Let’s break down this week’s topic with some definitions;
What does the Attention Economy refer to?
Attention economics explores the approach that human attention can be seen as a scarce commodity that needs to be applied to profit the modern economy. Matthew Crawford from the NY Times referred to attention as “a resource – a person only has so much of it.” (New York Times, 2015).
What is the Long Tail Effect?
The long tail effect theory was composed by Chris Anderson and suggests that the Internet drives demand away from hit products with mass appeal, and directs that demand to more obscure niche offerings (Wharton, 2009).
To compare to the networked life we live today and the rise of large media companies, the long tail provides the opportunity for media to be expended on a large scale – larger than our old media outlets e.g. Netflix in comparison to old video stores.
Here is a really well-explained video regarding the long-tail theory where she compares the online shopping network Amazon to regular shopping markets;
My remediation this week refers to the large amounts of advertisements companies use to gain audiences attention – however, because we are being marketed so much information at one time – sometimes it can come across as just noise. Check it out:
The New York Times. 2015. The Cost of Paying Attention. Available at: https://www.nytimes.com/2015/03/08/opinion/sunday/the-cost-of-paying-attention.html. [Accessed 3 September 2019].
Wharton. 2009. Rethinking the Long Tail Theory: How to Define ‘Hits’ and ‘Niches’. Available at: https://knowledge.wharton.upenn.edu/article/rethinking-the-long-tail-theory-how-to-define-hits-and-niches/. [Accessed 3 September 2019].