How to Monetize Any Game of Skill ft. Connor Ep. #93
Nov 18, 2024
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In this conversation, Connor Gross, a business partner and creative thinker, shares ideas on monetizing games of skill. He discusses an innovative golf challenge in New Zealand that's raking in $650,000 annually. The duo explores franchising opportunities in skill-based games and the burgeoning popularity of nostalgic products like record players. They brainstorm an exciting concept: a build-your-own record player kit for kids, merging creativity and music in a playful way, reminiscent of the beloved Easy-Bake Oven.
The outdoor golfing challenge model showcases how skill games can create profitable, low-cost entertainment venues through franchise opportunities.
The idea of a build-your-own record player kit illustrates the potential for nostalgic physical products to engage children while promoting learning.
Deep dives
The Success of Skill Games
The potential profitability of skill-based games was analyzed through a unique outdoor golfing challenge in New Zealand. Participants pay to attempt a hole-in-one shot, with statistical chances making it a low-probability event for amateur players. The kiosk's ongoing success shows a substantial prize payout, which not only attracts participants but also generates significant income. This model highlights the appeal of skill games over traditional gambling, appealing to a wider audience seeking entertainment with a chance of winning.
Franchising Opportunities
The discussion centered on the feasibility of replicating the successful golfing kiosk model across various locations. With relatively low startup costs compared to established entertainment venues like Topgolf, this concept could be franchised widely, making it accessible for aspiring entrepreneurs. Strategic placement near high-traffic areas, such as roads by lakes, could maximize visibility and participation. The idea of ease of entry suggests a significant market for similar businesses in areas where games of skill are legal, potentially revolutionizing local entertainment options.
The Appeal of Nostalgia and Physical Experiences
The rise of physical products, particularly record players, was examined, emphasizing their appeal in a digital era dominated by streaming services. Personal anecdotes of children's fascination with record players triggered insights into how tangible experiences can captivate today's youth. The discussion introduced the idea of creating a build-your-own record player kit for children, combining nostalgia with learning opportunities. This innovative approach not only engages kids but also taps into ongoing trends surrounding physical media, suggesting a potential for high market demand.
Merchandising and Recurring Revenue
The concept of creating a record player tailored for kids included a merchandising strategy that could enhance profitability. Licensing agreements with popular franchises would allow for themed records that appeal to children, fostering a personal connection to the product. This strategy emphasizes creating a sustained revenue stream from record sales, as children would likely want to build their collections. By engaging kids in the construction and use of the record player, it promises a multi-faceted experience that combines fun, learning, and music.
I sat down with Connor Gross (https://x.com/c_gro), for Part 2 of our discussion on creative business ideas. If you haven't listened to Part 1 (Episode #90), go check it out to get the full context!
In this episode, we talk about a "hole in one" challenge business in New Zealand that makes use of a lakeside setup to bring in around $650,000 in annual revenue. We also talk about how games of skill can be turned into sustainable business models, including franchise opportunities. Lastly, we came up with an idea for a build-your-own record player kit for kids, something that could be the next big thing, like an Easy-Bake Oven for vinyl lovers.
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Timestamps below. Enjoy! --- Watch this on YouTube instead here: tkopod.co/p-yt Ask me a question on or off the show here: http://tkopod.co/p-ask Learn more about me:http://tkopod.co/p-cjk Learn about my company: http://tkopod.co/p-cof Follow me on Twitter here: http://tkopod.co/p-x Free weekly business ideas newsletter:http://tkopod.co/p-nl Share this podcast:http://tkopod.co/p-all Scrape small business data:http://tkopod.co/p-os --- 00:00 Innovative Business Ideas in Skill Games 02:47 The Viability of Skill-Based Gambling 06:09 Franchising Opportunities in Skill Games 08:58 The Nostalgia of Record Players 11:51 Creating Engaging Experiences for Kids 14:45 The Future of Physical Products in a Digital Age
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