My First Million #193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
Jun 23, 2021
Dive into the fascinating world of sweepstakes, where high-value prizes become powerful tools for business growth. Discover a novel take on deep fakes with Oasis, which redefines video calls. Learn about the ethical complexities of operating a sweepstakes business and how startups can monetize effectively. Finally, enjoy visionary predictions on the future of industry giants like Apple and Netflix, as they adapt to new technological landscapes and user expectations.
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Bold.org: A Lead Generation Example
- Bold.org aggregates scholarships and sells leads generated from applicants.
- The Hustle used this service, paying $50-100k monthly for leads.
Learning from Businesses for Sale
- Research businesses for sale on brokerage sites for insights and ideas.
- Shaan learned about a car sweepstakes company with $26.7M revenue and $5.8M profit.
Car Sweepstakes Business Model
- A car sweepstakes company generates revenue by selling merchandise alongside entries.
- Repeat customer rate is 50%, with some spending $8,000 on merch.