Why Pay Users to Unlock Their Phones?

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Nov. 6 (Bloomberg) -- Locket Co-Founder and CEO Yunha Kim discusses the company's mobile phone product with Deirdre Bolton on Bloomberg Television's "Money Moves." (Source: Bloomberg)

There's an app that pays you to unlock your screen.

It pays you about a penny a swipe for allowing ads on your lock screen.

The cofounder and ceo is with us now.

Glad to have you with us.

What made you think of this idea and basically getting advertisers to pay users to unlock their phones?

I was working at an investment rate -- investment bank and had no outside life, and i was checking my phone all the time.

I was counting how many times i was unlocking my phone, and it was probably 300 times.

The lock screen had a picture of a daisy flower, and i was wondering why isn't anybody using this valuable real estate.

Some people have photos that they want to see.

And i know your product is android only for a moment, but there is a photo there because the user wants it there.

How intrusive is it?

Doesn't really change anybody's life?

-- does it really change anybody's life?

Our advertisements are not standard advertisements.

They are beautiful pictures that inspire and delight you.

We also are launching a new feature where you can put in your own picture of your family or whatever you want, but it will cycle through so you're not or.

A lot of users tell us they have just one picture, and they might not know how to change their lock screen.

Is there an issue about targeting?

Are you giving data somehow back to the advertisers that will make sense for the advertisers?

Meaning, if you know that i like a certain band, do i get ticket concerts on sale on my phone?

We collect data like age, gender, location, and using that, we deliver targeted advertisements to users.

Our dream is to deliver a starbucks coupon as you are walking by starbucks.

How hard is it to build up at technology?

It's not that hard.

It's just bringing on those brands to catch up with the technology has been a little more challenging.

As far as getting those brands on board, how much of your personal time is spent in that way?

When we first arctic, i had to do the sales, so i spent probably 100% of my time on it.

We have been bringing in a really good brands such as hershey and sunny delight to advertise.

I imagine with younger people, this works pretty well, right?

Better within older demographic?

More than 80% of our users are between age 19 to 34. it pays you about a penny a swipe for allowing ads on your lock screen.

The cofounder and ceo is with us now.

Glad to have you with us.

What made you think of this idea and basically getting advertisers to pay users to unlock their phones?

I was working at an investment rate -- investment bank and had no outside life, and i was checking my phone all the time.

I was counting how many times i was unlocking my phone, and it was probably 300 times.

The lock screen had a picture of a daisy flower, and i was wondering why isn't anybody using this valuable real estate.

Some people have photos that they want to see.

And i know your product is android only for a moment, but there is a photo there because the user wants it there.

How intrusive is it?

Doesn't really change anybody's life?

-- does it really change anybody's life?

Our advertisements are not standard advertisements.

They are beautiful pictures that inspire and delight you.

We also are launching a new feature where you can put in your own picture of your family or whatever you want, but it will cycle through so you're not or.

A lot of users tell us they have just one picture, and they might not know how to change their lock screen.

Is there an issue about targeting?

Are you giving data somehow back to the advertisers that will make sense for the advertisers?

Meaning, if you know that i like a certain band, do i get ticket concerts on sale on my phone?

We collect data like age, gender, location, and using that, we deliver targeted advertisements to users.

Our dream is to deliver a starbucks coupon as you are walking by starbucks.

How hard is it to build up at technology?

It's not that hard.

It's just bringing on those brands to catch up with the technology has been a little more challenging.

As far as getting those brands on board, how much of your personal time is spent in that way?

When we first arctic, i had to do the sales, so i spent probably 100% of my time on it.

We have been bringing in a really good brands such as hershey and sunny delight to advertise.

I imagine with younger people, this works pretty well, right?

Better within older demographic?

More than 80% of our users are between age 19 to 34. it surprised me as well.

Thank you for joining me.

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change