Attention Economy

The Internet’s primary function is delivering information. An incredibly large network, the Internet has an abundance of information from fainting goats to live streaming in war zones. This great wealth of information has given way to an attention economy. Goldhaber describes the attention economy by looking at the Web as an incredibly large part of our reality that has developed its own economy (1997). Like a traditional economy, the scarcest commodity is most sought after. In this way, the Internet is no different to a traditional economy. The Web has a great quantity of information, so attention for this information is the scarcest commodity (Goldhaber, 1997). Every company wants revenue, and the businesses who best accommodate this new reality will be the most successful (Goldhaber, 1997).

Netflix has made this new reality work for them, learning how to reinvent itself for the 21st century (Cohan, 2013). One way Netflix poses a competitive edge in the attention economy is their sheer amount of content. Having Television and Movies on a digital, networked platform means Netflix potentially has an unlimited library of content they can create. TV shows and movies are also content that is in great demand – nearly everyone on the planet enjoys catching up on their favourite TV show, or enjoying a classic movie. By having an incredible amount of content, Netflix can also accommodate to everyone’s needs. It is a rare feat for a business to be able to target almost anyone, but Netflix has managed to do this with its content. Ultimately, Netflix can generate a great amount of attention because it can target such a large amount of people with its abundance of content.

Netflix makes sure its services are available to its subscribers wherever they want, how they want, and when they want (given they have that all important Internet connection, of course). Since their move from DVDs-by-mail to a digital platform (Cohan, 2013), one thing Netflix understands well is the importance of accessibility. Unlike watching TV or other streaming sites that may only upload content for a limited amount of time, Netflix allows users to watch content at any time, in any order they want. This is inline with the wants of most people, who cannot watch vision live. Netflix is also available on our computers, tablets and Smartphones (Cohan, 2013), so we can take it literally anywhere with us. By being transportable and suiting the needs of everyday people, Netflix gains attention in an information-packed economy.

One problem many users face with Netflix is its geographical barriers. Unfortunately, licenses are placed on content which are very expensive and not justifiable to pay. One way Netflix gets around these licenses is by producing its own content (Cohan, 2013). These original shows like Orange is the New Black and House of Cards, are very well produced, and thus enjoy a lot of attention themselves. Netflix helps these shows gain attention by firstly being the only service that provides it. Secondly, they release complete seasons of original content. Again, this suits the needs of the everyday person, letting someone choose to binge watch a season if they please. The point is, viewers are not frustrated having to wait weekly to view their favourite TV show. Again, Netflix has found a way to grab the attention of viewers.

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