We have more developments of the ongoing media efforts of GoPro, Inc. (NASDAQ: GPRO). The maker of personal body camera systems announced that the GoPro Channel had officially launched on Vessel, a video service that allows users access to short-format videos. Tuesday marked the day where Vessel came out of a private beta with GoPro.

This is the next step in GoPro’s evolution beyond its YouTube channel. Previously, the company had contracted to have its channel streaming on both Xbox One and Xbox 360. Other partners that carry its streaming channel include: Virgin America, YouTube, Facebook, Instagram, Twitter and Pinterest, to name a few.

GoPro has previously announced an agreement with Roku to bring GoPro content to millions of viewers this spring. The company also launched the GoPro Channel App for LG Smart TVs.

In just the past month, GoPro entered into a partnership with the National Hockey League (NHL). This started the weekend of the NHL All-Star Skills Competition and All-Star Game, where players wore GoPro cameras that transmitted live video for the broadcast. The idea of the partnership is to deliver never-before-seen perspectives in the game. This was the first major professional sports league that has partnered with GoPro. Throughout the NHL season, GoPro cameras will provide a live video broadcast for the NHL. This will also take place in online channels as well.

Zander Lurie, GoPro’s SVP of Media, commented on the newest partnership:

As GoPro expands its brand and reach in the entertainment industry, we are excited to partner with promising new media services. Whether it’s a mobile device, or a video game console, digital platforms like Vessel help us reach consumers and deliver GoPro content on-demand. GoPro is proud to be a part of Vessel’s launch.

So far on the year, despite these new developments and effort to move into a content provider role as opposed to only a camera manufacturer, GoPro’s stock price has struggled. Shares are down 33% since the end of 2014.
Speculatively, investors could be waiting to see how these streaming partnerships pan out and how profitable they are. The initial meteoric rise of GoPro can be attributed to the hype and popularity surrounding its products. If GoPro could get continue to get more hype around its streaming channel and services, a return to those old highs could be possible.

A couple of recent analyst calls that were made this month for GoPro suggest a mixed view:

• Northland Securities maintained a Buy rating for GoPro with a price target of $70.
• Oppenheimer maintained a Sell rating with a price target of $35.

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Shares of GoPro were down 0.8% at $41.73 following the announcement Tuesday afternoon. The stock has a consensus analyst price target of $65.25 and a post-IPO trading range of $28.65 to $98.47.

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