Analysts said that an app like this will require scale to be successful and to that end the $6 payments to users is a bid to expand quickly.
But is such a model sustainable in the long-run? Seo thinks so.
"What we have done is we have focused very intensely on the unit economics, right now they work out," the founder said, but could not reveal the exact prices it charges or the mathematics behind it.
CNBC asked an independent research firm to run an analysis on potential revenues Slidejoy could be making based on current market prices. Ampere Analysis said that looking at various research, people check their phones 30 to 50 times a day which would equate to 30 to 50 impressions per day per person, based on Slidejoy's model. Ampere then took 40 as a midpoint. It also found that a full display add costs between $3 and $4 per thousand views. It took $3.50 as the mid-point. Based on an advertiser paying $3.50 per thousand views, and a user checking their phone 40 times a day over a month, each user would make roughly $4.20 a month. Slidejoy would be roughly breaking even per month.
"However, Slidejoy has the advantage here of knowing if someone has seen an advert – the fact that the user has to interact with the advert to unlock their phone means that Slidejoy knows when an advert has been seen. With this in mind, they might be able to get away with charging higher CPMs than average," Richard Broughton, research director at Ampere Analysis, told CNBC.
And this is exactly what Seo thinks could happen. As the user base grows, Seo said that the company can charge more as it'll be a "premium spot" and have higher engagement.
"We will have an easier time as we scale," the founder told CNBC.
Seo also said that ideally the company would like not to be in a situation to pay out, but right now, the fees are here to stay.
"If we had a killer feature where we don't have to pay anybody, we would want to do that. But it helps to get this out there. I'm not saying there is a future where we do take payments out, but ideally if we could make that we would love that," Seo said.