Loco is a live trivia game show app and has been buzzing on social media lately.
The app invites users to play a quiz in real-time and lets them earn real cash if they answer all questions correctly. The quiz takes place twice (1:30 pm and 10 pm) on weekdays, and once (10 pm) on weekends.
Loco, earlier known as the Showtime app, is a mobile adaptation of the hit TV show Kaun Banega Crorepati.
Like KBC, Loco has a host, popular sports presenter Gaurav Kapur. He asks users 10 multiple choice questions and also offers them ‘lives’ to come back into the game if they get eliminated.
This is where they have played smart. You get a life in the game after you recommend this game to your friend. Once your friend downloads the app you will get a life. This is what is called growth hacking.
In the end, players are rewarded with cash prizes that are credited in their Paytm accounts. The only difference is, multiple people are playing the game simultaneously, and the prize money of Rs 12,500 gets shared among the winners.
Google doesn’t pay for downloads. No matter, how many times the app gets downloaded, 100 times or 1 million times, they don’t pay for it.
Google pays app owners only if they have monetized their app through AdMob (AdMob is a mobile advertising company that lets you put an AD on your app just like YouTube).
So how do apps like Loco make money?
1. They get your mobile number.
After downloading and installing this app you need to sign up. For signing up, they ask you for your mobile number to register on which they send OTP and then you confirm it.
Now they have your mobile number. At the moment there are more than 5million downloads and more than 3 million concurrent users. They give these mobile numbers to an ad agency in exchange for money.
2. Third-party ad
They can also register on AdMob and show an ad on the app. Whenever anyone clicks on an Ad they get paid.
These apps offer some extra and better features to the premium members. Making money from a premium subscription fee is pretty common.
4. In-App purchased
You have seen this in many games where they offer in-app purchases for playing without watching an ad.
Loco does not only helps you earn money but also helps you to gain knowledge. But as trendy and attractive these apps may seem one should always do some research about its credibility first.