Brands, Inc., also the owner of KFC, Pizza Hut and other leading restaurant brands. "GoPro and Red Bull Companies' Strategic Alliance." Puzzlement in Leadership can occur as everyone would keep their points in systematic way on board. Kudos to you, A relationship between two companies that synergize in a healthy way and bring each other to great heights. Very insightful and interesting article!. One of the benefits is that the two partners are working together without making investment capital for an independent business (Mtonga, 2020). ", 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 is an activity image capturecompany; it manufactures action cameras and develops its own mobile apps and video-editing software. 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. color:black; GoPro and Red Bull Announce Global Partnership "Red Bull's global scale and execution is something to be admired. "We share the same visionto inspire the world to live a bigger life. 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. { Redbull and Gopro shared the same vision. Tags: FootageGoProPoint-Of-ViewRed BullShutterstock. Thus, instead of working as just customers, the two decided to work as partners. I am passionate about technology, marketing and visual imagery. In previous blogs, weve talked about brand positioning but always only featuring a single brand. 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. 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. In this blog, we will do something for the first time. Strategic alliance management. 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. But before we talk about these brands, lets understand the concept of co-marketing, as well as the related concept of co-branding. 2023. GoPro. This announcement is clearly welcome news for the action camera maker's investors, as shares were trading up 5.71% in the morning session. This button displays the currently selected search type. ", "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. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. . Buy any image product (image packs or subscription) with a 15% discount. GoPro and Red Bull form an exclusive global partnership. Red Bull enjoys this benefit and has exclusive access to the best action cameras in the market hence making their production a success. To get involved please contact the Natural Selection Tour's Partnership Team. An example of this is Red Bull and GoPro partnering up for the "Stratos" space jump stunt. 2023 CNET, a Red Ventures company. For example, GoPro recently published an article on how to master the mode of Hero10 in videos and photo settings (GoPro, 2016). (2016). 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. B. 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. But under the terms of the new official partnership they expect to improve both companies' global reach and content quality. Advantages of Red Bull and GoPro Strategic Alliance: 1. The multi-year, global partnership which will include content production, distribution, cross-promotion and product innovation. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. Others are not sure as the company reported revenues less than 50% of projections for last quarter. The launch of Red Bull Media House in 2007 enabled Red Bull to formalize its content offerings, from production and collection to distribution and turn it into a new business. Red Bull had a 7% increase in sales in the following 6 months (which translates to hundreds of millions of US dollars in revenues), and GoPro generated US$32.26 million in profit by the end of that year. Available on Mac + Windows, High-def 1080p webcam. At the time of publication, the author held positions in Alphabet, Microsoft and Twitter. International Journal of Business Administration, 8(3), 1-9. "GoPro and Red Bull Companies' Strategic Alliance." And Red Bull will get shares in GoPro too. 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. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. Amongst many successful partnerships in the market are GoPro and Red Bull partnership. 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. GoPro and Red Bull: The Perfect Marketing Partnership? GoPro and Red Bull, as a match, are as good as it gets. Published by M. Ridder , Mar 9, 2022. This button displays the currently selected search type. GoPro and Red Bull Announce Global Partnership "Red Bull's global scale and execution is something to be admired. In recent months, it has also signed deals withMicrosoft, the PGA, and the Grammy's. Both Red Bull and GoPro understand the burgeoning power of social video, and that mobile first video channels are the future of social. Red Bull is the leading global energy drink available in more than 169 countries, giving wings to people and their ideas. Red Bull and GoPro proved that two brands can achieve so many things by working together. Your best shots in one spot. If you find the article helpful, please like, comment, and share it with your peers. The partnership worked because both brands cater to the same audience - the action . 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 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. GoPro and Red Bull reached a multi-year partnership in May, and three months later the next phase of their partnership is underway. Master the Modes: New Firmware Coming for HERO10 Black, Master the Modes: HERO10 Black Resolutions + Frame Grabs. Dan Graziano is an associate editor for CNET. As the digital world enhances the need for capturing every moment, the alliance is expected to maintain success. Strategic alliances: An evaluation of the benefits for selected Zambian universities (Doctoral dissertation, The University of Zambia). GoPro and Red Bull Companies' Strategic Alliance. Brandbrand relational moments. They have not formed a separate business but an arrangement within their businesses for mutual benefits. They have been winning together ever since. margin:0in; 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. Newmeyer, C. E., Venkatesh, R., Ruth, J. 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. Storied Italian brand Pirelli Tire led the pack last season with the most F1 sponsorship deals, partnering with the sport and its 10 teams. Energy drink maker/lifestyle brand Red Bull is tying the knot with GoPro: GoPro's cameras will exclusively be used to capture footage at more that 1,800 Red Bull events in . 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. LinkedIn User. In this blog, we will do something for the first time. By joinning strengths, these two big brands expect to boost up the quality and global reach of their content and products. The camera company's stock surged 7% after the announcement of the Red Bull partnership, leading some to theorize that this could be the floor of GoPro's stock price. Retrieved from https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/, BusinessEssay. color:black; 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. Well write a 100%plagiarism-free paper this fast! Master the Modes: New Firmware Coming for HERO10 Black, Master the Modes: HERO10 Black Resolutions + Frame Grabs. Led commercial partnerships, business development, and new business acquisition team focused on strategic technology, product and media partnerships. The partnership makes more sense for Red Bull, which heavily markets its energy drink to extreme sports enthusiasts. p.prnews_p Saturday, March 4-Friday March 10: Aprs DJ Sessions Presented by Red Bull at Rockford Patio, Revelstoke Mountain Resort, 2:30pm-5:30pm PT. } From extreme to mainstream, professional to consumer,GoProenables the world to capture and share its passion in the form of immersive and engaging content. The compatibility of the alliance is apparent because GoPro needs Red Bull to sell its cameras while Red Bull needs GoPro for the supply. GoPro and Red Bull formed a non-equity alliance on 24th May 2016. This partnership is very strategic for GoPro, said Nicholas Woodman, founder and CEO of GoPro. GoPro is the developer of the best action camera. Cases in strategic management: A flexibility perspective. 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. But under the terms of the new official partnership they expect to improve both companies' global reach and content quality. is an 11-part original series that follows eleven athletes and one coach who have made the commitment to pursue greatness. This alliance will help them in increasing their international reach and increase the power of their content. The two most unlikely international companies teamed up in 2016 to form a partnership where each business enjoys the benefits of the alliance. Image credit: Red Bull. For starters, Red Bull is now an. Red Bull and GoPro teamed up to produce content, distribute products, and innovate new ideas together. To help explore this concept, we will examine the highly successful brand partnership of camera brand GoProand energy drink Red Bull. Eliminating equity sharing for the two firms gives them an advantage in marketing, sales, production, and research development (Tjemkes et al., 2017). 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 two businesses scale up the markets using the alliance. 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. Creating and executing major commercial brand partnership opportunities with relevant partners in the UK for Red Bull TV i.e. Defining the digital marketing strategy for Red Bull TV in the UK. The equity-based partnership between GoPro and Red Bull does not involve investing together. 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. GoPro's product and the brand have access to 1800 Red Bull events happening across over 100 countries. Registration is now open for the early bird rate of more than 15% discount versus the regular rate. According to Lim (2019), an excellent strategic alliance can bring a business more revenue. The admirable strategic alliance between GoPro and Red Bull has been successful for the past five years. products like "The Red Bulletin" and digital platforms like RedBull.tv and RedBull.com. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. RedBull sponsors a number of extreme sporting events and is one of the most popular energy drinks worldwide. . When expanded it provides a list of search options that will switch the search inputs to match the current selection. font-family:"Arial"; (2019). It is to inspire the world to live a bigger life. This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. As a result of this strategic alliance, they will be able to maximize their respective businesses and achieve their shared vision (First-person perspectives, breathtaking images, cutting-edge cinematography, and the use of cutting-edge technology). GoPro just entered into a partnership with Red Bull. } Nonetheless, in the end, the whole project proved to be one of the main factors of growth for both brands. "GoPro and Red Bull Companies' Strategic Alliance." 2. Although one is an energy drink and the other is a gadget, both brands target an adventurous and active audience, so collaborating on a thrilling space jump was a great way to reinforce each brand's image. 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. They provide Red Bull cameras, thus obtaining a guaranteed customer for their products. 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. For instance, GoPro gained a massive audience by partnering with Red Bull, an already established and well-known brand. Routledge. 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. 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. All other trademarks are the property of their respective owners. Based on 2 salaries posted anonymously by Red Bull Partnership Manager employees in Kidderminster. GoPro and Red Bull have signed a multi-year partnership that will see the two brands collaborate on content production and distribution, as well as on "product innovation," they said Tuesday. Both of the brands emulate a sense of adventure and spontaneity, appealing to a similar consumer, making them a perfect team as they equip athletes and adventurers from around the globe with cameras, tools and funding to capture the action through point-of-view videos at events. The global deal includes content production, distribution, cross-promotion, and product innovation. Red Bull sponsors extreme sporting events, while GoPro provides athletes with a way to capture these events from their own perspective. You have analyzed the topic very well Vipul. And it may be because Red Bull seems to be calling a . font-size:8pt; True to the first quote in the post! For the year 2012 alone, Taco Bell sold over one billion units of the Doritos Los Tacos! Both Red Bull and GoPro have taken over to media producing in the past years. Today, were excited to announce the next phase of our partnership: the launch of The GoPro Channel on Red Bull TV. We share the same visionto inspire the world to live a bigger life. GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. Their collaboration success is one of the reasons that pushed the two firms to work together for mutual benefits. It's rare to work in complete partnership with a client but that's exactly how Lisa has carved out this relationship. BusinessEssay. Red Bull and GoPro entered into the strategic partnership in 2016. GoPro will be involved in the media . Early bird rates ends on August 16, 2021. 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. It's been tough going for GoPro of late. In marketing parlance, this is also referred to as co-marketing. Good work. This article is commentary by an independent contributor. Delivered on weekdays. 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. 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. Both conjure soaring images of thrilling adventures full of excitement, energy and wonder. From extreme to mainstream, professional to consumer,GoProenables the world to capture and share its passion in the form of immersive and engaging content. 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. Instead of buying more GoPro, investors should be looking to short the stock. Synergy is better than my way or your way. This is the type of partnership adopted by most businesses in the world. And Red Bull founder and CEO Dietrich Mateschitz added: "As partners,. The two companies enjoy a variety of benefits from the equity alliance. There is a partnership business between GoPro and Red Bull. GoPro is transforming the way people see sports by delivering new perspectives and an immersive viewing experience through its innovative camera technology. Its our way.. Critics have suggested that GoPro's cameras were part of a fad and that the company's products would not generate long-term demand. GoPro, HERO, Omni, Odyssey, Kolor, HEROcast, Autopano, and their respective logos are trademarks or registered trademarks ofGoPro, Inc.inthe United Statesand other countries. 4 January. All rights reserved. (LogOut/ "Joe was an absolutely fantastic mentor and offered me a lot of valuable guidance and skills about PR, media, marketing and communications. "We share the same visionto inspire the world to live a bigger life. One of the earliest employees hired to launch from scratch the global (ex USA) B2B proposition for brands/agencies aiming to connect with Red Bull's audience at scale. GoPro is an action camera selling business, while Red Bull is an energy drink selling firm.