This app wants to pay you—potentially thousands of dollars a year—for sharing your data for advertising
—into a personal “vault.” Users who consent to share that data for advertising purposes can earn a cut of the revenue that the app generates from it. They also can access personal analytics based on that data.isn’t new, but it has been reinvigorated as outside companies have found it harder to harvest and share so-called third-party data.
Caden will give consumers a range of choices about sharing their data, including how it is shared and for what purpose, it said. A third option would let advertisers take a direct action based on the data that Caden understands about a specific user. If a consumer were part of a department store’s loyalty program, for example, the store might reward her for sharing her individual Amazon shopping history and use it to provide more personalized offers.Caden’s app, which will let consumers share their data in exchange for cash.Caden also hopes that the data it can aggregate will be compelling for consumers.
But any app that’s successful in the space will need to win over all sorts of consumers and keep them coming back in order to give marketers a compelling amount of data, said Ullas Naik, founder and general partner at Streamlined Ventures, the lead on the new funding round. Caden said it will initially sell only anonymized and aggregated data that doesn’t tie back to individuals. As it starts to let brands do more personal promotions for users, it said it will let users see which brands and partners it’s working with, and will let users control which brands can access their information. For instance, a consumer would be able to see that they’re represented as someone who streamed a horror film in the past 30 days.
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