Dropit App now to Run live Auctions on Stadium Scoreboards that Players Bid on from the Stands

Dropit app

Dropit app is an interactive tool that hosts live 60-second auctions on a stadium’s scoreboard that users bid on from their mobile devices.

You need to download the app from app stores, be it Google or iTunes, for your smartphones and use it for any Dropit auction, regardless of what arena you’re currently in.

Once the auction starts, the price drops, and the first player to “swipe up” in real-time wins that item for the price shown.

The longer everyone waits, the more the price drops, but the odds of someone else in the stadium stealing it from you increase exponentially.

For example – during one live test at a baseball game – the startup held an auction for a Ducati motorcycle, which sold for $3,904 and is worth over $15,000.

Features of Dropit App

Dropit app

These items are typically given away by a sponsor, who takes a loss on the item but considers it an advertising expense, just like buying an old-fashioned billboard ad in the stadium.

Sponsors also typically pay an advertising fee to the home team for each auction run and the Dropit app for powering the tech behind the live auction.

What is Dropit

Essentially, the goal for sponsors is to get everyone in the stadium to concentrate on one thing at once, i.e. the item being auctioned off.

By turning an advertisement into a fun interactive game, there’s a much better chance fans will pay attention and remember a sponsor’s brand and product.

Sponsors can offer every attendee an in-app post-auction offer, like a coupon, so everyone walks away with something even if they lost the auction.

Dropit app has taken the model of a traditional auction and gamified it as an immersive, adrenaline-pumping competition in which the price drops over 60 seconds.

The first player to swipe up wins the purchase offer.

Dropit app

History of Dropit App

Founded in 2014, Dropit Inc. launched into the U.S. market as a leader in creating an innovative fan immersion experience. Initially tested in the New Zealand market over 388 activations, the Dropit app yielded 92.5% returning users and 55% engagement with millennials.

The startup recently raised a USD 3.6M Series A at a pre-money valuation of $21M, with most of the funding coming from New Zealand investors. They also sold an equity stake to Silicon Valley law firm Wilson Sonsini.

Dropit app was the idea of the Mt Maunganui brothers that turned their app into a $30m tech business, disrupting the lucrative United States sports sponsorship market.

Brendan Howell, 40, and Peter Howell, 37, founded the Dropit app in the Mount in 2015, building on technology from a previous enterprise.

Gaining a Lot of Traction

The startup recently raised a USD 3.6M Series A at a pre-money valuation of $21M, with most of the funding coming from New Zealand investors.

They also sold an equity stake to Silicon Valley law firm Wilson Sonsini. Audiences loved the adrenalin-pumping, bargain-hunting action, and sponsors loved seeing people actively engage with their brand instead of checking social media or grabbing a hot dog.

A distribution deal with major electronic scoreboard manufacturer Daktronics followed in 2017 and went live at several new stadiums.

They were also eyeing up potential shopping mall applications in the long term.

In a way, the ambitious brothers have come full circle, having started their careers building billboards. In 2017, they moved the company to Miami and started expanding.

They are trying to raise $5 million in new investment capital – mainly from Kiwi investors – and build up their staff to 50 people, including new hires in New Zealand.

Each brother owned about 20 per cent of the company, and their goal was to make it a unicorn, planning to spend the next three to five years “working our you-know-what’s off” to get there.

About the author

Kamal Kaur

Kamal Kaur

Kamal Kaur has been an integral voice in the New Zealand gaming landscape for years.

As a senior writer for PokiesMobile NZ, Kamal brings rich experiences from her diverse background.

Born in India and later migrating to New Zealand, she effortlessly blends her cultural insights with a deep love for gaming.

Kamal is renowned for her in-depth game analysis, player strategies, and knack for spotting industry trends.