The attention economy
Hi there,
How much is your attention worth?
Five things to share:
In 2019, Instagram reportedly generated $20 billion in ad revenue. What exactly is a photo-sharing social media app like Instagram selling to generate billions of dollars in annual revenue? Attention: The new mode of currency. The business model of the attention economy is pretty straightforward: Harvest our attention for marketing and advertising purposes. But it’s beyond advertisement; it is data-driven, psychologically-engineered attention harvest.
In the 1997 article Attention Shoppers!, Micheal Goldhaber predicted— over two decades ago— that the currency of the New Economy won't be money but attention. Back then, it was “a radical theory of value.” Now? Well…
One of the best introductory video on the attention economy: The Attention Economy - How They Addict Us by Will Schoder. It is informative, insightful, and entertaining; and worth your 10-minute and attention.
A quote I want to share with you:
Attention is a limited resource, so pay attention to where you pay attention.
— Howard RheingoldWhat do you want to pay attention to in 2021?
Back when I first began obsessing about what social media and the internet was doing to my attention, I stumbled upon Mark Manson’s article In The Future, Our Attention Will Be Sold. In it, Manson argued the attention economy has commoditized our time and turned us into products to be bought and sold. I choose to opt-out.
That’s all for this week!
Hello 2021.
Thank you for reading, and please share with anyone you think may benefit.
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Until next time,
Mehret