February 22nd, 2012

Data is the new oil - and ‘publicy’ is the new default

Guest article on The Orange Rag by Gerd Leonhard, one of the keynote speakers at next month’s LawTech Futures event in London:
When observing the explosive growth of the mobile Internet, the ubiquitous availability of ever more powerful digital devices as well as the global boom in social networking, it becomes patently clear that there is a common economic force behind these trends, and that force is data.
In this hyper-networked society, everyone seems to want to know what we think, all the time, what we like, where we are and who we are connected to. Data (and metadata, i.e. data about data) is quickly becoming a primary force in our digital society, and since successful advertising is forever based on having good data on who is on the other end, the consumer is becoming more powerful than ever before – if he/she opts out of providing data it’s game-over. Never before did consumers wield this much power over marketers; never before could we trade our data for free goods and services in this way (eg Gmail, Skype, LinkedIn, Twitter, Facebook).  The quest for data has made us powerful but it has made us dependent on its benefits as well. The Faustian bargain is in full swing.
Some pundits even argue that the only reason advertising in its…read on.”

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