This kind of alliance is that one company, Red Bull has equity shares in GoPro (GoPro, 2016). Marketing Letters, 29(3), 275-289. Available on Mac + Windows, High-def 1080p webcam. The sport camera expert will have access to Red Bull's network of over 1800 international sports events. (2019). But under the terms of the new official partnership they expect to improve both companies' global reach and content quality. GoPro. ", "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. A typology of brand alliances and consumer awareness of brand alliance integration. (LogOut/ This is also a chance for GoPro to be innovative and develop new products to meet the needs of Red Bull services. Investopedia provides a good explanation for both concepts and how these are differentiated, as follows: Co-branding is a marketing strategy that utilizes multiple brandnames on a good or service as part of a strategic alliance. Co-branding Campaign: Stratos - GoPro & Red Bull. 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. 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. BusinessEssay. 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. As part of the new 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. This comes as GoPro looks to rebound after dropping nearly 90% of its share price over the past 20 months. International Journal of Business Administration, 8(3), 1-9. For the year 2012 alone, Taco Bell sold over one billion units of the Doritos Los Tacos! If you are looking for a fresh take on your brand's marketing and promotional strategies, working with another brand might be what you need to reach more people and change things up. Step-by-step explanation Advantage All other trademarks are the property of their respective owners. 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 . The type of alliance is more accessible and informal than a partnership with equity (Newmeyer et al., 2018). At the time of publication, the author held positions in Alphabet, Microsoft and Twitter. Both Red Bull and GoPro have taken over to media producing in the past years. But that's unlikely to generate wider growth. Red Bull Media House is an award winning multi-platform media company with a focus on sports, culture, and lifestyle. Commenting on the agreement Daniel Ricciardo said: This is a pretty cool partnership. Very informative article. 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. Do Not Sell or Share My Personal Information. When expanded it provides a list of search options that will switch the search inputs to match the current selection. is an 11-part original series that follows eleven athletes and one coach who have made the commitment to pursue greatness. Prague, The Capital, Czech Republic. Designed to capture first-person views of athletes, their cameras capture the action from the athlete's perspective. Adobe Magazine. GoPro and Red Bull, as a match, are as good as it gets. GoPro is an action camera selling business, while Red Bull is an energy drink selling firm. Saturday, March 4-Friday March 10: Aprs DJ Sessions Presented by Red Bull at Rockford Patio, Revelstoke Mountain Resort, 2:30pm-5:30pm PT. Currently Red Bull is already established into Esports and they also develop racing simulators, with GoPro they can easily capture the first-person perspective of athletes and develop Virtual Reality enabled exhilarating games. The success of the long-term alliance is no secret as the two companies continue to top in their respective markets. Both brands' goals are similar. This agreement gave Red Bull an equity stake in GoPro and enabled it to capture immersive footage of Red Bull's media productions and events globally with its point-of-view imaging technology. 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. Shutterstock Coupon Code: 15% OFF sitewide, The Honest Guide to Selling Photos Online, GoPro and Red Bullannounced their new global partnership. Master the Modes: New Firmware Coming for HERO10 Black, Master the Modes: HERO10 Black Resolutions + Frame Grabs. GoPro, HERO, Omni, Odyssey, Kolor, HEROcast, Autopano, and their respective logos are trademarks or registered trademarks ofGoPro, Inc.inthe United Statesand other countries. Available on Mac + Windows, High-def 1080p webcam. (LogOut/ GoPro and Red Bull formed a non-equity alliance on 24th May 2016. 1. The admirable strategic alliance between GoPro and Red Bull has been successful for the past five years. Shares of the action camera manufacturer jumped nearly 5% after it announced its partnership with energy drink company Red Bull. Nonetheless, in the end, the whole project proved to be one of the main factors of growth for both brands. There are three types of strategic alliances, namely joint venture, equity, and non-equity strategic alliance. { Both conjure soaring images of thrilling adventures full of excitement, energy and wonder. Energy drink maker/lifestyle brand Red Bull is tying the knot with GoPro: GoPro's cameras will exclusively be used to capture . - Red Bull Space Dive - BBC BBC Studios 3.58M subscribers Subscribe 2.4M 130M views 6 years ago The moment has finally arrived, it's time for Felix Baumgartner to perform. Slots are limited so it is good to register here early. Russo, M., & Cesarani, M. (2017). I focus on providing knowledge and solutions for buyers, contributors and agencies, aiming at contributing to the growth and development of the industry. Companies enter strategic alliances for various reasons, including accessing new markets, gaining a competitive advantage over rivals, and improving their products, among others. The company's major problem seems to be that it has reached a saturation point with the recreational, extreme athlete. Red Bull and GoPro entered into the strategic partnership in 2016. Todd Ballard, Vice President of Global Sports Entertainment Marketing at GoPro explains: We are excited to team up with Red Bull Racing for the upcoming season and capture content from unique locations around the globe. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. By joinning strengths, these two big brands expect to boost up the quality and global reach of their content and products. Two companies that are so distinct from each other yet share some traits, showing symbiosis. We share the same visionto inspire the world to live a bigger life. Strategic alliances: An evaluation of the benefits for selected Zambian universities (Doctoral dissertation, The University of Zambia). This stunt was to demonstrate the technical abilities of the GoPro camera harnessed onto Baumgartner and to embody the daredevil brand of Red Bull. Dan Graziano is an associate editor for CNET. On Tuesday shares of GoPro (GPRO) - Get Free Report rose 4.86% after news broke that the company had signed a partnership agreement with Red Bull. PUMA, Alpinestars, Red Bull and Siemens tied for second place with a total of 3 deals each, while Honda, Riedel, Sabelt, AlphaTauri, and Mercedes-AMG round out the top 10 list with 2 sponsorships apiece. Two organizations form a strategic alliance when they pool their resources to achieve a mutually beneficial goal. The alliance allows GroPro to access at least 1800 events in over 100 countries worldwide (GoPro, 2016). 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. BusinessEssay. (2023, January 4). GoPro continues to cover the Red Bulls ability to have wings as they introduce new features of their cameras. } Average salary for Red Bull Partnership Manager in Kidderminster: 43,489. 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. Each brand in such a strategic alliance contributes its own identity to create a melded brand with the help of unique logos, brand identifiers, and color schemes. This partnership is very strategic for GoPro, said Nicholas Woodman, founder and CEO of GoPro. In January, GoPro signed 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. 2023 TheStreet, Inc. All rights reserved. As a specialist in Talent Development she gets my highest recommendation. The two companies have also registered increased revenues due to more acquired market shares brought by the alliance. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Deresky, H. (2013). The businesses had worked for years before the alliance and admired each others dreams. For BMW and Mini, GoPro supplied technology to allow vehicle owners to connect backup camera to their iPhones. Instead of buying more GoPro, investors should be looking to short the stock. The historic jump was successfully executed and set3 Guinness World Records! 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. 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. As part of the agreement, Red Bull (also fondly referred to as speed in a can and liquid cocaine) received equity in GoPro and the latter became Red Bulls exclusive provider ofpoint-of-view imaging technologyfor capturing immersive footage of Red Bulls media productions and events around the globe. As an official Red Bull Racing Team Supplier, GoPro will work together with the team to produce specific F1 content for both digital and social channels as well as content features around our filming days, driver activations and our unique live demos where we take our F1 car to fans across the globe. In discussing the partnership in its website, GoPro states that: (GoPro)has become a standard for how people capture themselves engaged in their interests, whatever they may be. This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. More information, and to check out our channels exclusive content, please visit: RedBullContentPool.com/gopro. Sharing a similar vision, the companys compatibility was easy as they needed to combine to meet each others needs. Red Bull's Vines are mini masterclasses in lo-fi innovation. Over the years, GoPro and Red Bull have worked together on various projects, and GoPro cameras have been used in Red Bull-sponsored events. You can see the first episode here, of what will be a series of five videos released before the end of the year: If you're looking for great action/sports stock footage, buy Red Bull Media House footage (majority of them shot with GoPro camera) at Shutterstock! Strategic alliances influence on innovation performance: The moderating role of human capital.