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Channel 4 has taken a minority stake in new British virtual reality (VR) business Parable, focussing on innovative content creation with storytelling at its heart.
Launched this month, Parable will create VR and 360° content across the entertainment, brand marketing and training sectors. Parable is co-founded by former director of programmes at The Garden Productions, David Wise and former president of Economist Films, Nicholas Minter-Green.
Channel 4 is joined as launch investors by Stephen Lambert, chief executive of Studio Lambert, who has been appointed chairman of Parable, and the global media group The Economist. The Economist deputy editor and tech expert, Tom Standage, joins the board as a non-executive director. Alongside them in the Parable leadership team is Jonathan Rudd, award-winning television director and film editor, who joins as partner and creative director.
David Abraham, chief executive at Channel 4 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 for our Indie Growth Fund to work with a talented team with a bold ambition to break into this exciting new sector.”