The Real Business of Internet Things is Selling Your Personal Data
Apr 20, 2014 09:18
Products like Fitbit and Next are the next frontier of connected devices. But the real prize isn't when people buy their products. It is your personal data. That's going to be big business!
Forbes reports that both FitBit and Nest Labs are both taking advantage of that side hustle:
Smart-thermostat maker Nest Labs (which is being acquired by Google for $3.2 billion) has quietly built a side business managing the energy consumption of a slice of its customers on behalf of electric companies. In wearables, health tracker Fitbit is selling companies the tracking bracelets and analytics services to better manage their health care budgets, and its rival Jawbone may be preparing to do the same.
Nest says that the income from all that terabytes of data collected from your living room will eventually make more money for them than selling devices.
"We'll get more and more services revenue because the hardware sits on the wall for a decade," he said during an interview in December in Nest's Palo Alto office.
With its multiple sensors to detect temperature and movement, it learns a great deal about a household's activity. This data alone, would be extremely valuable.
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