This is how much money Facebook earns from your data each year 🤔


Facebook's revenue isn't just fueled by annoying ads; it's largely driven by harvesting and selling user data. While these platforms are free for users, the cost is hidden in the fine print of terms of service agreements. Most users unknowingly consent to their data being sold, ranging from basic information like name and address to more detailed insights, such as search history and future plans.

A recent survey revealed that, on average, UK Facebook users would value their data at £250 per year, significantly less than the estimated $900 Facebook earns annually from each user. The study also found that a majority of respondents were shocked and angry about data sharing without explicit permission.

Companies like LetAlone are emerging to empower users to control their data and receive a share of its value. However, once users have signed up for services like Facebook, reclaiming control over their data becomes challenging. Even existing privacy tools like VPNs and antivirus software can't guarantee anonymity, as fingerprinting techniques can still identify users based on device details and browser data.

LetAlone advocates for transparency, suggesting that users should be able to see what data a company possesses and decide whether it's sold. The idea is that users should be compensated if their data is commercialized. While laws like GDPR and CCPA aim to manage and protect data, breaches still occur, leading to substantial fines for companies like Google, H&M, British Airways, and Marriott Hotels.

In essence, the landscape is evolving, with calls for greater user control and compensation for the valuable commodity that is personal data.

Source(https://www.techadvisor.com/article/745709/this-is-how-much-money-facebook-earns-from-your-data-each-year.html) posted in 2022