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Channel 4 takes stake in Brit VR firm

March 2, 2017 11.03 Europe/London By Julian Clover

Channel 4 and Studio Lambert chief executive Stephen Lambert have taken minority holdings in a new British virtual reality (VR) business.

Parable plans to use the emerging format for modern storytelling across the entertainment, brand marketing and training sectors.

It has been co-founded by former director of programmes at The Garden Productions, David Wise and former president of Economist Films, Nicholas Minter-Green.

Parable represents the latest investment from the Indie Growth Fund, headed by Laura Franses and takes the fund into a new direction.

Lambert has been appointed as chairman. His Studio Lambert, part of All3Media, is responsible for hit shows Undercover Boss, Gogglebox and Four in a Bed.

“Virtual reality is the most exciting technological media development of the next few years, but its success hangs or falls on creating great content. I know David and Nicky well and I have no doubt they will quickly establish themselves as a leading global supplier of engaging innovative VR content, which is why I’m delighted to be involved in this new business as its non-exec chairman,” said Lambert.

Parable has already completed two 360° documentaries for The Economist with Blancpain, and are in advanced conversations with several major broadcasters and an array of established on-screen talent regarding upcoming projects for this year.

The global VR market is currently valued around £800 million and is expected to grow to nearly £100 billion by 2020 with the technology increasingly being explored by traditional business sectors across the UK.

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Filed Under: Newsline Tagged With: Channel 4, Channel 4 Indie Growth Fund, UK, Virtual Reality Edited: 3 March 2017 09:51

About Julian Clover

Julian Clover is a Media and Technology journalist based in Cambridge, UK. He works in online and printed media. Julian is also a voice on local radio. You can talk to Julian on Twitter @julianclover, on Facebook or by email at jclover@broadbandtvnews.com.

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