With the ever growing number of social networking sites we can see that with the web 2.0 the information is no longer the most important. What stands out today is the attention economy and the attention is the commodity that all the important players in the internet business fight for.
With the constant growth of online media, blogs, news, videos, photos, podcasts we become sunken in the number of information we can no longer follow. Attention becomes the most scarce commodity which bring us to Herbert Simon, who was (according to Wikipedia) perhaps the first person to articulate the concept of attention economics:
With the constant growth of online media, blogs, news, videos, photos, podcasts we become sunken in the number of information we can no longer follow. Attention becomes the most scarce commodity which bring us to Herbert Simon, who was (according to Wikipedia) perhaps the first person to articulate the concept of attention economics:
“…wealth of information creates a poverty of attention.”
The truth is that new startups will have to put much more effort to be recognized and accepted or even noticed than ever before. Big virtual communities or social networking sites like YouTube, Facebook, MySpace … can be of a great help by recognizing new applications, blogs, media… Highly connected people are today probably much more valuable than an individual.
At trying new platforms taking into account the user/customer is necessary. Almost every demographic group is somehow present on the internet these days, and users are getting smarter about their tools.
It is good to know who's doing what in social media. Forrester provides a nice graphical representation:
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