The attention economy is the new paradigm, reshaping how businesses and creators capture value. At its core, it is about acquiring, holding and monetizing human attention. The rise of social mobile platforms has altered the attention economy, reaching new heights and fundamentally altering traditional media consumption patterns.
This shift is driven by the increased accessibility of smartphones and tablets, encouraging users to engage with content on the go, anywhere and anytime. According to recent studies, the average American now spends over four hours per day on mobile devices, with a significant portion of that time dedicated to social media platforms such as Instagram, TikTok and YouTube. For traditional media companies, the challenge is clear: to remain relevant and capture value in the new attention economy, they must evolve.
The rise in attention on social mobile platforms comes at the direct cost of traditional media. For example, even as time spent watching digital video increases, the average time spent on traditional TV has decreased from 3:16 to 2:48 hours. Similar trends have occurred across all forms of digital media, from movies to news to sports and even gaming.
Social media platforms have become dominant players in the attention economy by captivating audiences with short-form, user-generated content. These platforms have democratized content creation and leveraged dynamic ecosystems where creators can engage with audiences directly and in real time, redefining the boundaries of influence. As a result of this shift, 57% of media and entertainment (M&E) CEOs believe their current business models will not be viable within 10 years.
The chart below reveals the notable shift: Social media now commands a substantial share of our collective attention, while traditional media’s grip is rapidly loosening. Television, radio and print media, which once dominated our attention, are experiencing a significant decline in consumption.
Figure: Source: Statista
This trend is not equal across generations. Gen Z and Gen Alpha are staunchly different from Millennials, which are very different from Gen X and Boomers. Never before has there been a different profile for how generations consume media. However, a tsunami is coming as younger generations abandon traditional channels entirely. Even mainstays like the NFL are on the cusp of seeing prolific ratings declines if they cannot shift to meet these trends. This change underscores the need for M&E companies to pivot toward digital-first strategies to engage and captivate audiences more effectively.
Understanding this new paradigm is crucial for anyone looking to thrive in the attention economy. The key is to leverage these platforms’ unique attributes to build authentic connections and deliver content that resonates with audiences, thus ensuring sustained engagement in the shifting attention landscape.
Traditional media’s approach, often rooted in standardized programming and rigid scheduling, fails to cater to these younger audiences’ on-demand and interactive preferences. Most critically, it is not aligned with the content consumption habits of younger generations who grew up in a digitally connected world.
These audiences favor authentic, real-time content that resonates with their experiences and social circles. Without acknowledging and integrating these new consumption habits, traditional media risks further alienation from a demographic that represents the future of content consumption.
In contrast, social creator platforms flourish by prioritizing engagement, adaptability and authenticity, capturing value in an economy where attention is the most sought-after currency. For example, many of these audiences are more likely to spend time watching people stream a video game than playing themselves. To reach these audiences, the consumer experience and good content will be the key to driving and maintaining attention.
With the changing attention dynamics, the customer experience with content must be factored into content marketing strategies, particularly when reaching younger audiences. To be sure, content is still king. There’s a lot of value in premium, well-produced content. Nonetheless, the interface with how people engage with content, specifically the curator-led attention ecosystem around that content and the discovery of content, has shifted and traditional media must adapt to this new paradigm.
The creator economy is revolutionizing digital marketing, forging novel pathways for brands to engage with their audiences. The heart of this transformation is the rise of influencers and content curators, whose personal brands have become powerful vehicles for communication and engagement.
These creators harness the potential of social mobile platforms like Instagram, TikTok and YouTube to craft and disseminate content that resonates deeply with their followers. By engaging directly with audiences, creators forge authentic, personal and impactful connections, offering brands a more intimate avenue to reach potential customers. This shift emphasizes building direct-to-consumer relationships, bypassing traditional media and advertising intermediaries.
Influencers and content creators have reached an audience engagement level that rivals traditional advertising platforms such as billboards, print ads and TV commercials. When influencers promote a product or service, it feels more like a trusted friend’s advice than a corporate pitch. Their influence has already extended to entertainment content.
A success story that best demonstrates a new delivery model is the King’s League, a seven-a-side soccer competition that combines entertainment and soccer. Its popularity is due to its innovative approach to partnering with streamers like Twitch, YouTube and TikTok, which aligns with Gen Z’s interests. The Kings League is profitable, has 13 million followers, 80 million hours watched, 82 million TikTok views and the second most-watched Spanish-language Twitch channel.
The power of influencer networks in content distribution is enormous. Influencers use their networks to amplify a brand’s message and leverage their reputation to enhance credibility and trust. Influencers often collaborate, cross-promote and form alliances, creating a web of interconnected content beyond what any single advertisement could achieve. This organic distribution model leverages the inherent trust within these networks, allowing messages to spread rapidly and authentically.
The growing impact of these networks is evident in Publicis Groupe’s recent acquisition of Influential for $500 million. Influential’s platform leverages AI to connect brands with influencers who best match a brand’s identity. Influential, the largest influencer marketing company, helps over 300 brands extend their reach with global influencer insights and access to 90% of all influencers.
The creator economy represents a shift in how content is produced and consumed and a fundamental change in how value is captured and perceived in the digital age. Brands that recognize and adapt can tap into this vibrant and dynamic ecosystem, shaping the future of audience engagement.
Digital platforms have shifted the consumption habits of M&E audiences. Social media has become pivotal in how audiences discover and engage with content, fostering a culture where short-form videos and user-generated content are highly valued. Mobile devices have amplified this trend, enabling media consumption on the go, regardless of time or location. To stay relevant, media and entertainment companies need to embrace the strategies below to shift how their content is delivered and consumed to capture the fleeting attention spans of modern audiences.
Media companies need to harness social creator platforms to reach their audiences strategically. The social mobile curation-first approach lets companies know what content resonates with mobile-savvy users and prioritize that content. Understanding and catering to mobile audiences’ unique behaviors and preferences is necessary for media companies to create content that effortlessly captures attention and encourages sharing, which is key to extending reach.
The goal of using influencers is to amplify reach and credibility. Companies achieve this goal by collaborating with influencers who align with their brand’s values and target demographics. These influencers act as authentic voices that can drive engagement and build trust among their followers. By nurturing long-term relationships with influencers, media companies can create a symbiotic environment where both parties benefit from increased visibility and credibility.
Producing content tailored for social mobile platforms involves crafting visually compelling and concise content that is easily consumable on the go. Short-form videos, eye-catching graphics and interactive elements can all contribute to a more engaging user experience. Media companies can also enhance discoverability and reach broader audiences by optimizing content for different platforms’ algorithms.
Data analytics plays a pivotal role in personalizing content delivery. M&E companies can gain valuable insights into what content resonates most with their audience by analyzing user behavior and preferences.
These insights enable companies to tailor content recommendations, ensuring users receive relevant and engaging material that prolongs engagement. A study by BCG reveals that media companies integrating precision analytics and artificial intelligence (AI) in their marketing strategies achieve churn rates that are impressively 30% below the industry norm.
A successful example is OTTera, a leading digital media entertainment PaaS company. OTTera uses AI to analyze user data and identify viewing trends. These insights help OTTera revise its service offerings to match evolving viewer demands. OTTera’s ability to respond quickly to the market has made It one of the fastest-growing PaaS providers worldwide and helped it expand into new markets.
Building direct relationships with audiences is a strategy that M&E companies can no longer ignore. Social platforms allow media companies to engage in two-way communication, actively listening and responding to audience feedback, fostering community and connection. These direct lines of communication enable media companies to gain real-time insights into audience needs and preferences, guiding content creation and strategy development.
For example, creators with large audiences could curate FAST channels for 24-hour programming tailored to their followers. They might follow the King’s League example and stream events live with commentary. Platforming the linkage between producer and creator is key and will forever change content distribution by aligning with where attention has shifted and will continue to go.
M&E businesses must rethink traditional monetization strategies and business models to stay competitive on social creator platforms. The rise of influencers and content creators means companies must adapt their marketing approaches, focusing on authentic engagement rather than traditional advertising. This shift requires a deep understanding of audience dynamics and the ability to craft narratives that resonate with viewers.
Navigating partnerships with curators becomes critical, as these collaborations can amplify brand reach and credibility. However, they also demand careful consideration of alignment in values and audience demographics to ensure effective synergy.
Another layer of complexity is balancing traditional media’s strengths with new platforms’ unique requirements. While traditional media offers established credibility and reach, new platforms offer dynamic engagement and real-time interaction. Companies must leverage the strengths of both channels, combining traditional media’s reliable storytelling with the innovative possibilities of social platforms to capture value.
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