Caden, a new app launched this week in Apple's App store, lets consumers sell personal data to brands.
The app has been in the works for several months, with a waitlist of around 15,000 people waiting to try it out. Despite the hype, Digiday has an interesting piece up today that questions whether the app can gain traction when other similar apps have failed.
💰 Data for Cash
Caden is partnering with several major brands that will let users connect their accounts to the platform, including:
- Uber
- Airbnb
- Netflix
- Amazon
- Various banking and credit card providers
The amount users can earn by sharing their personal information will depend on the type of data shared and how it’s used. Its initial aim is for users to earn $15 to $20 a month, but the company said that could soon grow to $600 a year and possibly thousands.
👉 What Sets It Apart
The app plans to expand its features using a multi-tiered approach.
- The first tier involves aggregating user data and selling it to financial services firms as alternative data.
- The second tier will expand into the ad-tech space and allow users to consent to having their data pseudonymized for targeted ads.
- Finally, the third tier will give users access to ‘know-your-customer' data, which includes opt-in options for direct messages from brands.
Although the concept of Caden is not entirely novel, the company said it's different from its competitors because it makes it easy for users to connect their data and be as active or passive as they desire.
However, the piece notes that Caden's level of transparency is limited as it will not provide users with a full list of companies with access to their data.
Ultimately, the success of Caden will depend on consumer downloads and the types of personal data they are willing to provide.
