In the digital age, data is gold, and companies know it — hence why they frequently steal, mine, and sell it, and the global data broker market is worth an estimated $430B+.
But if players like Google and Meta are making billions off of our data — shouldn’t we be able to monetize it, too?
Generation Lab, a youth polling company, thinks so. That’s why it’s offering consumers cash in exchange for their data through its newly launched product, Verb.AI, per Axios.
How it works:
- Users receive $50+/month (depending on usage and other factors) to download a tracker onto their phone that logs the things they buy, stream, and browse for, and the apps they use — all anonymously, of course — while excluding things like online banking activity.
- The app uses that data to create digital twins for users, which it stores in a central database.
- Companies can then query Verb’s dataset for specific information on a target demographic, and it will return relevant, real-time data.
- The platform already has ~1k users and is aiming for 5k by September.
A win-win?
Generation Lab claims data tracking provides a more accurate pulse read on trends and consumer behaviors compared to asking, analogizing traditional polling to a doctor asking a patient about symptoms and Verb to “an MRI machine.”
Plus, CEO Cyrus Beschloss told Axios he thinks people should be fairly compensated for their data — which, as consumers, we’re here for.
But will the youths buy into it?
Most likely. Unlike older generations, who remember a time when there was a separation between our digital and IRL lives, these digital natives have fewer qualms about sharing their personal info.
And while they might have the know-how to protect their privacy, they don’t really care.
- Nearly 90% of Gen Zers are open to sharing their personal info with social media companies.
- Around 33% of Gen Z doesn’t mind being tracked by websites or apps, compared to 22% of non-Gen Z, per Malwarebytes.
- Over 40% of Gen Zers said they shared access to personal info in exchange for something like a discount code or to use a free service.
So, if you’re already cool with companies sharing your data, why not make a buck, or $50, while you scroll?