Kevin O’Leary, the savvy investor and star of “Shark Tank,” is looking to shake up the television advertising industry again. The business magnate is teaming up with the visionary behind Shazam to form a groundbreaking new agency.
O’Leary, 70, is teaming up with Shazam mastermind Philip Inghelbrecht to launch WonderAds, expected to be a new form of TV advertising agency that aims to give small businesses a chance at breaking into the big leagues by offering them the same kind of TV advertising power normally reserved for major corporations.
Mr. Wonderful founds advertising agency
In an interview, the sharp-tongued TV star talked about his latest project – the platform allows companies to create, buy and track their own advertising campaigns from their computer.
O’Leary told Entrepreneur that most small businesses — those with fewer than 500 employees — don’t know anything about TV advertising. They’ve never tried it. “They go to a cable company and buy TV ads at a crazy price because they have no idea what they’re doing,” he said. “WonderAds solves all that problem.”
According to Statista, the TV advertising industry was worth a whopping $235.9 billion last year and is expected to explode to over $337 billion by the end of this year. O’Leary says he invented WonderAds after grappling with the headaches of buying and running TV ads for his companies.
“We are modernizing the way TV advertising is done using technology. For brands, this means we are giving them the tools to measure the effectiveness of their advertising and buy the TV ads,” said Inghelbrecht.
“TV advertising has always worked. It’s been hard for people to access, and traditional agencies have intentionally kept it opaque,” he added. O’Leary calls WonderAds the “AI of TV advertising.”
WonderAds: A new look at TV advertising
He says it’s a miracle for companies because they can buy smaller, affordable advertising packages without being ripped off by big networks and agencies. O’Leary Elon Musk recently compared himself to Batman’s alter ego Bruce Wayne and said Now is the best time to start using WonderAds.
The Canadian entrepreneur explained that high inflation has forced companies to be extremely selective with their marketing spend, making this the ideal time to unveil his advertising plan. “Inflation has an impact on everything, because first of all, it has affected media costs,” O’Leary said.
“But it also impacts how much disposable income the consumer you’re trying to target has. And so they’re becoming much more demanding about the products and services they buy,” he added.
O’Leary’s impressive portfolio includes over 85 companies, including around $8.5 million invested in nearly 40 “Shark Tank” projects. “I’m not the type of person who promotes things just for the sake of promoting them. I promote things that I eat, use and spend money on because I know for a fact that they work,” O’Leary noted.
According to Celebrity Networth, the television star’s net worth is estimated at $400 million. O’Leary, the man who recently sparked a financial discussion when he outlined a path to retirement with just $500,000 and no additional income, is now diving into the world of television advertising with WonderAds.
Whether this new venture will be as groundbreaking as his financial advice remains to be seen, but it undoubtedly represents another strategic move for the entrepreneurial shark.
