Caterbuildar

Here is an article by Michael H. Goldhaber in which he talks about an 'attention economy'. This article is dated April 1997, so naturally, things have changed since then. He explain what 'attention' is, how we get it or give it in our everyday lives (business or private), how we use it and mainly what is the role of attention in the economy especially in the Web. Below is what I found interesting and a summary of the article.

Goldhaber says, we are moving towards an era of attention economy and we are partly already there [but I think we are in fact already there – remember this article is about 12 years old]. The Web is enforcing us to do things differently. We cannot apply the old rules to new times any more. It is a whole new way of doing things and as a business or any other venture one has, we just need to get our heads around the new digital era or we will simply fail. Times have changed now, where seeking attention is not frowned upon any more but rather it is admirable when something/someone gets attention.

# 1) The Web demands new ways of thinking.

# 2) Limited Attention: Attention is a scarce resource. We as humans can not focus on too many things at one time. It is hard to get and keep attention.

# 3) Attention is Everywhere: It is possible for everyone to get attention, in fact we get it in all kinds of small ways e.g. when we simply talk to one another.

# 4) Possibilities: Once we get attention, we can do a lot with it [Tehseen: Web example, inviting people rate something, or click something etc].

# 5) Attention Value: Individuals value attention far more than organisations, also attention flows from individuals.

# 6) Pass on Attention: Attention can be passed on [Tehseen: person to person, or, organisation to organisation etc].

# 7) Equal Exchange: In order to keep interest, there should be an equal exchange of attention.

# 8) Be Original: Being original creates attention.

# 9) Return of Attention: There are situations, where the attention giver can feel almost obliged or have a desire to return attention.

# 10) Wealth: If you have attention, then you are also 'wealthy' in the attention economy. Attention is like property in the attention economy.

# 11) Money Flow:  Money has no pure essential function in the pure attention economy. Money cannot also buy attention. However, money can flow to attention.

# 12) To get attention, one has to be interesting and offer 'illusory attention' - a return of attention.

# 13) How to get Attention: There are various means of getting attention on the Web, for example, use of multimedia, virtual reality etc.

# 14) More and more people use the Web to get attention.

# 15) The Web is a tool for transmitting and circulating attention.

So, my thoughts: since the Web is the world (see Web Squared blog), it is the most obvious place to get attention and it's a place where one can reach a global audience. Also, probably for some, the Web is the only place to get attention.

Feedback, comments always welcome!