- SRAX has developed an exclusive consumer-managed data marketplace
- The company offers its proprietary BIGtoken platform
- SRAX has entered into new partnerships to launch BIGtoken’s BIG Rewards(TM)
SRAX Inc. (NASDAQ: SRAX) is a digital-marketing and data management technology company based in Los Angeles, California. The company provides marketers, content owners and consumers with tools to unlock the value of data. Its technology unlocks this data to reveal brands’ core consumers and their characteristics across marketing channels, enabling businesses to better reach their customer bases. Additionally, through its BIGtoken platform, SRAX has developed a consumer-managed data marketplace where consumers can own their own data and get paid for the release of that data. Via BIGtoken, consumers earn rewards when they opt into sharing their data and when that data is purchased.
Fundamentally, SRAX is focusing on privacy and data ownership – an invaluable approach in this age of Facebook, Twitter, Snapchat, LinkedIn and the like – along with concerns over the protection of personal data. The company’s vision is to build the most valuable opted-in consumer dataset worldwide. Today’s contemporary consumers expect to keep data private but also receive compensation for releasing data once they decide to do so. This critical need has created a demand for companies like SRAX, fluent in navigating the legal and ethical complications involved in data privacy. Ibotta, another company whose platform ‘doles out rewards’ to consumers in exchange for data and in-app purchases, recently secured funding at a $1 billion valuation (http://ibn.fm/TQM91).
With SRAX’s BIGtoken platform, consumers have control over what data is shared, who can purchase it and how it’s used. Consumers are rewarded when they initially share their data and then each time that data is accessed. In addition, they can engage with their community by making friends and joining teams (http://ibn.fm/7Pxht).
Once consumers grant consent to allow businesses access to their data, BIGtoken sells that access in the form of anonymized segments; the platform can also remove access at any time. Once consent is granted, a mutually beneficial relationship is formed between SRAX and its customers. BIGtoken offers high-quality data that enables advertisers, for a premium, to have access to consumer-verified information for their campaigns. Moreover, consumers who sell access to their digital data receive compensation in the form of points, which they can redeem for cash or gift cards.
SRAX is growing numerous recurring revenue streams through its different platforms. Along with its BIGtoken platform, the company also offers its SRAX Platform, SRAX Social, SRAX IR, SRAX Auto, SRAX Fan and SRAX Shopper. SRAX is building technology that is creating proprietary data, in turn fostering long-term, recurring revenue.
The company continues to expand on its existing platforms and initiate new partnerships. Currently, SRAX has partnered with major Consumer Packaged Goods (CPG) brands to launch a new BIGtoken feature called BIG Rewards (http://ibn.fm/6DPCA). BIG Rewards enables marketers to engage BIGtoken’s almost 16 million users to participate in brand research and exclusive offers. Via BIG Rewards, BIGtoken users in the United States can earn bonus points for participating in exclusive promotions with specific brands and retailers, as well as for taking part in brand research. BIG Rewards provides users with the opportunity to benefit from discounts on their everyday purchases and enables users to receive payment instantly on those earnings.
“This commercial expansion will be extremely valuable in the shopper marketing space especially as data regulation continues to grow,” George Stella, vice president of SRAX Shopper, the company’s shopper marketing vertical, stated in a news release. “Increased data regulation will make it challenging for media partners to activate against the current state of data. BIG Rewards allows brands to position themselves as advocates for their customers’ privacy. It also enables the brands to create future-proof insights while driving verified purchases of products at their retail locations.”
SRAX continues to focus on tools that deliver a digitally competitive advantage for brands in the CPG, automotive, investor relations luxury, and lifestyle verticals. Notably, the company plans to expand into the European Union and to offer its proprietary BIGtoken platform in multiple languages. With the optimization and monetization of data becoming a multibillion-dollar business, SRAX is positioned to capitalize on this significant opportunity.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX
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