Dance to the tango of swipes, clicks and scrolls.

For every scroll is a trade-off; a missed sunset, an unread book, a conversation postponed. Will it be the cat video or the TED Talk? We juggle notifications, scroll through feeds, and chase the elusive dopamine hit. Advertisers wave banners, influencers curate lifestyles, and algorithms take over the human imagination. Yet, amidst the cacophony, we yearn for depth. We crave stories that linger, ideas that spark, and connections that transcend beyond the digital world.

A whopping 25.1 million hours are devoted to online activities every minute on the internet!

The opportunity cost.? Our mental gold, our attention.

As we strive to thrive in the 'attention economy', I want to point out that enough has been said and written about 'our attention' being a valuable cognitive resource.

'Attention Economy' as a concept is not new to us and is widely taught in business schools world over. For those who didn't know, the concept of attention economy was first theorized by psychologist and economist Herbert A. Simon when he wrote about the scarcity of attention in an information-rich world in 1971.

He said:

"In an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes. What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume it."

As business leaders we understand the scarcity of our attention and constantly strive to reinvent our business models to capitalize on it.

And, in a market for information products ruled by an attention economy, the trick is to come up with business models in which one may profit from exchanging information for attention.

It is easier said than done!

In this article I've tried to highlight what the Media, Entertainment & Sports industries should do to thrive in the attention economy without losing me as their consumer.

Gone are those days of engaging customers like me with information and insights alone. To retain consumer attention and to thrive in the attention economy, businesses must invest in interaction and intention led strategies.

Here are some thoughts:

1. Craft compelling narratives that resonate with your target audience is not enough, businesses should invest in creating content based on intent. Whether it’s articles, videos, social media posts or original content should be intent oriented, data-backed and on-demand. Don't bombard me with content which you think I may like. It creates confusion and adds to the cacophony.
2. Employ content discovery strategies that get me to sample new content formats, genres, etc. without encroaching my personal space. Focus on delivering high-quality pieces. Prioritize substance over volume.
3. Data backed experiences not only lead to higher engagement but garner greater interactions. These create a sense of ownership and exclusivity for fans and followers.
4. Foster a sense of community and belonging around your brand. This goes a long way! Don't think I will engage with your brand mindlessly. Design strategies to be more inclusive. Is my voice heard? How are you celebrating me as your fan, follower, viewer? Fan engagement isn’t just about attendance; it’s about creating a continuous cycle of interaction. By fostering emotional connections and embracing digital channels, sporting industry can succeed in retaining consumer, fan, follower attentions.
5. To stay relevant, deliver exceptional experiences, retain consumers and to thrive in the attention economy, businesses must invest in understanding consumer behavior, leveraging AI, and adopting innovative solutions while meeting ever-evolving consumer demands.

I will continue to study this topic further as very rarely are you the guinea pig of your own experiment.