Almost everyone has at least heard of or actively watched a game show. Participants usually endure a sequence of quizzes and challenges in order to become the victor and win a prize. Often, there are smaller prizes along the way, but of course, everyone is interested in going big and winning the grand prize!
For shows that quiz their participants with tricky questions, pop culture references, and facts that span the entire range of the almanac, a little bit of extra knowledge can mean the opportunity to win a lot of extra money or a valuable prize.
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These prizes really do vary, but they all have something in common which is that people really want to win them! Prizes from shows like “Who Wants to Be a Millionaire” are cash, in this case, a million dollars. Other shows like to diversify their options as well by offering more than just prize money. Some shows offer multiple prizes like a vehicle, or a dream vacation to a far away, exotic, location. Some have even offered luxury homes as a reward!
The prizes usually get staggered, meaning there are multiple levels of prizes. The smaller prizes can be anything from iPads and iPods to video game consoles and huge screen plasma televisions. Up from there are the chance to win things like appliances (washer and drier, etc) and other home products. Next up are vacations and getaway packages and of course the larger categories include cars and houses.
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Where do they come from?
Prizes can be allocated from a few places. The show usually incorporates the cost of the prize into their production budget. They can also receive funding from corporate sponsors who wish to air commercials during the show’s air time. Manufacturers may sponsor the specific prize being given away as it builds hype around their product. Other corporate sponsors may wish to fund prizes or provide money because the exposure for their product will be good for their company’s brand name.
What’s in it for them?
These prizes, while certainly enormous and desirable for many people, are not even a dent in the pool of money many sponsoring organizations have. The benefit for these companies is that the exposure they gain from having their product shown on the show or offered as a prize far outweighs the initial capital needed to offer the prize. So in the mind of the business providing the money for these quiz shows, it’s a great deal that only yields benefits for them, while also making the winners happy and satisfying a very engaged audience of viewers watching on television. The business model for this is known as product placement and it has not just been used for quiz shows, but also for sporting events and many other types of competitions. The theory is that by sponsoring a competition and offering a prize, a company is able to brand themselves as something desirable and is able to reach a market of people who are tuning into the event. Many big companies like Gatorade and Nike have used this model for sports, and even McDonald’s used this business model during the Olympic Games.
The bottom line is that quiz shows are a business and the prizes being offered are a very smart method of attracting people to a brand name. There are net positives for everyone involved, especially the winner of the shows and the businesses offering the prizes!
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