Ever heard of Meta Platforms Inc., well, Meta is Mark Zuckerberg’s Tech Conglomerate which owns Facebook, What’s App, and Instagram amongst many other social media platforms. In Feb 2022, Meta Platforms Inc. saw an unreal drop in stock prices, which devalued the company by billions. Despite the minor setback, Zuckerberg is pushing towards the Metaverse Project faster than you download files on Cox Gigablast. The so-called Metaverse is the brainchild of Mark Zuckerberg, and its intent is to integrate Virtual Reality (VR) and Augmented Reality (AR) into our daily lives.
Your Data Your Decision
Major phone manufacturers have recently updated their Data Collection and Sharing policies, and users now have some control over sharing of the data collected by their devices. We know that user data is collected, compiled, and sold, and no one does it better than Zuckerberg.
Since the changes in privacy policies, users can choose not to share their information. This means that Meta will not be able to sell your information to AD companies or any other consumers. And this is proved by the financial statements of Meta Platforms Inc. which are expected to take a hit of $10 Billion in Data Sales Revenue this year, according to market experts.
Although it is reassuring to know that restricting those permissions on our devices does actually take effect.
Why Meta Shares Dropped 26%
Historically, more than 80% of Meta’s income was generated by selling user data for Targeted Ads, now with the rollout of the new privacy settings, Meta will not have the permission to sell the user data for targeted ads.
This is the toughest position to be in for any CEO, and like a visionary Mark Zuckerberg decided this would be the perfect time to pivot the company’s core product. So Meta goes from selling user data to selling the Metaverse.
But here’s what graduating from Harvard could have taught the young CEO, the same privacy policies would apply to the Metaverse UI and devices.
Instead of focusing on ways to save his core product from extinction, Zuckerberg decided to double down.
The Issue of Privacy
So why don’t we, as a people, at least let the billionaires amongst us sleep easy………. Why not just allow our data to be shared? What does our privacy do for us?
Well, let’s assume someone has withdrawn all permissions and kept their Data safe from the AD Sharks, then what? Does their browser suddenly become banner free? No. Does YouTube let them watch content ad-free? No. So, what happens if they have their privacy settings all the way up?
Meta won’t be able to sell their data for targeted ads…… yes, TARGETED ads. That means the same annoying banner ads and pop-ups except now they are for things that are completely irrelevant to you. So you could be looking for local eateries in your area and your ad space would be recommending some unappetizing cream for fungal bacteria…..
Why Do Users Want Privacy?
It’s important for us to remember now why our Privacy is so important. Nomophobia. The only accepted and celebrated phobia. Nomophobia is actually the abbreviation of the term No Mobile Phone Phobia and is now a psychological condition. We’re all addicted to our devices, no more denying it.
It’s impossible to hide things from your phone. There is absolutely no way to do it. Now think about handing over all that information to ad companies. Let them know your search history, your location, and your income bracket.
And who’s to prevent a private sector company from misusing this data, or selling the data for other purposes. We have to understand how devastating it can be, if the information in our devices were to be exposed, or used.
How to Stop Sharing Your Data
Now then, let’s talk about what you need to do, to stop unwillingly sharing your data with data miners.
All apps have a number of permission sets that they need you to allow before they startup. Failure to grant the permission sets will usually result in the app not loading up or not working properly. Apple, for instance, has started allowing users to allow these permissions only while they are using the app and the app is not allowed to collect any data while it is not being used.
Where Is Meta Heading?
Well despite the pricey start to 2022, Mark Zuckerberg holds strong to the Metaverse direction. This means Reality Labs and companies within the group which are directly linked with Hardware and Software development of the Metaverse are a top priority.
As far as the revenue generation problem Meta is facing, well, we’re sure the self-sustaining ecosystem of lawyers cultivated by Facebook and Meta would be more than capable of finding and horrendously exploiting loopholes within the new privacy policy changes. For now, though, it is thrilling to wait for an Immersive Augmented Reality Meeting!