Owner of record label Syco, Simon Cowell is planning to launch a new televised weekly chart show.

The highly popular show Top of the Pops was the last of its kind and its departure in 2006 left a gap in the market that the music mogul has now identified.

The X Factor judge revealed to Radio 1’s Newsbeat:

“I think it’s the right time to do it. It’s going to need a lot of money, I’m not going to lie, these things don’t come cheap. I think there’s a market now for a weekly show.’

“I just think there’s interest in music again.”

Watch Simon Cowell's acceptance speech after winning the International Emmy Founding Award here: