Life Clips enters license agreement with HP Inc.
Life Clips announced that they have entered into a license agreement to manufacture and distribute HP branded action cameras, still cameras, dash cameras and accessories. The license agreement also calls for the development of a collaborative media cloud storage service platform to store content created by the HP branded products. The multi-year license agreement calls for Life Clips to be Hewlett Packard's exclusive partner to manufacture and distribute action cameras to the following territories: USA & Canada, Europe, Africa, Latin America, Australia, New Zealand and Israel. The action camera market size is anticipated to grow at a CAGR of over 22% from 2016 to 2023. According to a report by Grand View Research, the dash camera market is anticipated to be $1.8B by 2022. The action cameras are expected to ship in the fourth quarter of 2016, while the dashboard cameras will be available early in the first quarter of 2017. As result of the agreement with Hewlett Packard, Life Clips will no longer manufacture Life Clips branded action cameras and will now only manufacture action, still, dash, 360 cameras and accessories under the HP brand.