- SRAX revenues grew 53 percent sequentially for Q2 2019
- The company changed its name as part of its new business strategy
- SRAX has partnered with Yash Birla Group, one of India’s largest conglomerates, to launch BIGtoken in India
Today, consumers are becoming more aware of the value of their data. They expect to keep data private and to get compensated for releasing their data. As a result, big social media platforms are experiencing significant consumer backlash. Moreover, privacy laws at both the state and federal levels are beginning to impact the way that marketers can reach consumers. These laws are putting the value and control of data back into the hands of the consumer.
SRAX Inc. (NASDAQ: SRAX) offers a platform called BIGtoken.com that allows consumers to own and monetize their data. SRAX claims to be building what will be the most valuable opted-in data set in the world. With over 16 million users worldwide, the company aims to prove that consumers are interested in their data and want to get compensated by marketers.
Users can sign in to the BIGtoken app to see exactly how much they have earned. Their earnings reflect the value of their data in U.S. currency and can be obtained one of two ways: users can enter an email address associated with their PayPal accounts and submit transactions for money to be deposited, or they can choose the gift card amounts that they’d like to receive from their favorite retailers and have digital gift cards sent to them via email. Earnings do not expire, so users can build up the value of their data with no pressure to use immediately.
The BIGtoken (blockchain identification graph) platform creates a secure and transparent environment for consumers to own, verify and sell their data. It provides consumers, marketers and developers with a comprehensive data-management solution that leads to consumer empowerment and compensation; data verification and authentication; and open-source governance and development.
Results for the three months ended June 30, 2019, reflect the power of this new technology and market approach. The company reported a 53 percent growth from Q1 2019 to Q2 (http://nnw.fm/0cwM9). Moreover, SRAX has become profitable within the last five years. “Share prices do not always rationally reflect the value of a business,” the report noted, as analysts suggest that SRAX shares appear to be rather undervalued.
SRAX management is responding to the pressure on share price. As part of a new business strategy, the company, formerly Social Reality Inc., has been rebranded to SRAX Inc., a change consistent with its evolution away from social media to consumer data management and technology.
“Changing our name to SRAX is symbolic of our shift to a broader strategy to answer the needs of today’s consumer,” SRAX CEO and Founder Christopher Miglino stated in a news release (http://nnw.fm/m5YC8). “While our roots were in social media, today we are focused on building the platform and tools to unlock the power of data. Through BIGtoken we put data back into the hands of consumers and through our verticals are delivering verified data to brands looking for a competitive edge.”
Recently, SRAX signed a joint venture with the Yash Birla Group to launch BIGtoken in India. The Yash Birla Group, based in Mumbai, is one of the country’s largest conglomerates, with diversified interests in consumer and industrial products (http://nnw.fm/T0mY3).
SRAX also announced that users of the BIGtoken app can officially be paid in cash or gift cards in exchange for giving brands access to their anonymized data. Many dedicated users who have acted as community gurus, recruited new members or otherwise helped to develop the ecosystem can deposit their earnings directly into their PayPal accounts or be paid through gift cards from their favorite retailers, such as Walmart.
For more information, visit the company’s website at www.SRAX.com
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