What if someone told you Facebook would become the juggernaut it is today? What about Snapchat and Twitter? Bitcoin?
There is a new wave that is trending around the world today. This new trend is said to threaten the future of TV, and how people interact around the world.
The new trend is about trivia. Every day, people are making money by answering a few questions on their smartphones.
Already, companies in this new industry have received more than $50 million in venture funding. The industry is valued at almost a billion dollars.
Here are the top companies in the new industry.
HQ Trivia was the company that premiered this industry. The company was formed in 2017 by Rus Yusupov and Colin Kroll. Previously, the two started the now dead video company called Vine.
Already, the company has raised more than $20 million from investors who value the company at more than $100 million.
To use the company, all you need to do is to download the app, on your Android or iOS smartphone and create an account.
After doing this, you will get a notification every day five minutes before 9:00 a.m. and 3:00 p.m. EST to join the game.
At exactly that time, a presenter will start asking you a set of questions with multiple choices. Everyone who answers these questions correctly shares a payout, usually of $2,500. On Sundays, only one game is played, but the payout is often more than $10,000.
Already, the biggest winner in the game has won more than $10,000. But, how does the company make money? Wasn’t it started by founders of another failed company?
For now, the company is not making any money. However, the long-term goal is for the founders is to earn revenue by selling advertising to corporates.
The logic behind this is simple. Television companies like CNN and Fox charge companies more than $300K for a 30-second commercial. If HQ charges half the price and puts four commercials, the company will be making $600K within less than 15 minutes.
CastBox was started in 2016 to create the YouTube for audio content. The company’s product is one of the most popular podcasts players in the world, after iTunes. It has received more than $16 million in venture capital funding.
This year, the company started a new product called CashBox that is directly integrated into its podcast platform.
CashBox works similar to HQ. After signing up, every day at 8:00 a.m., you receive a notification inviting you to the game. If you answer all the questions correctly, you share the $1,000 payout with all the other winners.
The company’s revenue model is slightly different than that of HQ Trivia. While they will soon start moving into advertising, the current model is to use the trivia to attract customers who will then subscribe to their podcast products.
You can download CastBox here.
The Q is to HQ Trivia what Lyft is to Uber. While the two are similar, one is smaller than the other one.
To use The Q, you just need to download the Android or iOS app, create an account with either Facebook or your phone number, and then receive a notification when the game is about to start.
As with Lyft, The Q has fewer users per game, but it is still growing. The amount of money shared is also little, but this will change when the game starts to grow.
Since inception, the top winner in The Q has won more than $4,000.
Like CastBox, Buzz Video is originally not a live trivia game. It is a platform created a few months ago to share funny videos and GIFs.
To diversify its ad revenues, the company has started to offer a live trivia game called Beat the Q. Like HQ, players receive 12 questions, and then the winners share a payout.
The difference between HQ and Beat the Q is on the number of games. The latter has only one game per day, but in several days, its payout is usually higher than that of HQ.
You can try the Buzz Video app here (Android) or here (iOS).
Other companies will likely enter the business. However, to start with, I recommend that you try the four apps I have mentioned.
Remember, winning these trivia questions is not easy. So, you can’t make it a full-time job. Also, you need to be quite persistent and patient because it might take days or months before you get make your first win.
The secret is to always give the game a try because you don’t lose anything by trying. Another secret is to try all the apps I mentioned and being on the lookout for other new apps that will come up. Finally, you should always answer each question, before the timeout. If you don’t know the answer to a question, just make a guess.