Khushboo Baxi and Siddhartha Sarangal explain why digital businesses would profit from a multilateral data protection framework
The growth of the internet over time has fostered new and innovative business models. Businesses are no longer confined by physical boundaries as the internet offers cheap and easy access to international markets. This has only been possible due to the open and global nature of the internet, which enables information to flow almost instantly across the world.
The internet is responsible for the world becoming more closely connected with no perceived boundaries. We live in a time when you can watch the latest episode of Game of Thrones, listen to the new Radiohead album, read the daily edition of the Indian Express, stream your travel adventures on Facebook Live, find the shortest route to your office on Google Maps and so much more, all from the comfort of a single handheld device connected to the internet. In addition, new technology has made it easier for us to find movies, music, books, articles, videos, etc., based on our personal preferences and tastes.
The proliferation of the internet coupled with technological advancement has also spurred innovative business models, which involve collecting personal information to customize and improve the overall experience of services based on a user’s preferences. The benefits extend beyond internet users to advertisers, who can now isolate and target a niche audience for their customized marketing campaigns.
Apart from providing increasingly innovative services to internet users, the unprecedented use of personal information in this manner has introduced new efficiencies in the market. For instance, targeted advertising on the internet on the basis of personal information leads to a more efficient use of advertising spending as opposed to running the same campaign on television channels.
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KHUSHBOO BAXI and SIDDHARTHA SARANGAL are members of the legal team at Hotstar, an online video platform owned by Novi Digital, a subsidiary of Star India.