However, as Bustle reports, the prize is not quite grand as the emerging victor will only leave with bragging rights and a trophy.
The outlet cited other news organizations that had reported the same detail, with USA Today writing that there is "no particular prize," and Metro News saying, "Like most celebrity-based reality television, The Masked Singer doesn't boast a big prize at the end."
🏆 Who will win it all? 🏆February 27, 2019
It is correct that most celebrity-based reality TV competitions do not end with a large prize-bucket of winnings, as the contestants are typically paid a negotiated sum for their appearance.
Recently Masked Singer host Nick Cannon opened up about the show, and revealed that he does not know who is under the costumes, but added that he does know how fans can better guess the celebrity identities.
"I personally stay out of when they pick whoever the celebs are in the costumes because I want to be able to play along with everyone else," he told Country Living. "I can make all the crazy, random guesses myself because I don't know who's underneath the mask."
"The other singers don't even know who the other singers are," Cannon added. "Everyone's kind of ushered through security and tents that separate everyone. It's pretty intense."
"The song choices and the actual mask," he went on to say. "If you pay close attention to the songs that people are singing and then why they chose the costume that they chose, I think that those are some of the biggest clues that sometimes people just overlook."
The Masked Singer executive producers Izzie Pick Ibarra and Craig Plestis also previously opened up about the show, and shared how they plan to keep the celebrities identities secret going forward.
"We have a lot of production processes in place for that type of secrecy that can still remain in place, if that makes sense. So few people knew who any of the singers were on our production—and it was very, very, very few people," Ibarra stated. "We can carry on that to another season and I feel confident that we can keep [that going]."
"That's the big part of the show right now: keeping the secret," Plestis chimed in. "We want America to guess. We want our panel to guess. We really tried to keep every secret from them because that's a magic that we got from the show. If we can keep that again, keep all this a secret from everybody, from the crew and from the rest of America, it's going to be a great season."
The Masked Singer airs Wednesdays at 8 p.m. ET on Fox.