On today's edition of This Week in Innovation Brian and I talk about the attention economy.
Give it a listen and let us know what you think?
Podcast Hosts
Jeff Roster
Twitter https://twitter.com/JeffPR
LinkedIn https://www.linkedin.com/in/jeff-roster-bb51b8/
Website https://thisweekininnovation.com
Brian Sathianathan
Twitter https://twitter.com/BrianVision
Website https://www.iterate.ai
Podcast Website
https://www.podbean.com/pu/pbblog-f8asf-af2782
https://thisweekininnovation.com
Apple
https://podcasts.apple.com/us/podcast/this-week-in-innovation/id1562068014
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https://open.spotify.com/show/2QDqTUnt6jebdRHbRzSTJN
LaunchPadOne
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Listen Notes
https://lnns.co/2QPSfnizE5K
Transcript
[00:00:40] Jeff Roster: connectivity. Fantastic. Brian, today, you want to talk about the attention economy? What what does that mean?
[00:00:48] Brian Sathianathan: So basically the the idea about the attention economy is it's almost thinking about, a consumer or a user's attention, the time that he or she spends, say watching TV [00:01:00] are interacting with the product are, spending time on the internet. Looking at that whole concept as the human attention is a scar commodity. and it's, there is so much of it that you, one any human or any person has in a given day, right? You only have 24 hours and you probably spend 1820 hours being awake, right.
[00:01:26] Or maybe 16 hours, depending on how old you are and how young you are. So the question is it's a scare. The point is that it's a scarce commodity and within this scarce commodity, how. Can brands our well can websites, our well can products grab the attention of any human, right? Any user, any consumer.
[00:01:49] That's why this is interesting. So we are applying the traditional economic theories, right? That we apply to finance, or any other scarce commodity. And you apply that theory to [00:02:00] attention to the human attention. And that is what the attention economy is. So you've taken something that's very much an art or like something that evolved over a time and you've attached and applied scientific principle to it.
[00:02:12] And you treat it like a scarce commodity and value.
[00:02:17] Jeff Roster: Okay, so makes sense. When I started my career, there were there was cable and barely cable and there was. A few channels, there was radio and that was it. And now I've got two plus million podcasts. I can dig through 600 channels.
[00:02:35] Almost, unlimited streaming services. So that time that I spend as a consumer becomes incredibly valuable where I put it. And it's a precious resource to all these various. objects, interactions, things that are looking for my time. What what do you do with that then?
[00:02:54] Brian Sathianathan: I think it's about no, I think it's a great question. I think Jeff, I think it's all about understanding where [00:03:00] users are spending time and how it is broken down between the different avenues, the different channels. The different types of activities, and then the brands, as well as these content providers, or even retailers can figure out methodologies to create value, because essentially a user's attention is not free. So how do you create value within that time? So that, it becomes a transaction, both parties benefit.