The attention economy refers to the paradigm shift from legacy media models that rely on providing scarce content, to the age of content aggregators such as Netflix that provide content on demand (Mitew 2017). As such, the business model of content aggregators deems attention as being valuable rather than the specific access to content.
This shift has affected the digital marketing landscape as consumers are now presented with an abundance of content. Companies need to fight for the attention of consumers (Teixeira 2017).
The rise of Web 2.0 has also affected how marketing is undertaken online. Tim O’Reilly (2005) describes a fundamental aspect of Web 2.0 being that users add value as a side effect of ordinary use of an application. This relates to social media and content marketing as users who interact with companies and their content online are constantly giving feedback, whether it’s intentional or not.
This is mirrored by the arrival of distributed information networks as there is potential for every node to broadcast to the entire network (Mitew 2017).
Mitew, T 2017, ‘The attention economy and the long tail effect’, Prezi, 21 July, viewed 25 August 2018, <https://prezi.com/nm7rgdlnxhdf/the-attention-economy-and-the-long-tail-effect/>.
O’Reilly, T 2005, ‘What Is Web 2.0: Design Patterns and Business Models for the Next Generation of Software’, O’Reilly, September 30, viewed 25 August 2018, <https://www.oreilly.com/pub/a/web2/archive/what-is-web-20.html?page=1>.
Teixeira, T 2017, ‘Looking to win the battle for consumer attention? Take the blindfold off’, Think With Google, August, viewed 25 August 2018, <https://www.thinkwithgoogle.com/marketing-resources/data-measurement/consumer-attention-economy-marketing-principles/>.
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