There are two components that are becoming very valuable in the digital age.
Time and Data.
It's not just your personal information that you provide to specific sites, but the TIME you spend on them that is becoming very valuable.
Did you know that the average user spends almost 30 minutes on Facebook?
That's the longest amount of time on ANY website.
What is driving that metric up?...games.
Facebook takes the data YOU provided to them and shows you relevant ads....for thirty minutes.
A trend that is developing...consumers will soon will want to be paid for this.
Interesting article in the NY Times that highlights the growing trend I have been discussing Pay Me For My Data
On the Internet, users supply the raw material that helps generate billions of dollars a year in online advertising revenue. Search requests, individual profiles on social networks, Web browsing habits, posted pictures and many Internet messages are all mined to serve up targeted online ads.
All of this personal information turns out to be extremely valuable, collectively. So why should Google, Yahoo, Facebook and other ad businesses get all the rewards?
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1 comment:
Fantastic. I have advocated a less one-way exchange of personal data for a long time. If a company will use my information and preferences to drive a multi-billion dollar industry, I want my chunk of that. After all, without all of our information, that industry would not exist. And this is the only industry I know of where such a valuable commodity is given away free.
Companies bombard us every day with the idea that digital information has value (the games industry, the movie and music industry) as well as advertisers paying big bucks for targeted advertising lists. People need to wake up and realize that their own personal data is a valuable commodity and should be given to these companies only in exchange for fair compensation. I would go as far as to say, if a movie can continue to collect royalties for years every time it is shown/sold/downloaded, why should someone not get paid every time their personal information/preferences are sold?
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