Slidejoy Bags $1.2M In Funds To Rent Your Lock Screen For Ads
Slidejoy, the startup which began exploiting unique revenue generating opportunities like advertising on the Android lock screen, is now finalizing its first round of funding. Snagging a hefty $1.2 million in outside investment, Slidejoy will now be able continue developing its app which rewards Android users for renting out their lock screens to become interactive News Feeds.
The year old app has already met hundreds of thousands of downloads, as it features a news story or ad or deal every time you check your Android phone. However, if you ignore the card you can simply swipe to the right and go straight to the home page of your phone, while sliding towards left will show you the details of the information shown on the card. To view additional cards, you can slide up.
Compared to the competitors of the lock screen advertising technique, Slidejoy has a little different business model. Slidejoy’s users receive a flat rate of the rent from the company, so it does not matter how many stories or ads were clicked in the process.
“If we rewarded our users for every impression or click, then we’d just be inviting abuse and false leads for our advertising partners, a bad look for everyone,” explains Slidejoy CEO Robert Seo. “By giving a flat rate to users, Slidejoy is able to balance keeping users happy while providing quality leads to our advertisers.”
Slidejoy decided to stay put with the flat rate because the aim of the company was to ensure that the advertisers were actually hitting the right KPIs (Key Performance Indicators). However, depending on the goals of the advertising company, Slidejoy then charges per click from the company.
At the moment, users are rewarded with up to $6 per month, which is based on the number of advertisers available at that time. However, there have been claims of users earning less than that. Moreover, the feedback from users indicates two different entities: one happy with the rent because it’s money for free, and the other group which believes that the payout is too low or it takes too long to collect the rent.
Slidejoy has so far collaborated with hundreds of advertisers like Macy’s, Lyft, Toyota and Yahoo. However, Seo admits that this can be a tough space to succeed in.
“It’s a very difficult business because you have to solve the chicken and egg problem before running out of cash. You can’t get advertisers without users and users without advertisers,” he explains. “We’ve been focused on the advertiser side of the problem while improving our product and increasing our user base.”