data broker
*These firms exist for the sole purpose to collect and sell data on the market which then informs the huge artificial intelligence market for machine learning which is vital for future growth in many industries.
“the three largest data brokers – Experian, Equifax and Transunion – each bring in over a billion dollars annually.
The data brokerage industry is thought to be worth $200 billion a year and the European Commission suggests that the market in Europe could be worth €106.8 billion. These firms exist for the sole purpose to collect and sell data on the market which then informs the huge artificial intelligence market for machine learning which is vital for future growth in many industries.
Individual data in itself isn’t important, rather it is our collective data which drives larger profits. Collective data allows for more market research, greater trend and behavioural analysis on a large scale.
But there is something unjust about this whole market in data. We have collectively created this data through our actions and labour, but it is owned by private companies that make huge profits off it. Our collective wealth is in private hands.
As Chris Hughes has written in the Guardian “we have all pitched in to create a new commonwealth of information about ourselves that is bigger than any single participant, and we should all benefit from it.” What our labour has created should be ours to broker.
1. Elsewhere
1.1. In my garden
Notes that link to this note (AKA backlinks).