This app wants to pay you to share your data for advertising

• Caden app helps user to earn thousands of dollars by advertising their personal information.
• The app is backed by Yahoo co-founder Jerry Yang.
• It will be available for public beta testing for thousands of users by early next year.

Caden, a new app backed by Yahoo co-founder Jerry Yang pays users who share their smartphone data, including what they watch or buy.

Caden helps users to download their data from apps and services such as Amazon, Yelp, Airbnb, and more into a personal vault. Users who consent to share their data for advertising can earn a cut in revenue from the app. Caden will also give users a range of choices about sharing their data, including how it is shared, when it is shared, and for what purpose.

Currently, Caden has been testing with a limited number of people, and the company plans to begin a public beta testing of 10,000 users early next year. Last month, Caden closed a $6 million round of funding from Streamlined Ventures, including Yahoo co-founder.

How will it work?

Caden will pool the data before sharing it with outside parties in exchange for $5 to $20 a month, according to the founder. The amount of money will be determined by a ‘data score’ reflecting factors such as which app data is being used, consumers' answers based on demographic survey, and which services users are using.

Eventually, consumers will be given the option to share more specific information for more streamlined advertising.

Once data is collected, Caden will form audience segments to share data and advertise within those segments. For instance, a user could consent to share his ride-share history, so advertisers can create a group of people interested in this type of data. This will eventually pay hundreds of dollars to users every month.

Caden also hopes that the data it collected will be helpful for users as they can search for how much amount they have spent in specific categories across different apps.

Further, the company said, it will allow users to see which brand is collaborating with and allow them to control which brand can access their personal information. Caden will also allow users to restrict or limit the advertisers by name or category.

Apple’s privacy policy was implemented last year that requires all apps to ask permission to track users. Google also plans to stop supporting third-party tracking from the Chrome browser. This means a shift towards privacy might be a roadblock for Caden in the coming years.

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