Want an iPod for $2.70? How about a Harley for $7.35? How about a 42" plasma HDTV for $13.50? A 2006 Mini Cooper for $50.43? A Hummer H3 for $36.65? Sound too good to be true? Well, it's not... The site lauched in mid-December of last year, and expects to rake in $5 million in revenue this year. It has run over 200 such auctions since it started, how could they possibly be profitable you might be thinking? Well, apparently most of the revenue comes from companies like CBS, Fox, Lifetime, etc which get charged for running the Limbo promotions under their own brands and on some of the auctions, users get charged 99 cents per bid... Interesting... They managed to get $9 million in funding though from Azure Capital Partners and Draper Fisher Jurvetson...
Limbo...
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3 comments:
Interesting. I was just reading the rules - I wonder how many people they get bidding on things. It's a gamble for sure, but if you won - it'd certainly be a nice payoff. :)
Yeah, no kidding... At first I was like, how could this be a business model... Yet it is... Amazing...
Looks cool.
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