Attentive

🌈 Abstract

The article discusses the shift from an oil-based economy to an attention-based economy, where the largest and most valuable companies are those that can extract, monetize, and control attention. It examines the rise of attention-seeking enterprises, particularly in the tech and media industries, and the disruption caused by platforms like TikTok. The article also raises concerns about the potential risks and externalities associated with the attention economy, including the influence of the Chinese Communist Party on TikTok.

🙋 Q&A

[01] The Shift to an Attention Economy

1. What are the key points about the shift from an oil-based economy to an attention-based economy?

• The article states that the most important commodity has shifted from oil to attention, as economies are now defined by the scarcity of attention rather than the abundance of information.
• The largest and most valuable companies are now those that can extract, monetize, and control attention, such as tech and media giants.
• The article compares the rise of the attention economy to the rise of the oil economy, noting that there will be "blood" as companies compete for attention.

2. How does the article describe the different players in the attention economy?

• The article discusses the dominance of tech and media giants like Apple, Amazon, Facebook, and Fox News in the attention economy.
• It also mentions smaller players like podcasting, conferences, and email newsletters as "artisan projects" that are "bit players in the shadow of the supermajors."
• The article highlights TikTok as a disruptive force in the attention economy, comparing it to the "fracking king Chesapeake Energy" that is threatening the established order.

[02] The Attention Economy Value Chain

1. How does the article describe the evolution of the attention economy value chain?

• The article explains that pre-digital attention entrepreneurs would "drill for attention" with interesting or entertaining content and monetize it through subscriptions and ads.
• The first wave of innovation was driven by the infinite capacity of digital storage and distribution, allowing platforms like Netflix to rise to dominance.
• The article then describes two major innovations brought by social media: offloading content production onto users and broadening the definition of "content" to include user comments and interactions.
• Finally, the article discusses how TikTok is "remixing the attention economy value chain" by relying on user-generated content and providing a more passive, algorithm-driven experience for users.

2. What are the concerns raised about the attention economy and its externalities?

• The article draws parallels between the externalities of the oil economy and the attention economy, noting that the "sewer of ad-driven social media enragement" is "contaminating the water table."
• Specific concerns include the potential for TikTok's links to the Chinese Communist Party to be used for propaganda, as well as the negative impacts on teens' mental health and civil discourse.
• The article also suggests that the leaders of American media platforms suffer from "amorality" and are indifferent to the damage their companies cause.

[03] The Future of the Attention Economy

1. How does the article assess the potential future dominance of TikTok and YouTube in the attention economy?

• The article suggests that while TikTok's short-term dominance is unlikely to be stopped, its long-term position in the attention economy is uncertain.
• The article posits that YouTube may be the "likely dragon reigning over, and defending, Kings Landing" in the attention economy, citing its diversity of content, creator partnerships, and ability to support high-production-value videos.
• The article highlights YouTube's "betweenness" as a key advantage, allowing creators to start with low-production content and scale up as their following grows.

2. What are the article's recommendations or conclusions regarding the attention economy?

• The article suggests that TikTok should be spun off to Western investors or treated the same way China treats American platforms, i.e., banned, due to the potential risks of its links to the Chinese Communist Party.
• The article also acknowledges that the attention economy presents other threats, such as privacy and data issues, and that these should not be ignored in the focus on TikTok.
• Overall, the article calls for a more proactive and comprehensive approach to addressing the externalities and risks associated with the attention economy, rather than a narrow focus on any single platform.