[Old] data is the new oil
By now, you’re probably tired of hearing that “data (sic) is the new oil.”
However unlike oil, data’s value is on the rise.
Apparently that’s also true for old data. There’s word today that, Viant, the parent company of Myspace (yes, that one) has been acquired by Time, Inc.
In buying MySpace, Viant acquired the data of more than 1 billion registered users. While not all of those people may have kept the same email address from their MySpace days, it still has an enviable database of first-party data….First-party data is considered the holy grail when it comes to advertising online because it means marketers know they are serving ads to the actual consumer they want to be targeting, rather than making probabilistic bets based on browsing behaviour…this gives Time an immediate leg-up … and provides a first-party data set that, in Time’s own words, “rivals industry leaders Facebook and Google.”
Two thoughts here:
- Our data are the gifts that keep on giving. We’re increasingly less likely to churn email addresses and social media credentials. We have growing comfort with data sharing. Concerns about data privacy are virtually nonexistent — particularly if you grew up in the Facebook age. And there’s revenue to be gained in selling our data (who reads terms of service anyway). Many will be surprised that Myspace still exists, but we shouldn’t be surprised that our data still exists to provide value, long after we’ve moved on.