For years people have been giving data to Facebook, Google and others without any cash payment in return. This was understandable when a person’s data was only worth a few dollars and difficult to cash in. But today the average American consumer now generates data worth about $2000 per year to advertisers and major brands. A new company, Ant Transaction Machines, ATM.com, has developed technology to help the average consumer cash in on the value of their data, and better control access with a quick toggle on or off feature.
The ATM.com website has just been launched and had over a thousand signups on its first day. The company was created by Walter Cruttenden, founder of Roth and Acorns, and his partner Mike Gleason, an MIT scientist and founder of Consumer Brands. Together they are working to solve the problem of how consumers can better control and monetize their own data. Their solution is Ant Transaction Machines, technology to track data in detail while giving the consumer instant control over what can be used or not used in the public domain.
“Given the rapid increase in the value of one’s data, from a few dollars to a couple thousand dollars in just the last 5 years, we thought it time for the consumer to have a way to directly control and get paid for their own data”, said Mike Gleason, co-founder and CEO of Ant.
It has long been known that the value of consumer data has been increasing in value but until now the bulk of that value has been going to Google and Facebook, companies large enough to sell it en masse to the major brands. “While it is hard for any one person to cash in on their own data, Ant was formed to pool large quantities of consumers together, sort of a cooperative or ant colony, so that each member could reap more benefit,” said Walter Cruttenden, co-founder, at the launching of the ATM.com website.
Currently the company’s website allows people to get on a waitlist to receive the Data Value Meter® or DVM. This is the application software Ant has introduced enabling consumers to see the approximate value of their data. It also allows them to toggle on or specific items and watch the DVM go up or down accordingly. The DVM is also affected by the colony size, meaning the number of consumers in the data pool. The larger the pool the greater the value the individual can realize.
Once the company reaches a million members it will negotiate with the big data buyers and deliver 50% of all proceeds to those that provided the data. “It’s all about scale,” said Mike Gleason. “The faster we can grow the pool the sooner we can return cash to our members.” There is no cost to join, but Ant does receive 50% of the funds collected for providing the service. At first it is just expected to return a few dollars per month to the consumer but as the data base grows Ant hopes to reward its members with payments in the $50 to $100 p/m range based on the specific data provided and other variables affecting the data market.
About Ant Transaction Machines:
ATM is an early stage technology company founded by Walter Cruttenden and Mike Gleason to help consumers better control and self-monetize the value of their data. The company is located at 4600 Campus Drive, Newport Beach, CA. Its website is ATM.com.