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Definition

Attention economy

Attention Economy is the concept where attention is considered a resource and economizing it becomes the major goal. The idea is that there is an infinite amount of information available to people but the demand for it is constrained by the human capacity to pay attention and that is one scarce economy.

Human beings’ attention span is getting shorter with each passing day. Some may blame technological growth and information overload but the decreasing attention span is no joke.

This has made the job of the marketers harder than ever before as the competition has gone up and attention span, down. There are no alternatives to creative and unique content and ideas if one wishes to make the most of the available attention economy. 

Factors of Attention Economy

There are a few intangible factors that the attention economy largely depends on and they are as follow -

 

For example, research shows that 90% of the viewers skip the pre-roll ads (before Youtube videos) as soon as that is possible. But people used to have the patience to watch television ads till the end though the lack of the “Skip ad” option may be a big factor here.

 

Use of the Term in Sentences

  • Businesses are constantly in a rat race trying to grab the attention of potential customers in the attention economy.

 

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