The Chinese government sees promise in sharing. It estimates sharing last year accounted for $500 billion in transactions, and projected it would account for 10 percent of China’s economic output by 2020.
The big prize for these companies is not a slice of transaction revenues but data. Goods rented out many times provide troves of statistics on usage habits. Data can also be used for credit scoring systems: fail repeatedly to return an umbrella, and your credit score will go down.
Does the sharing economy phenomena illustrate a paradigm shift? How will on-demand access to goods change the way we think about ownership? How does access to everything affect the way we perceive our right to ownership? The “sharing economy” , providing on-demand goods and services — providing effective use and commercialisation of the untapped value of assets – is a new way of organizing economic activity different from the traditional, corporate-centric model.
PricewaterhouseCoopers predicts five sharing sectors – car sharing, travel, finance, staffing, and music and video streaming – have the potential to increase global revenue to $335 billion by 2025 from $15 billion today.
At least 1.69 billion yuan ($247 million) in mostly series-A, or early stage, funding was invested in April-May in over two dozen start-ups offering sharing services, according to Reuters calculations based on data from Chinese data firm IT Juzi
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