pull down to refresh
100 sats \ 3 replies \ @denlillaapan 5 Dec \ on: I'm Saba - Founder and CEO of Workit App - AMA AMA
What business are you in vs what business are you really in?
As in: I've seen a number of these freebies/pay-for-activity apps come and go; they don't ever seem to do anything but distribute value and go bankrupt. I'll happily try it (=take your sats) but what exactly is it that you're selling, why is your product a thing at all? What is it you're making money on, etc?
Put differently again (in regards to my music-has-no-value post #796401), why am I being paid for doing something that isn't scarce and isn't economically valuable (i.e., fitness/workout/moving)?
We generate revenue in two ways:
-
Premium Subscriptions: Users purchase a premium subscription to unlock workout programs and personalized nutrition plans, mostly used by the weight loss community. We reward them with sats for their exercise efforts, ideally encouraging them to start playing challenges.
-
Step Challenges: For example, 10 people bet 10K sats each to enter a challenge, creating a prize pool of 100K sats. The goal is to walk 10K steps a day for two weeks. If 5 participants win and 5 lose, we take a small cut from the pot of the participants who lost. The remaining goes to the winners.
Additionally, we give away 10 sats per day for free in exchange for 10K steps a day. This cost is covered by the revenue we generate from premium subscriptions
reply
woaah -- OK, I do like that.
Thank you, that's amazing!
reply
Thank you!!
reply