Why People Will Pay for PrivacyVW Staff
Michael Fertik, Reputation.com founder and CEO speaking to Tech Crunch today, said that the increasing use of social media will eventually compel people to pay for privacy of their online activities. According to Fertik, privacy is the next big thing in the online economy, notes Andrew Keen of Tech Crunch. He says that, Reputation.com is the antidote to Reid Hoffman’s Web 3.0 economy of pervasive, personal data. Fertik believes that Web 3.0 provides Reputation.com with the perfect weapon to win back that control to win customers.
The site offers subscribers the ability to block cookies, and online reputation in a world jam-packed, with social media.
Reputation.com has already amassed $25 million of financing within a short period, and this has come from blue chip VCs including Kleiner and Bessemer, which suggests that indeed, Mr. Fertik might be on the right track. Interestingly, Michael Fertik is one of the few tech pioneers who have failed to attract a lot of attention from media, with regard to his company, despite the fact that “he is a frequent commentator on privacy issues in mainstream media and recently starred as a “Web Avenger” on ABC’s new reality show about ruined online reputations.” Tech Crunch reports.
During the interview, Fertik also highlighted the recent developments whereby companies will be doing background checks on people, which according to him, is one of the main reasons Reputation.com will be the most highly sought after, service provider on the internet.
Fertik could be right that people will increasingly look to protect their reputation. However, as people increasingly look to protect their reputation, other competitors will enter the field, driving down profit margins of existing firms.