Vying for Attention The Future of Competing in Media and Entertainment Torrey Ball
The Core Ideas • Media companies must evolve their ideas about media and understand profitability in new ways; the primary difference is a focus on attention instead of reach. • Really study the “attention of consumers” and know what it’s worth . • Don’t just think in terms of audience; think in terms of specific attentions. • Understand the effects of a multi-platform world, and the strategies for connecting with audiences.
Attention and Profitability • Attention drives media and its consumption. • Human attention is moving from the status of a commodity to that of a scarce economic resource. • Power shifts from attention buyers (those who market media and entertainment) to attention generators (the consumers who distribute their attention to whatever pleases them). • Customer perception will rule, and consumer attention will determine what businesses thrive or fail.
Attention and its worth • What is attention worth? How do we account for attention in wide spread areas? • Media and the platform to access that media must not be over-priced • Consumers go with what they are used to • When you have nothing to watch on tv, what channel do you attend to?
Attention not Audience • Demographics only tell you Age, Sex, Race. • New media must be able connect with consumers on an individual level, and then CRM systems must help develop understanding. • How do companies get this information and is it ethical? • Different people use different platforms, media valuations must account for this fact.
Multiple platforms • Attention is . . . attenuated. • How many forms of media do you interact with every day? What do you use these for? • How do we as aspiring media managers, value attention on different platforms? • Attention spectrum • Companies must be able to find ways to attract and understand attention on multiple platforms
Surviving the Attention Economy • Connect with Your Customers and Cultivate Relationships • Find New Revenue Streams - NOW! • Set Your Customers and Your Brands Free • Don’t Pay for Impressions, Pay for Attention! • Make Your Pricing Dynamic
Surviving the Attention Economy • Go Global from the Start: Compress Your Windows • Create Standards that Work • Share the Investment Risk • Be a Close Follower: Learn from Others’ Mistakes • Focus Your Attention as Companies Converge and Diverge
Strengths and Weaknesses • Weaknesses • Dynamic pricing • Go global from the start • Strengths • Predictions and how looking back helps shape the future • Identify attention as a driving force in media