The million dollar prize is for the major competitions...

The million dollar prize is for the major competitions (Worldwide Competition), of which there will be more. The current Spotlight Competition is designed to keep people engaged with the app in between the major competitions.
The engagement during the major comp finals was pretty awesome. If you used the app you would have seen all the comments back and forth between performers and fans.
Over 410,000 people downloaded the app. That's like 10 football stadiums full of fans. If they can sell advertising in football stadiums that fit 40-50,000 people then I'm sure they'll be able to generate advertising revenue from this app.
The question is when and what is the strategy. If they have a target in mind in terms of number of users before they introduce in-app advertising, fine - but this needs to be communicated.

The fans are oblivious to what the share price is doing. All those fans that were engaged during the finals are going to be hanging on the edge of their seats wanting to know who has taken out the top prize. After all, they have been using the app every day to allocate their votes. So let's see how the live show goes and the promotion thereafter.