And how does the recommendation algorithms work? Without user data, it’d be nowhere near as potent at being addictive and dominating in the collective human attention economy.

Oil isn’t useful in its raw form either. Do you think we’d be plagued by cookie banners on almost every single website if they didn’t think collecting data was crucial to their business? Not to mention AI, where the analogy is reinforced for obvious reasons.

So data being the new oil is not a terrible analogy. However, I have to agree with you that the reasoning and justification from journalists is often fluffy and completely off-mark. I’d cut them a bit of slack, they’ve been through a complete economic massacre and talent exodus precisely as a result of this new economy.