The high value of personal -- and social -- data
Here is an eye catching story from today’s New York Times — “Personal Data’s Value? Facebook Is Set to Find Out?”:
Facebook, the vast online social network, is poised to file for a public stock offering on Wednesday that will ultimately value the company at $75 billion to $100 billion, cashing in on the fuel that powers the engine of Internet commerce: personal data.
But that punch line is only part of the story. The real value of Facebook isn’t just in the personal data that fuels advertising. It is in the social connections. Facebook does more than track your interests. They turn you into a viral, “word-of-mouth” advertising platform through the “like” and “friends” features. As the story notes:
If Google’s search engine cast the Internet as an instrument of solitary exploration, Facebook requires its users to share what they do with their Facebook “friends.” In some ways, the Facebook offering is a test of how valuable the social model of the Internet could be.
. . .
While advertising is its bread and butter, Facebook has sought new sources of income by becoming a place where goods and services are bought and sold, whether it is virtual farm animals or real concert tickets.
Analysts expect Facebook to be the driver of more such transactions, using the persuasive power of Facebook “friends.” Company officials use the word “frictionless” to signal that whatever you watch, read, listen to or buy on Facebook or its partner sites can be displayed automatically for the friends of your choosing.
That next step is what really makes Facebook worth so much.
Read more at The Intangible economy
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