Fox is backing a new audio on demand network, Wondery, launched by its former chief executive Hernan Lopez.
It was announced earlier this week that Fox is to scrap its Fox International Channels division in favour of a regionalised structure, with regional heads reporting to Fox Networks Group chief executive Peter Rice.
Lopez decided to leave the business, instead setting up his own venture.
Wondery will specialise in mobile and on-demand audio storytelling, as well as creating and curating entertainment podcasts, to meet the demand of the nearly 50 million Americans who listen to podcasts monthly – up nearly 40% over the last two years.
This number is expected to grow to 15 billion by 2020, from six billion in 2013, due to increased smartphone/automobile connectivity, increased awareness of the Podcast app and shows like ‘Serial’ attracting new audiences to the format.
“Wondery gives me the ability to combine many things I know and love—storytelling, network and brand building and technology—in the fastest growing segment of on-demand consumption,” said Lopez. “Americans spend three and a half hours a day with audio, and all that time is going in one direction: mobile, and on-demand.
“The sheer numbers, the desirable demographics, and the intimate environment in which advertisers can engage with audiences make it clear that there is a compelling business opportunity here,” he continued.
“With the support of Fox and the relationships I have built over my 26 years in radio and television, I am confident that Wondery will be able to attract great storytellers and unrivalled consumer interest.”
Wondery will partner with San Francisco-based ART19 for distribution infrastructure, using ‘WarpFeed’ technology to dynamically insert adverts and thus target listeners.
“Hernan has an exceptional understanding of the ways in which new technologies allow companies to build media brands on a global scale, and we look forward to his success with this new venture,” said Fox Networks Group chairman and chief executive officer Peter Rice.
