When there were only a handful of distribution channels, and the cost of entry was high, a handful of players could profitably compete for a slice of the attention pie.
Digital and network technology has lead to an explosion of content and distribution channels, i.e. a proliferation of media.
The proliferation of media is a bubble because it’s being driven by speculation — the 20 million bloggers and dozens of Web 2.0 sites popping up everyday are speculating on the unbundling of content and distribution.
The negative economic consequence is that attention is not being allocated efficiently — it’s becoming increasing difficult for people to figure out which of the infinite number of content choices at their fingertips are most worth their time.
When there were only a handful of content choices, there was plenty of attention to go around — and attention could be bought through marketing.
As a result of the speculation in media, there is now too much media competing for too little attention.
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