Data monetization: all what you should know

FySelf
FySelf
May 2, 2020 · 4 min read

Originally published by: Find your digital self | FySelf Blog

Did you know that you can use your data to obtain a measurable economic benefit? The way already exists: it is known as data monetization. This practice includes methods such as selling information to third parties or creating new products / services based on the data.

Data have been called “the raw material of the 21st century” or “the new oil”. Data management is a very profitable business.

By 2022, 90% of corporate strategies will explicitly mention information as a critical business asset and data analysis as an essential competency of their workers. This is stated by the analyst company Gartner Research.

Information is the oil of 21st century, and analytics is the combustion engine”.

Peter Sondergaard, senior vice President, Gartner Research.

Six figures on data monetization

  • The same source notes that more than 1,400 “leading brands” sell information of loyalty card from stores to data vendors.
  • It is possible that a person accepts more than 40 consents of use of personal data per year. So declared in January of this year the Security Office of the Internet User of Spain. The source said the trick is to offer users high-value, free services. In exchange they will give you some of their privacy. Some companies thus become dealers of your privacy on the Internet. Unfortunately, you don’t get even 0.1% of these dealers profit.
  • In 2018, the benefit from collecting personal data from Americans was 76 billion dollars. This was estimated by the consultant of the economist Robert J. Shaphiro.
  • If these benefits were distributed among users, each would receive $ 122, Crónica Global Media SL reported.

Not only companies can benefit from the sale of data, you as a user could also get involved in the business. You must become aware of the fact that you and only you are the owner of your information: this is the first step to become a data broker or data seller.

6 reasons to monetize your data

  • There are laws that protect you: In Europe since 2018, there is the General Data Protection Regulation. THe regulation introduces a legal framework that protects you from the large technology companies that have access to your data
  • It constitutes a source of extra income: For example, the more than 2,000 Wibson users in Uruguay generated nearly 700,000 wibs (the cryptocurrency with which the data is paid), according to the Spanish Newspaper El País.
  • The investment is minimal: You only have to use your time, your cell phone or PC to connect to the Internet and the consumption of your ADSL, fiber or mobile data.
  • It could be a hobby for you, not just a business: Can you imagine that the platform for the sale of your data is a social network?
  • You have an online database: What if this database is universal? What if you can use this database to carry out procedures? Perhaps we will soon have that data sales platform at hand …

“Big Data and Artificial Intelligence are a binomial that will change business models, the concept of privacy and the world order in the next decade.”

KPMG Trends.

How much are your data worth?

According to the aforementioned WebFX study, the average email address is worth $ 89 for a brand over time, so it makes sense that they’re willing to pay for this type of information.

In another post on this blog, we have analyzed some factors that affect the value of your data. You can check it out if you’re interested.

How did data monetization come about?

It has been a while since the creation of the World Wide Web in 1989, a fact that turned commerce around. The other great milestone that e-commerce marked was the arrival of Bitcoin in 2009, as a result of the implementation of blockchain technology that has been working since 1991.

Are you a data broker? I would like to hear about your experience. If you are not yet a data seller, but want to be, I advise you to be patient.

Will FySelf allow you to monetize your data? Maybe you will have full control over your data, fun and earnings on the first social identity network. Countdown! #FindYourDigitalSelf

Find your digital self | FySelf

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