As Matthew Crawford says, “Attention is a resource; a person has only so much of it.”
“The attention economy” is a term that describes the supply and demand of a person’s attention. The long tail was first created in 2004 by Chris Anderson. The long tail is a business strategy that allows companies to realize significant profits by selling low volumes of hard-to-find items to many customers, instead of only selling large volumes of a reduced number of popular items.
Let’s take an example of film
The head may include: Movie retailers – HMV, Blockbuster etc. For Cinemas – Event, Palace Cinemas etc.
The long tail may contain: Netflix, Youtube, AppleTV, Amazon etc.
As you can see from the graph, due to the increasing accessibility of the internet, more films are being downloaded online rather than buy it in the retail stores which mean the demand and sales will decrease.
Forstmann, D., 2019. The Age Of The Attention Economy Fueled By Social Media Addiction. [online] Medium. Available at: <https://medium.com/@goboldfish/the-age-of-the-attention-economy-fueled-by-social-media-addiction-9c8b8150cbf6> [Accessed 11 September 2020].
Reutersevents.com. 2012. The Long Tail Of Social Media | Reuters Events | Marketing. [online] Available at: <https://www.reutersevents.com/marketing/brand-marketing/long-tail-social-media> [Accessed 11 September 2020].