Ring, formally known as Ring LLC, is a company that manufactures products that incorporate outdoor motion-detecting cameras, which provide security to houses and also render home automation services. Home automation systems monitor and control the attributes of a place, such as lighting, the home environment, entertainment systems, and appliances, among others. Home automation also provides security to a house by accessing and controlling the alarm systems of a place whenever there is a breach. Thus, we can say that Ring LLC mainly deals with home security. The security products produced by this company are connected via an app known as Neighbors that allows the sharing of captured footage among its users. Here, we’ll know Who Owns Ring?
The Founder & CEO
The CEO and founder of Ring LLC are Jamie Siminoff. Amazon owns this home security company, and its headquarters are in Santa Monica, California, U.S. The manufacturing company was founded in 2013 by Siminoff as Doorbot but was later rebranded as Ring LLC and was bought by Amazon in 2018. Jamie Siminoff credits his wife for the invention of this technology and states that the main aim of this invention was to bring convenience and security to safely answering the doorbell. Jamie Siminoff’s wife says that “this is like caller-ID for the front door.”
How much did Amazon buy Ring at?
Amazon bought Ring LLC from its founder Jamie Siminoff in 2018. However, this purchase’s exact value is unknown and is estimated to be between $1.2 billion and $1.8 billion. When Siminoff and Ring, formerly Doorbot, first appeared on Shark Tank in 2013, the company’s worth was estimated at $7 million. After eight years, Ring is estimated to be worth more than $2 billion in 2021. Jeff Bezos, the CEO of Amazon, saw this technology’s potential and could not miss the opportunity to expand in this market. Since the products of Ring are compatible with other Amazon products, such as Alexa and Amazon Echo, it has gained a lot of popularity and has become much safer to use. It is seen that Ring LLC manufactures almost 95% of the doorbells used in the U.S. This rise in popularity can also be credited to its user-friendly interface, allowing users to directly receive updates about their house on their smartphones.
The founder of Ring, Jamie Siminoff, states that there were many hardships before Ring could gain the popularity that it has today. When he first appeared on Shark Tank with his Doorbot, he failed to gain the desired amount of investment from the “sharks.” Even though he could not gain investments, he continued to design and invent new smart devices that would help make people’s lives easy. Finally, his hard work paid off when people started buying the products as they were economical and useful. After Amazon bought Ring LLC, it has gained more popularity, and Jamie Siminoff’s estimated net worth as of 2021 is said to be $400 million.
What makes Ring products so popular?
The main reason Ring products gain popularity is their user-friendly interface and its protection to its users. Their products, mainly their Ring Doorbells, are the most sold product throughout the U.S., attracting millions of people who value their security and privacy. Ring products can also help its users get the items back that have been stolen as surveillance footage of up to 60 days can be accessed on the Ring website or the Ring app. This gives definite proof of the crime, and the users can approach law enforcement bodies to get justice. The users can always keep an eye on the happenings on their property. After integrating Amazon into the company, Alexa and Amazon Echo can directly send notifications to the user whenever a person or any parcel is in front of the door. The users can also now talk to the person in front of the door. It contains a built-in speaker along with a camera, a microphone, and sensors. The home security that Ring products offer its user is unlike any other and is the reason for its ever-growing popularity among the residents of the U.S.
Do Ring products provide complete security?
As is the case with all other electronics and e-security products, Ring products, too, do not provide complete security to its users. They are vulnerable to external hacking, and the user’s data, such as surveillance footage, can be used for nefarious deeds. The Intercept has reported that the users’ data were found to be stored unencrypted in their servers which made them vulnerable to malicious cyberattacks and data leaks. Reports say that security hackers in December 2019 had hacked several Ring Doorbells, which they then used to broadcast racial slurs and threats to many households in the U.S. Ring has advised its users to adopt security measures such as stronger passwords and two-step verification to protect themselves from these attacks.
Since Ring provides surveillance footage to law enforcement agencies on request, many civil rights groups express concerns about private surveillance networks being, but that threatens the sovereignty and privacy of the people. Some people also fear that these videos might have another usage, such as for training facial recognition systems. However, the pros outweigh the cons of these products and are gaining popularity despite their threats.
Threat to Privacy yet Growth in Popularity
Privacy and security have always been important aspects of our lives. Home security companies such as Ring have become quite popular amongst the masses. However, the policies of these surveillance companies have been criticized by many as building an invasive private surveillance network that threatens people’s privacy. They have been alleged to provide video footage from its cameras and the data from its surveillance systems to law enforcement agencies on request. Although the consent of the users is taken before distributing these data, the circumstances are ambiguous under which these agencies can request the footage.
Many civil rights groups find it ironic that the system designed to safeguard our privacy is doing just the opposite and threatening our privacy. Research from different agencies such as The Intercept, among others, has reported that all the data of the Ring devices were accessible to the employees of their offices, and the data was also stored unencrypted. This made the device vulnerable to cyber-attacks, and data could be easily leaked from those offices. Despite these criticisms, Ring LLC has gained favor and popularity for its affordability and ease of use. The owner of Ring LLC, Amazon, has also improved its security measures by mandating two-factor authentication for all of its users since February 2020.
Conclusion
Thus, Amazon now owns Ring LLC after it acquired it from its founder Jamie Siminoff in 2018 for an estimated sum between $1.2 billion and $1.8 billion. This home security system has become one of the most popular systems among the residents of the U.S. for the privacy and security that it offers. Moreover, ring LLC has grown more popular after Amazon bought it and integrated Alexa and Amazon Echo to make the system more user-friendly and easy to use. The Ring has thus, dominated the home security market, with most of the U.S. residents using Ring Doorbells.
Frequently Asked Questions
- Where can I buy Ring Doorbells?
Ring Doorbells can be ordered online on Amazon or any other shopping website. Ring Doorbells usually cost between $40 to $600, depending upon the model. It may cost between $100 to $250 to install a single Ring device. Additional charges may apply on subscription for services allowing the users to record or review Ring videos and inform the concerned authorities whenever there is a breach, along with informing the user—the basic Ring subscription costs around $3 a month and $30 a year.
Link to find out the current prices of Ring Doorbells:
https://www.bestbuy.com/site/shop/ring-doorbells
- What are the different products sold by Ring?
Ring sells a variety of products that are designed to provide security under different circumstances. Their most popular product is the Ring Doorbell that alerts the user whenever there is any activity in the front door. It also records and allows users to review those videos. Other Ring products are Ring Spotlight Cams with night vision cameras and motion-detecting sensors; Ring Indoor Cams that alert the users when the camera detects any motion. This is especially helpful for those parents who want to monitor the actions of their babies; Ring Alarm Security Kit that alert the users whenever someone unauthorized opens the doors and windows; Ring Chimes and Ring Solar Panels that power the Ring devices whenever there is a power outage.
