- New privacy laws in California place SRAX ahead of the competition
- Privacy has always been a consumer right for SRAX
- Building a reliable, opted-in consumer dataset has long-term, recurring revenue potential for SRAX
SRAX Inc. (NASDAQ: SRAX), a digital marketing and consumer data management technology company, has developed a consumer-managed data marketplace where people can own and earn from their data. As new privacy laws come into play in California, Los Angeles-based SRAX is already ahead of the competition.
BIGtoken, built by SRAX, offers a secure and transparent environment for consumers to own and earn from their data. Long before California law makers were writing legislation that valued the privacy of individuals over the agenda of big players (i.e. Facebook, Google, Amazon), SRAX was putting the consumer in the driver’s seat. Founded in 2010, the company has sought from the beginning to provide highly valued, consumer-powered data that reveals brands’ core consumers. By providing the consumer with essential key control, the company has unlocked the true value of data.
While other companies are adjusting budgets to cover the cost of compliancy to a new California law by January 1, 2020, BIGtoken has already sidestepped the legal data issue because it requests users’ permission for data sharing when those users initially sign up for the platform. BIGtoken puts control in the hands of the consumer by providing the right to privacy, awareness and choice from the get-go (http://ibn.fm/KG5zt). Once users sign up, they are able to determine and make decisions on how much of their information is shared and to whom. For SRAX, privacy has always been a right.
Doing the right thing from day one has placed SRAX a step ahead in the industry. Competitors in digital marketing and consumer data management will be spending up to $55 billion to comply with the California Consumer Privacy Act (CCPA) (http://ibn.fm/LtGNZ). The bill gives California residents the right to be informed about how companies gather and use their data, an ideal that is an integral component of BIGtoken’s core mission. BIGtoken has been building consumers’ trust, resulting in an increase of consumer opted-in data made available to brands, making that data far more valuable than information collected through data mining.
SRAX is building reliable, opted-in consumer data set that will have a long-term recurring revenue stream. As consumers become more aware of the value of their data, they naturally expect to be compensated for it. The larger social media platforms such as Facebook, Twitter, and Snapchat are experiencing consumer backlash as questions are being asked and more privacy laws are going into effect.
The CCPA appears to be only the beginning as consumers become more aware of their data rights and demand more of those entrusted with it. Privacy laws at both the state and federal level will continue to change and impact the way marketers reach consumers. As consumers become more empowered and informed, SRAX will continue to meet their high expectations.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX