The data industry is worth billions, How much did you get Paid for your data?
In today’s world, companies like Experian and Equifax make a fortune by using our online activity, purchases, and social media stuff to understand us better. They sell this info to other companies who use it for ads, deciding if we’re trustworthy for loans, and more. But guess what? We hardly get paid for it, if at all.
You see, your data is like gold to these companies. They rake in big bucks selling insights about us. But do we see any of that cash? Not really. The cool shoes you looked at online or the pizza you ordered last night—those actions become part of this valuable data puzzle, but you aren’t getting a paycheck for it.
“There were 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every two days”
– Eric Schmidt (Former Google CEO)
Some studies say our data might be worth a few bucks or even a couple thousand dollars a year. But here’s the catch: that’s all in theory. In reality, you’re not seeing that money in your bank account. It’s like being a superstar in a game but not getting any prize money. The following stats show the current power of the data broker industry, fuelled by your data and online activity :
- There are currently over 4,000 data broker companies worldwide
- The estimated value of the industry is over $200 billion, with estimated 3x growth in the next 5 years
- The current most valuable data comes from 18-24 year olds
- Facebook’s ARPU (Average Revenue Per User) was $15.51 in Europe in 2023
Sure, there are laws like GDPR in Europe or CCPA in California that give us more say over our data. Apple and Google even give us tools to manage our data better. But here’s the thing—they’re not cutting us a check for it. They’re just letting us peek behind the curtain with many using cookies and misleading disclaimers as literal box tickers to do as they please with your data, the graphic below from plcloud.com shows the top 50 apps collecting and sharing your data with 3rd parties…
So, what now?
Well, the whole idea of getting paid for our data is still up in the air. It’s super tricky because there’s no easy way to put a price tag on your Instagram likes or your Netflix watch history.
But maybe things could change. Maybe in the future, we’ll get a slice of the pie for our data. Until then, it’s a bit like being the unsung hero in a blockbuster movie—you play a huge part, but the real payday is going elsewhere.
So, while companies like Experian and Equifax keep cashing in on our data, us regular folks are left wondering when we’ll get a share of the jackpot. That’s the big question hanging in the air as our digital footprints keep growing.
