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Gov Gavin Newsom Suggests Big Tech Should Pay People Cash For Monetizing Personal Data | The Daily Caller

Gov Gavin Newsom Suggests Big Tech Should Pay People Cash For Monetizing Personal Data | The Daily Caller | The CYDigital Blog | Scoop.it
California Gov. Gavin Newsom suggested Sunday evening that tech companies should pay California residents for money they make off selling their data.

“Your data is being monetized every single nanosecond. And, to the extent it’s been monetized and it’s yours, I think in some way shape or form you should be rewarded,” Newsom, a Democrat, said during an interview on HBO. He floated the idea in May during his first State of the State speech as governor.

It would conceivably serve two purposes: help fill California’s yawning wage gap and reward people for forking over their data to big tech
CYDigital/marteq.io's insight:

Gov. Newsom is spot-on! This needs to be comprehensive with a tangible means for consumers to be compensated.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy #datamonetization

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Why data ownership is the wrong approach to protecting privacy - Brookings

Why data ownership is the wrong approach to protecting privacy - Brookings | The CYDigital Blog | Scoop.it
The trouble is, it’s not your data; it’s not their data either.  Treating data like it is property fails to recognize either the value that varieties of personal information serve or the abiding interest that individuals have in their personal information even if they choose to “sell” it. Data is not a commodity. It is information. Any system of information rights—whether patents, copyrights, and other intellectual property, or privacy rights—presents some tension with strong interest in the free flow of information that is reflected by the First Amendment. Our personal information is in demand precisely because it has value to others and to society across a myriad of uses.

Treating personal information as property to be licensed or sold may induce people to trade away their privacy rights for very little value while injecting enormous friction into free flow of information. The better way to strengthen privacy is to ensure that individual privacy interests are respected as personal information flows to desirable uses, not to reduce personal data to a commodity.
CYDigital/marteq.io's insight:

Here's the issue with this retort from Brookings: once that data (or information) is used by a third party for profit, then there is a solid argument for profit sharing between the party that generated the information and the party that executed on the mechanics to monetize that information. Without one, the other doesn't happen.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy #datamonetization

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Data is Money – Don’t Waste it - Fourth Source

Data is Money – Don’t Waste it - Fourth Source | The CYDigital Blog | Scoop.it
Without the right strategy or technology, you simply won’t be able to analyse all the data available to you. Much of it will go to waste, creating a pool of “data exhaust”. Remarkably, studies show that most companies are hoarding swimming pools of discarded data. A report by Forrester concluded that businesses do not analyse between 60 and 70 percent of the data they possess, while an unrelated 2018 survey of digital marketers found that 28% of respondents had no idea there was such a high level of waste. To bring these facts home, consider that in 2019, marketers are expected to spend $19.2BN on additional third-party audience data (plus the technology that manages, processes and analyses that data). Therefore, the amount marketers spend on third-party data and tech infrastructure increases by 17.5% year-over-year.

CYDigital/marteq.io's insight:

There are two converging forces emerging today: government legislation to protect data privacy, and a burgeoning desire for business to leverage data creation. The answer is simple: provides consumers with the means to capture and own their data.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy #datamonetization

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Banks Are Increasingly Trying To Monetize Data - PYMNTS

Banks Are Increasingly Trying To Monetize Data - PYMNTS | The CYDigital Blog | Scoop.it
Banks are increasingly looking for ways to monetize the large troves of data they hold on customers, be it with credit card sales or offering discounts on a customers’ special interest, like food or fashion, Reuters reported.

To help their bottom lines, banks like JPMorgan, Barclays and HSBC are taking a page out of the Google, Facebook or Twitter playbook with advanced data analysis. Banks are using the data to help with stock predictions, marketing campaigns and to fuel artificial intelligence (AI) tools for credit decisions. “If there was a gold mine people would probably have found it by now,” said Benjamin Ensor, an analyst. “But if you can generate some marginal incremental revenue at relatively little cost why wouldn’t you do that?”
CYDigital/marteq.io's insight:

U.S. State and Federal legislation may nip this in the bud.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy #datamonetization

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An alternative way of seeing data monetization - bobsguide.com

An alternative way of seeing data monetization - bobsguide.com | The CYDigital Blog | Scoop.it
Data exhaust refers to the excess data that is generated as a byproduct of a company’s operations. Simply put, it’s all the data the firm might not know what to do with, or might not think is relevant to its core business. This amount is much bigger than you think - Forrester reported that on average, between 60% to 73% of all data within an enterprise goes unused.

These are the two primary paths to data monetization that companies can choose to take, though they are not mutually exclusive. In fact, both paths can intersect and one can lead you down the other:

1) Getting new business insights - This is an internally focused path that may not directly lead to money on the table. But it’s about leveraging data to improve operations or the customer experience. In turn, this could lead to higher profitability or greater efficiencies that result in reduced costs.

Alternative data can yield insights that we may have otherwise not considered. But it’s easier said than done because, as Forbes reports, 87% of executives are still not confident they’re able to leverage all customer data.

2) “Externally” monetize data - These days, the mere mention of “selling data” conjures negative reactions. But there are ways of monetizing non-personal data that is aggregated and anonymized. This can be valuable to people you may not be thinking of in ways you might not have imagined.

Opportunities may exist in markets that are new and unfamiliar to the data owner. For instance, firms can open up new revenue streams by selling their data to economists, analysts, investors and any other parties that are seeking to gain new and unique insights.
CYDigital/marteq.io's insight:

It's not, and never has been, just about advertising. Data monetization covers an incredibly wide array of functions and desires.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy #datamonetization

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Data Monetization Market: Emergence of New Technologies to Boost Uptake of Data Monetization –

Data Monetization Market: Emergence of New Technologies to Boost Uptake of Data Monetization – | The CYDigital Blog | Scoop.it
According to the report by TMR, the data monetization market is expected to expand with a CAGR of 21.4% over the forecast period of 2017 from 2025 to reach the valuation of US$ 708.86 Bn by 2025. Based on the method, the direct data monetization segment dominated the global data monetization market with a share of 60.1% shares in 2017. Based on the region, North America dominated the market by accounting for revenue of about US$56.1 bn in the same year.

CYDigital/marteq.io's insight:

From The MITSloan Management Review: "The Strategy& unit of PwC has estimated that, in the financial sector alone, the revenue from commercializing data will grow to $300 billion per year by 2018." I'd take PwC over TMR. 

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy

 

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Will Netflix eventually monetize its user data? -ctpost

Will Netflix eventually monetize its user data? -ctpost | The CYDigital Blog | Scoop.it
Based on all we know about Silicon Valley’s aggressive monetization of user data, what else could Netflix do, beyond product integration, with this valuable information?

Netflix logs everything you have ever watched and how you watch – every time you pause, what programs you consider watching but choose not to and when you’re most likely to binge on “Friends” reruns.

When linked to website trackers, Netflix could, for example, cross-reference that viewing data with your social media accounts, your purchasing habits, your search history and even your emails.

In the age of surveillance capitalism, such data could be worth a fortune to marketers, political campaigns and advertisers.

As far as we know, Netflix has not started using its data to track us online, package us to marketers or cross-reference our private messages (even though Facebook has provided Netflix access to this information). And I doubt Netflix will violate its core brand by incorporating ads into its interface. Partnering with or acquiring a marketing firm to suffuse every subscriber’s online experiences with micro-targeted ads seems more likely.
CYDigital/marteq.io's insight:

Only law can stop this. Otherwise, it's all theirs.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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