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The Attention Economy


It’s funny how 'xx is the new oil' keeps cropping up … this one is kind of related - but focussed not specifically on data - but rather, The ‘Attention Economy’ ….

"For the better part of the past century, the most important commodity has been oil. Wars have been fought over it — Pearl Harbor was a preemptive strike to secure Japanese access to Indonesian oil — and it elevated desert tribes to the ranks of the wealthiest cohorts in history. But the sun has passed midday on oil’s supremacy. We’ve moved from an oil economy to an attention economy.

We used to refer to an information economy. But economies are defined by scarcity, not abundance (scarcity = value), and in an age of information abundance, what’s scarce? A: Attention. The scale of the world’s largest companies, the wealth of its richest people, and the power of governments are all rooted in the extraction, monetization, and custody of attention."

Some other phrasing that caught my eye and mind …

"If Facebook is Exxon and Netflix Shell, TikTok is fracking king Chesapeake Energy, the rule-breaking insurgent armed with novel extraction methods that threaten the established order.”

"everyone is trying to outTik the Tok”

"MrBeast … most popular video (is) a real-life reenactment of Squid Game, which cost $3.5 million to produce (the cost of an episode of Mad Men). It received 300 million views."

You can read the whole Scott Galloway piece here.

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