Navigating the Attention Economy

Attention is all we got, attention is all that is sought

Attention is what attention gets

If not used wisely, attention goes rot!

Oh! The number of times our attention has been sought! Sometimes, in a straight forward manner and sometimes using indirect techniques. Either ways, asking for someone’s attention signifies that attention, to a certain degree is valued and desired. Attention, inherently is a very unique resource. Though intrinsically limited, it is (almost) equitably present in all of us. The quest for gaining potential consumer’s attention is not a new economic concept. However, one of the recent usages is in the growing digital space where our attention is used as an alternate form of modern currency.

Each view, like, comment, share, subscription, re-tweet is a unique unit of attention and is often used as a measure of new age digital wealth. Consider this, the more attention someone gets, the more attention rich they become and, in most cases, higher is their worth. Conventionally, the advertisement slots of prime time for TV and Radio Channels were sold on premium prices. In our contemporary times, there isn’t a better way to understand it than realising the ripple effect a single tweet by Elon Musk or Kylie Jenner can cause.

For every time we view, share, comment, subscribe, share any content we are essentially transferring some units of our limited attention to other accounts. Interestingly enough, this attention once in hold can be passed on too! Traditionally, in-film advertisements, product placements or even advertisements in live telecast of sports events worked on the same concept. Now, native advertisements and branded content in between our songs on Spotify & YouTube videos or even paid collaborations by influencers on Instagram essentially work on this logic where we believe we chose the channels on which we intended to spend our attention but it was further transferred to advertisers.

This is exactly what was defined as “Attention Economy” by Nobel Laureate Herbert A. Simon decades ago. Attention Economy considers attention as a pivotal and a scarce resource in this information rich world.

So as to say, we are not new to the concept but the ways in which it is reaching us are evolving. This evolution coupled with AI, which can track, predict & feed us well- planned & structured data can get exploitative in nature and keep us hooked onto digital platforms for hours & hours. Previously due to limited availability of information, it was easy to switch our attention to different platforms or just get off the media all together. With internet, there is no dearth of information which has even fuelled the information economy. This information overload and the ability of complex algorithms to feed us linear yet endless content puts us as at the disposal of technology. Businesses have not shied away from using it for garnering time, attention and engagement from their prospective customers. In turn, calling for re-invention and innovation managing our attention spending patterns. This would require combined efforts from users, businesses and other stakeholders involved.

The new guidelines by ASCI (Advertising Standards Council of India) pertaining to influencer advertising in digital media are definitely a step in the correct direction to make us well aware of the content we are consuming. The guidelines, are self-regulatory and put businesses and influencers in a position to create more conscious content.

As far it goes for us, given that we are plugged into the digital world more than ever, we should be well aware of the power of our individual attention and literally ‘pay’ it wisely.

Some ways to do so could be,

Digital detox- Complete abstinence from usage of electronic devices;

Limiting the time spent on multiple apps- It could be done using willpower or setting time limits;

Scrambling the apps on phone regularly- This helps to avoid habitual clicking and making a more conscious choice;

Deleting the apps that add no value to our lives- Would definitely free up not only device storage but attention as well to be used somewhere more fruitful; and

Setting custom notifications for different apps- Turning off for some, and customising for others can always help in avoid constant distractions from the buzzing of our devices;

Though there are powerful machines we might need to fight to navigate our ways through them, but at the end of the day, attention is our ‘precious possession’ and we must ‘pay’ it wisely.

Also, if you have reached the end of the article, your attention was well spent!