A new app, designed by Whartonites, lets users earn money by looking at advertisements on their Android phone.
Once users create an account on Slidejoy, which was released a few weeks ago, using their Facebook account or email, the cellphone shows different advertisements on the screen when the phone is locked. Users can either slide to the right to unlock their phone and go to the home screen or slide to the left to go to the advertiser’s website, watch the advertiser’s video or go to Google Play to download an advertised app.
According to the founders, the app has gotten a little over 10,000 downloads so far.
Users are paid every time they slide to unlock their phone. They do not earn more money if they go on an advertiser’s website. The app has an algorithm that detects users who constantly lock and unlock their phones to earn more money and lowers the payment amount.
Phone users are paid through their Square Cash or Paypal accounts, or can choose to have their earnings donated to either the Jericho Project, which helps homeless people, or Got Your Six, which connects veterans and the entertainment industry.
If they want to disable the advertisement, they can log out of the app and return whenever they want. Some of the participating advertisers are Macy’s, Nike, Sephora and Groupon.
Slidejoy co-founders 2012 Wharton MBA graduates Robert Seo , Jay Chung and current Wharton MBA student Sanghoon Kwak, got the idea from a similar app in Korea called “Cashslide,” which shows advertisements, shopping information and news and pays its users accordingly .
Advertisements through Slidejoy are almost 60 times more effective than Facebook, which is one of the most powerful outlets for advertisements, the founders said.
“It’s really surprising because users are usually weary of advertisements,” Seo said. “They don’t see it as spam.”
Seo attributes the app’s popularity to the “virtuous cycle” it creates. People will download the app to earn money and advertisers will have a larger audience pool to reach. He added that users have provided much positive feedback for being “a clean looking and creative app.”
Slidejoy is currently available only on Android smartphones but plans to expand to tablets and iOS eventually. The app is trying to make more nonprofit organizations, such as Habitat for Humanity, American Red Cross and Teach For America, available for donation. It will also introduce another cash-out option in the form of digital gift cards in a few weeks.