Facebook May Have To Pay $3.50 Per Month To Millions of Users?

Social Media platforms have been banking on and gaining the personal information of millions of users. Nearly 98% of Facebook's revenue comes from advertising that is channelised based on personal preferences and needs of users. Now, users across many countries want such internet giants to pay back.

Must Read

APAC Employees Desperate to Return to the Office [STUDY]

As researchers continue to take full advantage of the impromptu remote work experiment COVID-19 facilitated earlier this...

After Jio Platforms, Now JioFiber To Raise Billions In Investment!

if you are thinking that Mukesh Ambani is done with the investments in Jio Platforms after making...

BlackRock: The New Android Malware that Targets More Apps Than Ever Before

A new Android malware has become a nightmare for over 2.5 billion Android smartphone users worldwide. The...

Almost every internet tech giant, be it Facebook, Google or Twitter, has flourished by optimising and channelising their strategies that are largely derived from the personal information of billions of users that are on the platform. So far none of the users has gained any monetary benefit against their sensitive personal information that is either used, leaked, sold or hijacked by the platforms itself or their clients. Looks like, the table may turn soon!

A study that has been conducted recently highlights how people in various countries value their private information, and this could have a direct impact on the financial books of such internet giants who are largely banking and feasting upon such information.

Advertisements

it’s been recorded that the US users of the world’s largest social media platform Facebook seek $3.50 for sharing their contact information wherein in Germany, the users want Facebook to pay them about $8 per month for the same.

This unique and interesting study was conducted by the Technology Policy Institute (TPI) which is a U.S. based think tank. It is also first of its kind which attempts to quantify the value of online privacy and data. The habits of six countries, namely the United States, Germany, Mexico, Brazil, Columbia and Argentina were taken into consideration to assess how much privacy is worth.

The study found Germans want to be paid more for letting technology platforms share their personal data with third-parties which was immediately followed by U.S. consumers.

According to the study, it has been observed that users have placed a higher bid for their financial information such as bank balance and biometric information such as fingerprint data in particular. The least valuable data for the people was that of the location.

The study also highlights that technological platforms would have to pay their users or consumers a monthly of, on an average, $8.44 to share their financial information, $7.56 to share their fingerprint information and $6.05 to read an individual’s texts and $5.80 to share information on cash withdrawals.

Advertisements
Source: Technology Policy Institute

Also, while the U.S. and German counterparts considered in the study preferred to not see advertisements on their phones, the Latin American consumers said that they do prefer to see ads on their smartphones.

Technology Versus Privacy in 2020

The past few years gave a very serious indication that technology platforms have repeatedly exploited their user’s privacy by collecting their data without giving a clear explanation.

It has become an issue of growing concern about how companies from technology platforms to retailers have been collecting and monetising personal data. Starting from Facebook Cambridge Analytica debacle, Google’s collision with EU-privacy regulations to Youtube’s data collection of users below 13, the U.S. regulators have repeatedly imposed hefty fines on these tech giants in hopes of keeping them in check. However, the problem keeps on growing as more and more incidents are coming out in the daylight. While states like California have already put a new privacy law in place, U.S. lawmakers and regulators are constantly working on federal privacy legislation.

California Attorney General Xavier Becerra sent a letter to four top U.S. lawmakers on Tuesday urging them not to pre-empt the state’s new privacy law with watered-down federal legislation.

The President and senior fellow at TPI, Scott Wallsten believes that differences in how much people value the privacy of different data types across countries will act as a suggestion if users in that region or country prefer weaker rules or stronger rules when it comes to privacy regulations.

The study believes that the quantification of the value of privacy is necessary for conducting any analysis of future proposed privacy policies.

As expected, Facebook has neither responded or reacted to users’ concerns who want the world’s largest social media platform that caters to over 2.49 billion users worldwide, compensate for their personal data. Whatsoever be the stand Facebook – along with other internet giants – may have the future for all the internet giants that are feasting on such data is going to be tough.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

OYO Gets New CEO And Merger To Boost Its Business In Japan

The hospitality industry has been one of the worst-hit due to COVID-19. The pandemic left the sector...

Microsoft Confirms That Buying TikTok Is On The Cards!

Putting an end to all speculations Microsoft has confirmed that the company is actively exploring options to buy TikTok. The Redmond giant...

Happy Birthday Charlie Cheever: Quora Is A Real Disruptor of Q&A Forum

If you ever asked any question on the internet, Charlie Cheever needs introduction to you. Old wine in a...

Facebook Launches Music Videos to Eat into YouTube’s Market

With the launch of Music Videos, Facebook has made another competitive move against its biggest opponent, Google. In a...

Facebook Reveals Big Plans Behind The WhatsApp JioMart Integration In India

After Facebook Inc. (NASDAQ:FB) acquired a minority stake of 9.99% in Jio Platforms for a whopping $5.7 billion in April, it was revealed that...

Microsoft To Acquire TikTok In the US?

The rumours are making rounds that Microsoft may acquire TikTok to keep the popular short video sharing app operational in the US.

In-Depth: Dprime

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

Fantastic 4: Four Day Work Week A Flashpoint Of Innovation?

It has been an idea that has been mooted by many, perhaps also somewhat sceptically. From being a dark horse to becoming...

More Articles Like This