Kevin O'Leary, the shrewd investor and "Shark Tank" star, is again set to disrupt the television advertising industry. The business mogul is partnering with the visionary behind Shazam to launch a groundbreaking new agency.
O'Leary, 70, is partnering with Shazam mastermind Philip Inghelbrecht to create WonderAds - expected to be a fresh take on a TV ad agency aims to give small businesses a shot at the big leagues by offering them the same kind of TV advertising power usually reserved for corporate giants.
Mr. Wonderful Launches Ad Agency
In an interview, the sharp-tongued television personality discussed his latest venture - the platform lets companies create, buy, and track their own ad campaigns from their computer.
O'Leary told Entrepreneur that most small businesses – those with fewer than 500 employees – are clueless about TV advertising. They've never even tried it. "They go to a cable outlet, and they buy TV ads at some crazy price because they have no idea what they're doing," he said. "WonderAds solves all that."
According to Statista, the TV ad industry was worth a whopping $235.9 billion last year and is set to explode to over $337 billion by the end of this year. O'Leary says he came up with WonderAds after dealing with the headaches of buying and running TV ads for his companies.
"We modernize the way TV advertising is done using technology. If you are a brand, really what it means is we're going to give you the tools to measure the effectiveness of your ads and allow you to buy the TV ads," Inghelbrecht said.
"TV advertising has always worked; it's just that it was hard to approach for people if anything, it was deliberately kept opaque by the traditional agencies," he added. O'Leary calls WonderAds the "AI of television advertising."
WonderAds: A New Take On TV Ads
He says it's magic for businesses because they can buy smaller, affordable ad packages without getting ripped off by big networks and agencies. O'Leary recently compared Elon Musk to Batman's alter ego Bruce Wayne, saying now is the best time to launch WonderAds.
The Canadian Entrepreneur explained that with high inflation forcing businesses to be extremely picky about their marketing spending, now is the ideal time to introduce his advertising venture."Inflation has affected everything because, number one, it's affected the cost of media," O'Leary said.
"But it's also affected how much discretionary income, the consumer you're going after has. And so they become very more discerning about what they're going to buy in products and services," he added.
O'Leary's impressive portfolio boasts over 85 businesses, including approximately $8.5 million invested across nearly 40 "Shark Tank" ventures. "I'm not the kind of guy that promotes stuff for the sake of promoting it. I promote stuff that I'm eating and using and spending on because I know with certainty it works," O'Leary noted.
According to Celebrity Networth, the television personality's net worth is an estimated $400 million. O'Leary, the man who recently sparked a financial conversation by outlining 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 marks another strategic move for the entrepreneurial shark.
