- In exclusive interview, CEO discusses how SRAX revolutionizes consumer data collection
- SRAX committed to building the most valuable opted-in data set in the world
- Company poised to capitalize on surge of multibillion-dollar data monetization market
In an exclusive interview at the LD Micro Main Event 2019, SRAX Inc. (NASDAQ: SRAX) Founder and CEO Christopher Miglino discussed how SRAX has revolutionized consumer data collection through BIGtoken, its proprietary, secure and transparent platform. The platform enables consumers to own and monetize their data as they earn rewards when they opt into the data sharing, as well as each time their data is purchased and each time they bring a new user to the platform.
With 16.4 million users worldwide, and three to five thousand new users joining each day, BIGtoken may be the most valuable opted-in data set in the world, said Miglino during the interview with SNN’s Robert Crafton (http://ibn.fm/LZQPh). Those numbers prove that consumers are looking for ways to receive compensation from marketers for using their data, said Miglino. Users worldwide can sign into the BIGtoken app, available for download on the App Store and Google Play, to see exactly how much they have earned.
The app benefits are mutual, Miglino pointed out, as consumers decide what data is shared, who can buy it and how it’s used, while advertisers gain verified consumer data for targeted marketing. Big brands such as Procter & Gamble and Kraft are purchasing BIGtoken data.
Users join the platform by answering questions about themselves and agreeing to share their information through location checking in or by connecting their social media accounts. Based on data, users are grouped into anonymized advertising groups to which advertisers buy access, enabling users to earn a portion of the revenue from the data sale.
Currently, big social media platforms are experiencing a strong public backlash as consumers demand to keep their data private. In addition, as consumers become increasingly aware of the value of their data, they expect to receive compensation for releasing their information.
As data-savvy consumers argue for more protection, regulations designed to grant that protection are beginning to roll through the United States as well as around the world, catching some social media giants off-guard. State and federal privacy laws such as the California Consumer Privacy Act, which goes into effect this month, are putting control over data back in the hands of the consumer; similar legislature is being adopted in 13 more states as well as across Europe and India. This is increasingly affecting the way that marketers can reach current and potential customers. Thanks to BIGtoken, SRAX is well positioned to capitalize on the national and international regulatory changes aimed at protecting consumer data while opening up monetization opportunities for those consumers who opt into data sharing.
In addition to BIGtoken, SRAX has also developed SRAX IR, a product that uses behavioral data to help public companies identify developments within the supply and demand of their publicly traded stocks. SRAX IR helps stock companies reach potential investors based on current stock buyers’ behavior and trends, monitor shareholders’ behavior, uncover trends from buyers and sellers, analyze activity from market makers and track return on investment from investor relations programs.
Data monetization is a multibillion-dollar market. Global spending on business analytics and big data amounted to $166 billion in 2018 and is projected to reach $260 billion by 2022 (http://ibn.fm/BcMRZ). As consumers take back privacy and data ownership, supported by the regulatory changes worldwide, SRAX is poised to harness the rapid growth of this multibillion-dollar market.
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
