The secret currency that rules the world
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Housing, food, money,
Are some of the topics that have been the main subject of economy studies around the world over the years
how and what is the better option to distribute these scarce resources in society.
Yet, there has been one that you can consider as the most valuable asset we have. Our Time.
Researchers didn't take this into consideration but now, in the internet era, time took a crucial role in the economy
For most of human history, access to information was limited. Centuries ago many people could not read and education was a luxury.
Today, we have access to endless amounts of information at the hands of our fingertips. Making the economy move around where we put our attention.
What’s attention?
Before getting deeper into the topic, we need to understand how Attention is defined. According to the Merriam-Webster dictionary:
Attention is: the act or state of applying the mind to something
The term “attention economy” was coined by a psychologist, economist, and Nobel Laureate Herbert A. Simon, who said that attention was the “bottleneck of human thought” that limits both what we can perceive in our environment and what we can do.
Attention is the new currency that rules the world. As we have more options than before, where we spend the most time could benefit someone by letting them gain a lot of money.
Companies know this and try to create something so charming that draws users to spend more and more time inside their apps and sites.
Designers who create this kind of platform understand that their products live based on how much they capture users’ attention, creating a highly competitive market.
Many firms are adapting their business models to capitalize on it, over the internet,
Which created a system where you could spend endless amounts of hours there. Making these companies worth billions of dollars.
TikTok and Instagram, you open the app and start scrolling. Simple yet powerful
Fornite, you go into the game, hit ready and you are playing.
Netflix, you open it, click on a show, and that's it. Nothing else.
The best companies I’ve seen trying to grab their user’s attention focus first on creating catching content and then creating a loop where it becomes difficult to leave.
Thanks to this, as well, a new source of income for creators was found.
Influencers, celebrities, socialites are producing content as fast as possible, to grab attention and use it as a force to new partnerships.
Where the attention is given, the money will follow, has become a rule among different industries creating a pattern for the future.
Some companies will continue to produce habit-forming designs that entice users to dedicate more and more of their time.
Certain facts of the digital economy may not change. Advertising will continue as it is now, apps will compete for new users’ attention, and people will still only have so much attention to dedicate.
However, designers have a choice in this economy: they can balance business needs, such as the necessity for new subscribers, advertising revenue, and profit, with respect to the best interests of their users.
As a user, you need to be aware of how much time you spend on every platform, as it is difficult to determine the impact attention-grabbing sites can have on the economy and society as a whole.
As a creator, you need to understand how to catch your client’s attention more and more.
For new companies and entrepreneurs, this gives the challenge of finding an aspect where they could prevail and grab more attention.
Which makes it so interesting to find what they will do to achieve this goal.
What do you think it will be?
Until next week,
Jose.
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