I'd like to talk about a topic that I'm very passionate about.
For the longest time, #data had been nothing more than 0s and 1s, files on my computer and a cell phone plan to me, somewhat of a dry topic I'd say. My journey in #cryptocurrency has taken me to unexpected places, and changed my perspective on so many things. I believe that data should be considered a natural resource, because data is the output of human existence and #creativity. It's as unique as my #individuality, my DNA. I want to explore this topic further, hence this post is first of the series. "Data - What is it, where is it, why do we want it." I thought of the title as a joke, but it sounds like a retro self-help book so I'm keeping it:p
My view on social media has completely changed, and I'm excited to share it with you. Note that Facebook is just one scapegoat example of what is happening with our data. I'm talking Google, Instagram, and Snapchat, etc are doing the same thing.
Bullish Facebook
Did you know that #Facebook generated revenue of $12.972 billion just in the last quarter of 2017? That's just in 3 months. Fb's 2017 advertising revenue was $39.9 billion, up by 47% from $26.9b in 2016.
Sometimes big numbers mean nothing to me..so, let's make it easier to understand.
The national GDP(Gross Domestic Product) of Brunei Darussalam, Albania, Burkina Faso and Mauritius are in the $12b range. So what these countries make in a year is what Facebook makes in 3 months.
Fb's yearly ad revenue of $39.9b is comparable to the economy of Bolivia.
FB makes more money than about 98 nations in the world.
Do I have a problem with that? Nah, private companies are supposed to generate profit. It's vital to its survival, like air. No profit, no company.
Facebook Business Model
Let's be real. Like my mom always says, there is no free lunch!! Then WHY would Facebook make such a sophisticated, highly funded site available for FREE?
2 billion users strong, what we, individual users have created is a massive #database of ourselves. Our digital soul, digital footprint. Every click, every social interaction we make on FB is recorded and analyzed. Fb collects little pieces of data, and try to put them together like a puzzle. The puzzle is us.
We all think that we are the customers. The end users, right? They have to please us to make money, right? Wrong.
We Are Nothing More Than Raw Material.
FB let us use their pretty platform for free, and collect information about us, and those who are close to us. With the data, they learn about our behavior, income, shopping habits, religious & political affiliations, sexual orientation, profession, interests, hobbies, race ...the list goes on. It's literally a marketer's heaven.
FB nicely packages our collective data and presents it to their VIPs.
You guessed right. Advertisers. They are the real clients of Facebook. Why? Because they are the ones paying the bills, lots of bills:)
The bigger Fb gets, the more data it gets to analyze however it wants. That means it can charge the advertisers more for effective advertising.
How Much Are We Worth?
Fb made $20.21 per user in 2017. If that isn't the best ROI ever, I don't know what.
Here, the revenue per user is calculated by region.
- Worldwide - $6.18
- US & Canada - $26.76
- Europe - $8.86
- Asia - $2.54
I'm no economist, but what?
If FB told me that it was going to collect all my data (see data policy here) and use it to entice advertisers and make a ton of money, and for return I get to make a friend request to Obama and my grandma, and watch viral videos all day for FREE, I would've said um NO, and some profanity.
Sadly, it's exactly what happened though, right under our nose and we let it happen!
What's infuriating to me is that not only we make ourselves useful by providing FB our data, but also we give our time and attention to advertisements and curated content. We are paying for the use of Facebook with #information, time, energy and attention.
What I am doing
In light of this new #perspective, I had to make some life choices. I am in the process of detaching myself from traditional social media platforms, and establishing my online life on decentralized, self-sustainable ecosystems. I can tell you that I am already a much happier person since my views have broadened. It's such an unexpected side effect of getting into crypto/ #blockchain space. Dare I say I'm #WOKE? haha.
A complete ownership, autonomy and control over our own data isn't an option, it is a right. I will cover this idea in depth in the next part. So much to talk about!! Thanks for reading!
Please stay tuned for my next post in this series:)
@burstingquads , great article, I really enjoyed reading it and I echo all of your points in my day to day life.
Curious when you plan on writing your followup piece? I'm anxious to see what else you have in mind :)
Clearly soon because of the overwhelming interest! haha