Question: What is the attention economy? Drawing on relevant examples, critically discuss the impact of the attention economy on at least two media industries.

Expert answer

The attention economy is the economic model in which attention is treated as a commodity. In recent years, there has been a shift from traditional advertising to digital marketing, which is largely driven by the attention economy. Advertisers are increasingly willing to pay for placement on websites and social media platforms, because they know that people are more likely to notice and click on those ads.

The impact of the attention economy on media industries has been largely negative. First, it has contributed to the decline of print media, as people are more likely to spend their time reading articles online than in newspapers or magazines. Second, it has led to an increase in clickbait and other forms of low-quality content, because publishers are more likely to publish articles that will capture people's attention. This has resulted in a decline in trust in the media, as people are less likely to believe stories that they know are being published only for the purpose of attracting clicks. Finally, the attention economy has contributed to the rise of fake news, as people are more likely to share articles that confirm their own biases.