I have an announcement to make, one that I am not proud of: I am an active participant in the ‘attention economy’- and it is ruining my life (okay, maybe a tad dramatic but seriously this blog has taken nearly two days to write because I keep looking at my phone)
Hmmm…. ‘Attention Economy’, you ask?
Well it is a marketplace where consumers agree to receive services in exchange for their attention this is based on the internet, although not solely on social media it is the worst culprit for it. Now that’s out of the way back to my life crisis..
^^^^^^ (actually footage of me)
I have now become that person that, when they wake up looks at their phone and when I get off my phone about 20…okay closer to 40 minutes or so has gone by- how is this possible? Well, Snapchat streaks, Facebook meme notifications, Instagram stories, text messages, Twitter feeds, news articles- they all seem to have my full attention (definitely more than uni does at least) and I fall down the rabbit hole of content. I am not alone in my social media addiction (yes, I mentioned the ‘A’ word), a study shows younger “users are spending a growing amount of their time on mobile devices, and vanishingly small amounts of their attention on traditional media sources like TV and newspapers”
It now feels as if I am in this constant spiral of information, a never-ending story of recommended articles and video suggestions. This is exactly what the attention economy’s aim is! It is a very clever system that has led to the destruction of legacy media, the takeover is well on itself way for digital media and online dominance. The overwhelming amount of content available to us
This youtube video shows how it affects everyday life, this guy suffers the same issue I do!
What makes it successful?
Well the fact is “attention is the main currency.”, this is the most important aspect of the new age of economics. Internet is a huge part of everyone’s life and “Internet users spend that currency in many different ways, and digital-only platforms like Facebook and YouTube (and Twitch and SnapChat) are the ones best equipped to monetize it.” Legacy media has failed to move with the times and this has lost their market share.
The greatest aspect of the attention economcy (and perhaps the secret to its success) is how it is catered to the indivudals, and there is a choice- as long as you find valuable and interesting content you can stay as long as you please, if you don’t you can move on. Relevance is vital to the system to ensure an individuals satisfaction. It is a platform of information that is free for all, unlike previous legacy medias that not unable to cater and analyse each individual person. By identifying the target market and being able to adapt themselves accordingly, attention economy has built a strong foundation for the next generation.
^^^^ (throwback to childhood and the biggest attention freak there was, even if it wasn’t for social media)