Market for a fully secure private social media network is valued at $14-$18 billion, as per the Emerging Market For Privacy report.
With more consumers considering privacy to be a premium feature, treating privacy as a product feature could help brands capitalise on this trend. Companies like Apple are already leveraging this privacy market, with new transparency features that allows consumers to control their data.
50% of Americans are willing to pay $8 per month for a fully private social media network. Businesses should build privacy-first products for consumers who aren’t regular online shoppers, as these consumers can pay as high as $10 for social media subscriptions.
Further, Android users will pay $3 for a social media product, and $10 for a smartphone with privacy features. This indicates consumers’ willingness to pay for data security and brands should ensure they match their consumers’ privacy aspirations.
[3 minute read]