Whether you have the camera strapped to your dog’s head to see life from their perspective or are climbing a mountain and want it all recorded for proof, GoPro has been the answer.
Today GoPro announced a huge partnership with Red Bull. Something to finally give the stock some life again. Shares rallied 7% shortly after the news.
GoPro shares have tanked this year, plunging as much as 45%. This is nothing compared to the 90% fall from its all-time high soon after it went public back in 2014.
GoPro CEO Nick Woodman remarked that the partnership as “very strategic” for the company, and said that “we share the same vision … to inspire the world to live a bigger life.”
In the agreement Red Bull is getting GoPro (GPRO, Tech30) stock though neither company disclosed how much or at what price.
Redbull is ranked by Forbes as the 74th most valuable brand name in the world and operates its own popular online video networks focusing on action sports.
This deal seems beneficial for both parties and could be pivotal in reviving GoPro’s stock price. Analysts have already predicted red numbers for the company this year and next.
It makes sense.. most people going down the half pipe with a camera need energy for it, and Red Bull provides a lot of that.
Dietrich Mateschitz, founder and CEO of Red Bull, added that the two companies “will amplify our collective international reach, the power of our content and ability to fascinate.”