‘GOPRO AWARDS’ TO GIVE $5M IN PRIZE MONEY FOR BEST CONTENT
WHAT DOES THIS MEAN FOR GOPRO’S MEDIA STRATEGY GOING FORWARD?
GoPro’s birthplace began capturing the action-sports community, creating user-generated content from the athletes in our space. Since the initial public offering in July of last year, the 13-year old company has continued to grow their product offering and arguably becoming the industry standard for POV footage.
Now, the tech company is taking their product offering to a holistic level, growing their content creation consumer base. GoPro Awards is the first real push at creating a photo and video database, similar to YouTube, asking the GoPro community to upload, share, and inspire with homegrown content created from a GoPro camera. The company will award up to $5 million annually in prize money for the best photos and videos.
“We think a critical component of our entertainment strategy is curating the best [user-generated content]. And if we can help source that content and drive revenue — advertising and licensing revenue from it — we do build up our media business and are able to share more of that revenue back with users,” said Zander Lurie, GoPro’s senior VP of media and entertainment, in an interview with AdAge. Lurie alluded the $5 million purse is only the company’s initial investment to growing their media and entertainment hub of the business.