AceShowbiz - Simon Cowell, the influential television and music mogul, recently shared his thoughts on the phenomenally successful boy band One Direction, which formed on his show "The X Factor". Speaking on Stephen Bartlett's "The Diary of a CEO" podcast, Cowell revealed that his only regret about the group is that he did not own their name.

Cowell noted that the One Direction members, Harry Styles, Niall Horan, Zayn Malik, Liam Payne and Louis Tomlinson, currently possess the rights to the band's name. This means that Cowell would be unable to use it for any spinoff projects without their permission. He expressed his disappointment, saying that he could have created an animation or other ventures using the brand.

However, Cowell's regret goes beyond financial considerations. He believes that if he owned the name, he could potentially organize a One Direction reunion tour regardless of the involvement of all members. He stated that he would not have to rely on the consent of every individual to stage a comeback.

Despite his regret, Cowell remains hopeful and has plans to form a new boy band. He will hold auditions across the U.K. in July to find aspiring stars and document the process in a reality series. Cowell believes that the key to success lies in finding the right individuals with "great personalities" and "interesting perspectives."

Reflecting on the success of One Direction, Cowell recalled initial signs of their star power. He remembered an incident in Spain when the group attracted the attention of everyone on the beach. "It was unbelievable," he said. "Everyone was looking at these five boys as if they were already stars."

Cowell sees a current dearth of bands in pop music and believes that One Direction set a high standard. He explained that he wants to "put a band together" and that auditions are the best way to achieve his goal. If all goes according to plan, Cowell hopes to create a new musical sensation that will captivate audiences worldwide.