Eli5: Why/How do companies make so much money collecting and selling data?

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Is it really that valuable? How much are these companies shelling out to purchase said data from other companies?
And what data are they typically selling/buying?
I’m a fairly boring person. I just can’t wrap my head around some company wanting to pay for information about who I am, what I like, etc.

Curious if anyone can share more information on this business model/practice.

In: Economics

8 Answers

Anonymous 0 Comments

You’re right that information on boring people doesn’t help anyone make any money.

Data-buying companies aren’t looking for people like you. They are looking for the indicators of people with gambling / medication addiction and low impulse control. _These_ people are the diamonds-in-the-rough that it’s worth sifting through 10,000 boring conscientious people to find.

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