Lady Gaga to help relaunch Polaroid
In a out of the box move, Polaroid, the maker of the legendary polaroid instant camera has inked a deal with pop superstar Lady Gaga to help “co promote,” the brand worldwide. The technical terms of the deal have the hit singer signed on to a multi-million dollar deal to be the “creative director,” for a speciality line of Polaroid products. “The core of [the brand] is that it’s real, it’s unedited, and it captures the moment,” said Stephen Miller, chief executive of Polaroid owner PLR IP Holdings. “We are changing our business model and launching into the global marketplace.”
The move is seen by many as a step to regain lost market share with the advance of the digital age. Polaroid had a golden opportunity to spearhead the advance from film based photo technology to digital but chose to remain mull which caused it to file from bankruptcy. The firm was bought out of bankruptcy in May by two venture capital firms that want to reposition it as a licensing company which will put its name on everything from cameras to printers and TVs. Polaroid will hold an official ceremony with Lady Gaga appearing at the CES show in Las Vegas Thursday morning to discuss the special Polaroid line.
The new line will see Polaroid bringing back its instant film and cameras. The PIC 1000 camera is a redesigned, modern version of the old OneStep camera, and the Color 600 Instant Film will work with both new and old models. Wether this will catch on is really a matter of marketing, thus Polaroid is banking this on the help of the pop superstar. We know instant film won’t be the savior for the company, but it’s important to bring back the old classic, Our customers unequivocally want this experience back, especially the art and fashion communities,” said Pollock, the CEO of PLR.
Polaroid is also unveiling a portable printer dubbed the “ZINK”. It is a zero ink printer which allows the users to no longer use ink or toner by way of a Polaroid special paper. It’s also introducing LCD 1080p TVs in three sizes: 42″, 52″ and 65″, as well as a Web-based photo and video sharing service called the Polaroid Studio.
By the end of 2010, Polaroid claims it will have $1 billion of retail merchandise on store shelves. The company said it expects to make $600 million in retail sales this year, and more than $3 billion over the next five years.