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Attention Economy
  ·  2019-01-21  ·   Source: NO. 4 JANUARY 24, 2019

Nowadays, with people increasingly hooked on mobile terminals such as smartphones, a new form of economy, dubbed the "attention economy," has taken shape.

In the attention economy, human attention is the scarcest resource with a flood of information constantly bombarding consumers as Internet companies vie for their attention to make a profit.

However, the attention economy is encountering roadblocks as consumers' satisfaction with Internet companies' technological products is declining. According to a survey in the United States in early 2018, although teenagers are using social media more frequently, two thirds of the respondents thought social media had a negative impact on them. Some even wished to return to the time when there was no social media.

The problem is due to the low quality of some technological products. Just as in the entertainment industry, where music, films and TV series rely on content to attract

attention, technological products also need to improve their quality to meet consumers' psychological needs for a better life. Otherwise their profitability will not be sustained.

To solve the problem, more talent who have majored in art and culture should be employed in the Internet industry to balance the current structure of employees dominated by science and engineering majors.

(This is an edited excerpt of an article originally published in People's Daily on January 9)

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