Routledge. Red Bull is the leading global energy drink available in more than 169 countries, giving wings to people and their ideas. As part of their own partnership, the microstock company and Red Bull Media House are producing Focused, a series of documentary videos on athletes telling their stories, and almost all of them are shot with GoPro devices. Such elements include being tied to the core objectives and goals of the business, blocking competitive rivals, developing core competitive advantage, having strategic choices for the industry, and mitigating significant business risks. Associating them with thrilling adventures, they evoke images of excitement, energy, and wonder. In this blog, we will do something for the first time. The venture has clear objectives, and profits are split between the two parent companies (Russo & Cesarani, 2017). This kind of alliance is that one company, Red Bull has equity shares in GoPro (GoPro, 2016). Clients: Brookfield Properties, GoPro, Red Bull, Red Bull TV, Stone IPA Freelance Art Director WONGDOODY Oct 2015 - Nov . RedBull sponsors a number of extreme sporting events and is one of the most popular energy drinks worldwide. 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 This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. 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). And it may be because Red Bull seems to be calling a . Available on Mac + Windows, High-def 1080p webcam. You are heading to %%DOMAIN%% please consider the following: Get 15% on Everything at Shutterstock: Subscriptions and Image packs! For example, GoPro and Red Bull are involved in an equity type of strategic alliance. Russo, M., & Cesarani, M. (2017). } Diverse perspectives while providing the solution , as two brains are better than one , so the suggestions can be thoroughly analyzed and implemented. But before we talk about these brands, lets understand the concept of co-marketing, as well as the related concept of co-branding. 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. Available on Mac + Windows, Two of the Worlds Strongest Brands Team Up to Cross-Promote and Innovate, GoPro to become Red Bulls exclusive Point-of-View Camera and Content Partner. Web. In May, GoPro joined forces with Red Bull for a multi-year partnership connecting two of the worlds most beloved brands to innovate, produce and distribute world-class content to a massive worldwide audience. Change). According to Adobe Magazine (2016), the founder and CEO of Red Bull, Dietrich Mateschitz, mentioned that as partners, Red Bull and GoPro are to reach an international level with their power of content and capacity to fascinate the world. Again, with very few cans of Red Bull in sight. Despite being virtually synonymous with the term action camera, the competition is nibbling . Do Not Sell or Share My Personal Information. By joinning strengths, these two big brands expect to boost up the quality and global reach of their content and products. Sharing a similar vision, the companys compatibility was easy as they needed to combine to meet each others needs. Heading up all 3rd party partnerships with distribution partners such as Amazon, X-Box, PlayStation, Apple and mobile providers. This partnership is very strategic for GoPro, said Nicholas Woodman, founder and CEO of GoPro. GoPro and Red Bull reached a multi-year partnership in May, and three months later the next phase of their partnership is underway. 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. 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. Shutterstock Flex Subscriptions Multimedia Downloads with 15% Off! Find the perfect setup for your next adventure. 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 the overall scheme of things with respect to brand architecture, co-marketing is really just a part of one pillar, which is promo, out of the six Ps of the marketing mix. Both Red Bull and GoPro understand the burgeoning power of social video, and that mobile first video channels are the future of social. GoPro, HERO, Omni, Odyssey, Kolor, HEROcast, Autopano, and their respective logos are trademarks or registered trademarks ofGoPro, Inc.inthe United Statesand other countries. GoPro ( GPRO) stock soared as much as 8.9% Tuesday, after the maker of wearable action cameras announced a multiyear global partnership with energy drink maker Red Bull. 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. The type of alliance is more accessible and informal than a partnership with equity (Newmeyer et al., 2018). The two companies will share content rights to the footage captured at these events and distribute it on both Red Bull and GoPro's digital distribution networks, including the GoPro Channel, Red Bull TV and the Red Bull website. Very insightful and interesting article!. 4 January. It reached a high of almost $88 a share in late 2014 but the stock closed Tuesday at just under $10. It was reported that Taco Bell sold more than 100 million Doritos Locos Tacos in its first ten weeks alone! We share the same visionto inspire the world to live a bigger life. It's rare to work in complete partnership with a client but that's exactly how Lisa has carved out this relationship. GoPro's action cameras will be used at the more than 1,800 sporting events sponsored by Red Bull in 100 countries. The equity-based partnership allows the two businesses to share production, distribution, cross-promotion, and innovation resources. An example of this is Red Bull and GoPro partnering up for the "Stratos" space jump stunt. 3. "GoPro and Red Bull Companies' Strategic Alliance." - Won partnership with NBCUniversal and Cond Nast . The founder and CEO of GoPro, Nicholas Woodman, admitted to admiring the global execution and scale of Red Bull. All other trademarks are the property of their respective owners. VIEWS ON EFFECTIVENESS OF RED BULL'S SPONSORSHIP Stratos is being used as means of having their slogan "Red Bull gives you wings" Sponsoring high energy events helps in promoting the concept that Red Bull drinks can invoke such high energy and power to consumer Company should draw a line when costs of sponsorship are very high and do not span.prnews_span 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. Find the perfect setup for your next adventure. 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 historic jump was successfully executed and set3 Guinness World Records! Great shot from the Severne Windsurfing and @starboard photo shooting GoPro Red Bull @Starboard Windsurfing Severne Windsurfing Wings . For example, GoPro recently published an article on how to master the mode of Hero10 in videos and photo settings (GoPro, 2016). { li.prnews_li 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. GoPro doesn't just sell portable cameras, and Red Bull doesn't just sell energy drinks. 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. All rights reserved. A successful strategic partnership gives a company a competitive advantage, a chance to enter new markets and be innovative. - 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. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. 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. A strategic alliance is an arrangement between two companies to perform a mutually beneficial project without losing their independence as a business. 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. 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. is an 11-part original series that follows eleven athletes and one coach who have made the commitment to pursue greatness. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. GoPro and Red Bull Companies' Strategic Alliance. The GoPro Channel will feature new clips and legendary videos from these arenas, and many more. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The following are particular benefits enjoyed by each company independently. I am a publisher and entrepreneur in the stock imagery field. Adobe Magazine. Red Bulls Giving You Wings and GoPros Be a Hero slogans provide us a clue on why the co-marketing partnership of these two brands have become so successful. For more information, visitwww.gopro.comor connect with GoPro on YouTube, Twitter, Facebook, Pinterest, Instagram, or LinkedIn. This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. 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. ), 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. ! Redbull and Gopro shared the same vision. AboutGoPro, Inc.(NASDAQ:GPRO)GoPro, Inc.is transforming the way people visually capture and share their lives. 3. 2. 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. Such as following these easy steps set forth by an 85% Accurate Trader, whom by the way gives his Personal Guarantee: "Give Me 9 Minutes a Week and I Guarantee You $67,548 a Year." The sport camera expert will have access to Red Bull's network of over 1800 international sports events. The alliance allows GroPro to access at least 1800 events in over 100 countries worldwide (GoPro, 2016). Shutterstock Coupon Code: 15% OFF sitewide, The Honest Guide to Selling Photos Online, GoPro and Red Bullannounced their new global partnership. The GoPro Channel was launched last week on Red Bull TV. GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. It should make for some pretty wild ideas and I guess Ill be the one behind the wheel trying tomakethem happen!, Fellow Red Bull Racing driver Daniil Kvyat added: Ive always been a fan of GoPro, some of the stuff produced with their cameras is pretty amazing so to have them as our official partner is very exciting and opens up a lot of possibilities., Red Bull Racing Team Principal Christian Horner said: Red Bull has always been known for testing the limits of what is possible in sport and in telling those incredible stories, especially in F1. Based on 2930 salaries posted anonymously by Red Bull Partnership Manager employees in Godalming. Average salary for Red Bull Partnership Manager in Godalming, England: [salary]. Master the Modes: New Firmware Coming for HERO10 Black, Master the Modes: HERO10 Black Resolutions + Frame Grabs. Today, we're excited to announce the next phase of our partnership: the launch of The GoPro Channel on Red Bull TV. This button displays the currently selected search type. Another benefit for GoPro is that it has a competitive advantage over rivals eyeing Red Bull for sales of similar products. See how Cramer rates the stock here. Insight: Branding nerd delves into Red Bull and GoPro, a brand partnership that has defined the meaning of Co-marketing excellence. 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. "As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate.". This is also a chance for GoPro to be innovative and develop new products to meet the needs of Red Bull services. Their slogans 'Gives You Wings' and 'Be a Hero' of Red Bull and GoPro each provide insights into how their strategic partnership has succeeded. GoPro's point of view cameras are made to film extreme . Furthermore, Red Bull expects nothing but the best services from GoPro in production and event coverage. (2016). Tags: FootageGoProPoint-Of-ViewRed BullShutterstock. As the digital world enhances the need for capturing every moment, the alliance is expected to maintain success. 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. 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. A collaborative venture alliance is formed by two businesses when they combine resources to create a new business (Russo & Cesarani, 2017). 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! 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. This button displays the currently selected search type. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. { Today, were excited to announce the next phase of our partnership: the launch of The GoPro Channel on Red Bull TV. font-size:0.62em; There are three types of strategic alliances, namely joint venture, equity, and non-equity strategic alliance. But the partnership is to unlikely help GoPro or investors, whoirrationally bought shares. Prentice Hall. 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. The two businesses scale up the markets using the alliance. 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. Since its foundation and the creation of an entire new category in the mid 80s, story telling is a part of Red Bulls DNA. Strategic alliance management. GoPro and Red Bull: The Perfect Marketing Partnership? GoPro has access to more than 1800 Red Bull events across 100 countries. And yet, this concept of co-marketing can have an extraordinary and far-reaching effect on the brand equity of both participating brands. 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. { His work has appeared on BGR, Fox News, Fox Business, and Yahoo News, among other publications. GoPro and Red Bull, as a match, are as good as it gets. Red Bull and GoPro proved that two brands can achieve so many things by working together. GoPro. LinkedIn User. GoPro and Red Bull go together like red dirt and Rampage. Tjemkes, B., Vos, P., & Burgers, K. (2017). font-family:"Arial"; When expanded it provides a list of search options that will switch the search inputs to match the current selection.
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