Insight: Branding nerd delves into Red Bull and GoPro, a brand partnership that has defined the meaning of Co-marketing excellence. LinkedIn User. I am the founder and editor of Stock Photo Press, one of the largest networks of online magazines in the industry. font-family:"Arial"; Based on 2 salaries posted anonymously by Red Bull Partnership Manager employees in Godalming, England. GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. I believe this video perfectly sums up how GoPro and Red Bull complement each other and how GoPro is developing into a brand which offers more than extreme sports shooting. 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. 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 article is commentary by an independent contributor. Web. This is how spectacular the new partnership looks: Motocross star Ronnie Renner is filmed with a GoPro camera from the first person perspective. But under the terms of the new official partnership they expect to improve both companies' global reach and content quality. ! Find the perfect setup for your next adventure. 2023. 4 January. Join street trials pro rider, Danny MacAskill, on an insane journey across the rooftops of Gran Canaria in a video that mixes vertigo-inducing lines and killer POV-footage. The combined media presence and combined opportunities for producing relevant content increases dramatically for both brands especially because the partnership provides new and fresh dimensions for building up the brands identity in the eyes of its target audience. 2023 TheStreet, Inc. All rights reserved. GoPro and Red Bull, as a match, are as good as it gets., 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. GoPro and Red Bull Companies' Strategic Alliance. { Available on Mac + Windows, High-def 1080p webcam. And it may be because Red Bull seems to be calling a . span.prnews_span GoPro and Red Bull reached a multi-year partnership in May, and three months later the next phase of their partnership is underway. Both conjure soaring images of thrilling adventures full of excitement, energy and wonder. All rights reserved. Russo, M., & Cesarani, M. (2017). Co-marketing aligns the marketing efforts of two partners but does not result in the creation of a new product or service. Shortly after the launch of the partnership Reuters reported: Shares of GoPro IncGPRO.Ogot a lift on Tuesday after the struggling action camera maker said it was partnering with extreme sports sponsor Red Bull in a marketing and promotion deal. To get involved please contact the Natural Selection Tour's Partnership Team. 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! color:black; The type of alliance is more accessible and informal than a partnership with equity (Newmeyer et al., 2018). BusinessEssay, 4 Jan. 2023, business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. GoPro is an action camera selling business, while Red Bull is an energy drink selling firm. It helps creative professionals from all backgrounds and businesses of all sizes produce their best work with incredible content and innovative tools, all on one platform. Today, were excited to announce the next phase of our partnership: the launch of The GoPro Channel on Red Bull TV. In this blog, we will do something for the first time. The historic jump was successfully executed and set3 Guinness World Records! Nonetheless, in the end, the whole project proved to be one of the main factors of growth for both brands. 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. 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. Available on Mac + Windows, High-def 1080p webcam. 1. His work has appeared on BGR, Fox News, Fox Business, and Yahoo News, among other publications. According to Deresky (2013), alliances require five key components to be successful. Plus I am a recurrent speaker at Photokina Official Stage, and an industry consultant at StockPhotoInsight. All other trademarks are the property of their respective owners. According to GoPro (2016), Woodman mentioned the basis of their compatibility: GoPro and Red Bull share a vision of inspiring the world to live a considerable life. 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. For. - 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. GoPro, on the other hand, earns from investing in Red Bull. (2023, January 4). The businesses had worked for years before the alliance and admired each others dreams. 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. The global deal includes content production, distribution, cross-promotion, and product innovation. The equity form of alliance is also involved in the partnership where Red Bull received the equity in GoPro and GoPro became an exclusive partner to provide the Point-of-view imaging technology for capturing Red Bulls media production and events. It was reported that Taco Bell sold more than 100 million Doritos Locos Tacos in its first ten weeks alone! 2. Routledge. GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. They have been winning together ever since. Strategic alliance success factors: A literature review on alliance lifecycle. 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. It reached a high of almost $88 a share in late 2014 but the stock closed Tuesday at just under $10. Their compatibility in terms of operation needs is what has kept them strong and going. Their collaboration success is one of the reasons that pushed the two firms to work together for mutual benefits. By taking over Red Bull's production and imaging needs, GoPro has blocked its competitors against Red Bull as a customer (GoPro, 2016). A., & Chatterjee, R. (2018). Both companies will share copyright to new content they'll develop together, distribute their existing material across their digital platforms and join efforts for product innovation. Red Bull Takes Equity in GoPro, Commits to Multi-Year Partnership. GoPro sells more cameras than energy drinks, whereas Red Bull sells more drinks than anything else. | Marketing | Hindi | Edrilla - YouTube Red Bull and GoPro are two of the most popular brands in their respective industries.. The two most unlikely international companies teamed up in 2016 to form a partnership where each business enjoys the benefits of the alliance. 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. 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. The two firms set their objectives and analyze expected risks, benefits, and outcomes in undertaking the task (Ramadan, 2019). ", 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. We share the same visionto inspire the world to live a bigger life. About Red Bull (including Red Bull Media House): Red Bull is the leading global energy drink available in more than 169 countries, giving wings to people and their ideas. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. 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. (2023, January 4). The sport camera expert will have access to Red Bull's network of over 1800 international sports events. Red Bull Media House is an award winning multi-platform media company with a focus on sports, culture, and lifestyle. "This partnership is very strategic for GoPro," said GoPro founder and CEO Nicholas Woodman in a statement Tuesday. (2019). Footshop. As the digital world enhances the need for capturing every moment, the alliance is expected to maintain success. Dhir, S., & Sushil. Web. The GoPro Channel will feature new clips and legendary videos from these arenas, and many more. We share the same visionto inspire the world to live a bigger life. 2. Very informative article. buy Red Bull Media House footage (majority of them shot with GoPro camera) at Shutterstock! 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. More information, and to check out our channels exclusive content, please visit: RedBullContentPool.com/gopro. At the time of publication, the author held positions in Alphabet, Microsoft and Twitter. 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. From extreme to mainstream, professional to consumer,GoProenables the world to capture and share its passion in the form of immersive and engaging content. GoPro and Red Bull are highly compatible businesses because each needs the other as a customer. The two businesses scale up the markets using the alliance. 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. GoPro's action cameras will be used at the more than 1,800 sporting events sponsored by Red Bull in 100 countries. GoPro's stock got a much needed caffeine boost, surging 7% following the announcement. It's been tough going for GoPro of late. Change). Click here to see how easy it is to collect thousands of dollars in "Free Money" every month. Co-branding Campaign: Stratos - GoPro & Red Bull. GoPro has serious issues that none of the above partnerships are going to solve. GoPro andRed Bull say they have worked together for some time. - Executing strategies and managing marketing campaigns across all communications platforms to ensure that brand and services meet customers' expectations and to build the credibility of the brand. The following are particular benefits enjoyed by each company independently. This partnership is very strategic for GoPro, said Nicholas Woodman, founder and CEO of GoPro. As part of the deal, Red Bull will receive equity in the action sports company, while GoPro will become the exclusive camera provider at Red Bull's media productions and events. 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. Well write a 100%plagiarism-free paper this fast! 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. /* Style Definitions */ font-family:"Arial"; 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. Kudos to you, A relationship between two companies that synergize in a healthy way and bring each other to great heights. Strategic alliances: An evaluation of the benefits for selected Zambian universities (Doctoral dissertation, The University of Zambia). 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. Red Bull once held stunts such as the shooting of the Stratos space jump filmed by GoPros Seven Heros2 cameras. Based on 2930 salaries posted anonymously by Red Bull Partnership Manager employees in Godalming. Synergy is better than my way or your way. - Analyzing the success of marketing campaigns and creating reports. Defining the digital marketing strategy for Red Bull TV in the UK. 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. Two organizations form a strategic alliance when they pool their resources to achieve a mutually beneficial goal. They have not formed a separate business but an arrangement within their businesses for mutual benefits. Average salary for Red Bull Partnership Manager in Godalming, England: [salary]. p.prnews_p 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. a.prnews_a BusinessEssay. The founder and CEO of GoPro, Nicholas Woodman, admitted to admiring the global execution and scale of Red Bull. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. While we've worked closely for many years, as official partners we'll be able to more effectively help one another execute our shared vision and scale our respective businesses. GoPro is transforming the way people see sports by delivering new perspectives and an immersive viewing experience through its innovative camera technology. This is also a chance for GoPro to be innovative and develop new products to meet the needs of Red Bull services. Registration is now open for the early bird rate of more than 15% discount versus the regular rate. Great shot from the Severne Windsurfing and @starboard photo shooting GoPro Red Bull @Starboard Windsurfing Severne Windsurfing Wings . Since its foundation and the creation of an entire new category in the mid 80s, story telling is a part of Red Bulls DNA. Partnership interview questions and answers can be an important part of the process of finding the right partner to work with. Disadvantages of the Red Bull and GoPro Strategic Alliance can be: 1. All other trademarks are the property of their respective owners. Red Bull Media Houses 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 products like "The Red Bulletin" and digital platforms like RedBull.tv and RedBull.com. Published by M. Ridder , Mar 9, 2022. BusinessEssay. 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. This stunt was to demonstrate the technical abilities of the GoPro camera harnessed onto Baumgartner and to embody the daredevil brand of Red Bull. 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 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. But under the terms of the new official partnership they expect to improve both companies' global reach and content quality. 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 Inc and Red Bull have just entered into a multi-year deal for content production. Investopedia continues: Co-branding and co-marketing are similar concepts in that both involve partnerships between brands that seek to bolster their marketing efforts, but they differ in how they are executed. Again, with very few cans of Red Bull in sight. Early bird rates ends on August 16, 2021. GoPro and Red Bulls partnership has earned the two businesses new market positions and increased competitive advantage.