LOS ANGELES, March 28, 2019 /PRNewswire/ -- Social Reality, Inc. (NASDAQ: SRAX), a digital marketing and consumer data management technology company, announces its involvement with the Interactive Advertising Bureau (IAB) and some of the biggest leaders in tech, including Hulu, NBC Universal, iHeartMedia, and more, to work with government officials as they consider state and national-level privacy legislation that will impact consumers, brands and ad agencies in 2020 and beyond.
In Sacramento, California, Senator Nancy Skinner, Assemblymember Miguel Santiago and others met with SRAX COO, Kristoffer Nelson, as well as big tech and media leaders, to discuss major changes that will influence change over The California Consumer Privacy Act of 2018 (CCPA), a bill passed in June 2018 to enhance privacy rights and consumer protections for residents of the U.S. state of California. The law, which will take effect on January 1, 2020, introduces new privacy rights for consumers and requires companies that conduct business in the State of California to implement structural changes to their privacy programs.
"As leaders in the digital advertising industry who cater to both brands and consumers, it's our obligatory duty to ensure all sides are represented when it comes to big decisions impacting the future of consumer data privacy," said Kristoffer Nelson, COO of SRAX and co-founder of BIGtoken. "As legislators evaluate potential amendments to the CCPA, it's important they understand how data is used in digital advertising, including the many procedural and technical safeguards that are standard in the industry and differentiate data used for digital advertising from more sensitive types of data collection and use. A deep understanding of the entire ecosystem will be necessary before decisions are made that will impact jobs across the country." Nelson continued, "We at SRAX and BIGtoken are proponents of sensible legislation that protects consumers while allowing for commercial data use that powers the digital economy."
Across the U.S., the ad-supported internet creates 10.4 million jobs and contributes $1.121 trillion to the economy, according a March 2017 study conducted for the IAB by Harvard Business School Professor John Deighton. Notably, 44 percent of the jobs directly created by the ad-supported internet are with small and mid-sized businesses.
Advertisers and marketers have increasingly turned to Big Data and need a way to assure the information collected from target audiences accurately fits their business needs and the needs and rights of consumers. Moreover, most data is controlled by limited organizations, making it difficult for organizations to operate effectively, and limiting the value consumers can extract from products that give them transparency, control and compensation. Platforms such as SRAX's BIGtoken, enables the secure and transparent transmission of data, protecting both users and advertisers, while distributing fair value to its users. As decisions are made that will impact large and small companies in the future, platforms like BIG are a saving grace for all parties involved.
Social Reality, Inc. (NASDAQ: SRAX) is a digital marketing and consumer data management technology company. SRAX's technology delivers the tools to unlock data to reveal brands core consumers and their characteristics across marketing channels. Through its blockchain identification graph technology platform, BIGtoken, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data thereby providing everyone in the Internet ecosystem choice, transparency, and compensation. SRAX's technology and tools deliver a digital competitive advantage for brands in the CPG, automotive, investor relations, and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform. For more information on SRAX, visit www.srax.com.
BIGtoken, built by SRAX (NASDAQ: SRAX), is a consumer data management and distribution system. BIG is the first consumer managed data marketplace where people can own and earn from their data. Through a transparent blockchain platform and consumer reward systems, BIG provides consumers choice, transparency and compensation for their data. Participating consumers earn rewards, and developers are able to build pro-consumer online experiences on top of the BIG platform. The system also provides advertisers and media companies access to transparent, verified consumer data to better reach and serve audiences. For more information on BIGtoken, visit www.bigtoken.com.
Safe Harbor Statement
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "anticipate," "plan," "will," "intend," "believe" or "expect'" or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of our ability to increase our revenues, satisfy our obligations as they become due, report profitable operations and other risks and uncertainties, as set forth in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Social Reality and are difficult to predict. Social Reality undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.