LONDON — Channel 4, The Economist, and creator of hit TV show “Undercover Boss” Stephen Lambert are investing in a company which specialises in creating virtual reality content.
The three parties have each invested an undisclosed sum in Parable, with Channel 4 taking a minority stake through its Growth Fund — a £20 million ($US25 million) pot which invests in production companies.
Parable will launch this month after being founded last year by David Wise, a former TV producer who worked as the director of programmes at “24 Hours in A&E” producer The Garden Productions. Nicholas Minter-Green, the former president of Economist Films, is his co-founder.
Parable will create virtual reality and 360° content across the entertainment, brand marketing, and training sectors, according to Channel 4. It will be hoping to secure a slice of a market worth £800 million, according to Deloitte.
Lambert, the CEO of TV producer Studio Lambert, will become Parable’s chairman as part of his investment. The Economist’s deputy editor Tom Standage will also join the firm’s board.
Channel 4 CEO David Abraham said: “We’ve been watching the VR and AR markets with interest as they move away from their Silicon Valley roots and increasingly attract the attention of media owners and brands. Parable are storytellers first and foremost and present a great opportunity.”