckle course previews for the UCI Mountain Bike World Cup presented by Shimano. GoPro is developing drones that will help in capturing exciting visuals from a unique perspective. Synergy is better than my way or your way. I am a publisher and entrepreneur in the stock imagery field. All other trademarks are the property of their respective owners. Creating and executing major commercial brand partnership opportunities with relevant partners in the UK for Red Bull TV i.e. Cases in strategic management: A flexibility perspective. Red Bull is partnering Go Pro in a deal that will see the energy drink brand use the POV camera at more than 1,800 Red Bull events in the next few years. Russo, M., & Cesarani, M. (2017). li.prnews_li The founder and CEO of GoPro, Nicholas Woodman, admitted to admiring the global execution and scale of Red Bull. We share the same visionto inspire the world to live a bigger life. B. (LogOut/ "Joe was an absolutely fantastic mentor and offered me a lot of valuable guidance and skills about PR, media, marketing and communications. GoPro and Red Bull go together like red dirt and Rampage. 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. As part of the agreement, Red Bull will receive equity in GoPro and GoPro will become Red Bull's exclusive provider of point-of-view imaging technology for capturing immersive footage of Red Bull's media productions and events. But before we talk about these brands, lets understand the concept of co-marketing, as well as the related concept of co-branding. In this blog, we will do something for the first time. GoPro. Since its foundation and the creation of an entire new category in the mid 80's, story telling is a part of Red Bull's DNA. The GoPro Channel is the next step in that partnership. The partnerships most viral video entitled Stratos which was launched in January 2014 has been viewed more than 23 million times on YouTube and features famous stuntman Felix Baumgartner jumping from a space pod more than 24 miles above Earths surface a truly out-of-this-world achievement for both Red Bull and GoPro. Furthermore, Red Bull expects nothing but the best services from GoPro in production and event coverage. These two brilliant brands teach us some key lessons on co-marketing, including: This joint educational program between Branding Nerd and adobo magazine dubbed adobo Talks x Branding Nerd: THE BRAND ARCHITECTURE | What it Takes to Build a Brand That Lasts is a foundational course on Branding which will set you up for success in building the brand/s of you company or organization. The Fourth Phase will premiere October 2nd exclusively on Red Bull TV; but today, for three breathtaking minutes, viewers can walk in the shoes (or boots) of two world-class snowboarders as they capture behind-the-scenes footage from the deep backcountryabove and beyond what can be seen in the films official trailer. Your best shots in one spot. GoPro and Red Bull: The Perfect Marketing Partnership? True to the first quote in the post! There are easier ways to make money than buying GoPro. Red Bull and GoPro. ), Highest Exit (Jump) Altitude 38,969.4 m, Highest Vertical Distance for a Freefall 36,402.6 m. Co-marketing works very well when both brands have the same aspirations and are addressing similar target consumers. 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 . You have analyzed the topic very well Vipul. The company's major problem seems to be that it has reached a saturation point with the recreational, extreme athlete.