- Recent data-privacy concerns cause social media backlash, result in millions of lost users
- SRAX enables users to earn compensation for sharing data, creates reliable data sets marketers can access
- Company recently partnered with Indian firm, facilitating entry into growing digital-ad market valued at $3.6 billion
The refusal of Facebook to revise its tracking practices (http://ibn.fm/hOtF9), along with increased concerns about data privacy, are among many reasons why the behemoth platform has decreased in popularity, losing 15 million users since 2017 (http://ibn.fm/VHHMV). SRAX Inc. (NASDAQ: SRAX) is a digital marketing and consumer data management technology company that is countering this trend through BIGtoken, its consumer managed data marketplace that enables users to own and earn from their data. The proprietary platform is giving the industry much needed user transparency and compensation, in addition to creating reliable data sets that can be sold to marketers.
Awareness among users about data privacy continues to increase as evidenced by the recent controversy caused when Facebook released a statement about refusing to change its mode of operations by use of a loophole in the California Consumer Privacy Act. Stating that its service doesn’t directly sell user data, Facebook claims it is exempt from the legislation because of its perceived function as a facilitator in the exchange of data. While Facebook’s refusal is still pending review by the Attorney General, major impacts will be experienced throughout the industry if the high court rules against the company.
SRAX addresses all these concerns and stays ahead of the curve on industry trends by giving customers the power to choose, provide and earn from their data through the company’s patented BIGtoken platform. This proprietary technology offers tools that allow users to select, approve and monetize their data while at the same time creating anonymous and reliable data sets that marketers can access for a fee. Since social media users are becoming increasingly aware of how most companies are collecting and making money from their data, SRAX offers an alternative symbiotic relationship that benefits both users and marketers.
Mounting concerns of privacy issues paralleled with increasing awareness of the BIGtoken platform has resulted in increased use of the service, currently at over 16 million users. This market shift is expected to continue while new privacy laws emerge affecting how digital marketers can reach consumers. Since BIGtoken already operates in compliance with those laws, the platform is expected to withstand changing regulations as its user base continues to grow.
Due to the transparent nature of the platform, SRAX provides relevant and accurate data that users select and share with permission. This provides SRAX with increasingly reliable data sets across many industry verticals, accurately identifying target consumers for brands and companies in the CPG, investor relations, luxury, and lifestyle spaces, keeping those brands ahead in the competitive curve with high-quality data.
SRAX is growing internationally by launching BIGtoken into several international markets through the creation of local joint ventures. The Company’s recent partnership with Mumbai-based Yash Birla Group, with diversified interests in both consumer and industrial products, will give SRAX access to India’s estimated digital population of 627 million. One of the largest growing digital ad markets in the world, India has an estimated value of $3.6 billion, with expectations to grow at a compound annual growth rate of 32%.
SRAX Mexico, with a team of 90 employees and 70 engineers, is also at the forefront of the Company’s expansion, along with plans for BIGtoken Europe to offer the platform in multiple languages in the future.
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
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