The hype about information economy is everywhere. The headlines scream some audacious thinking.
Information is the new crude oil.
Data is driving business.
Information is everything. Manage it or die.
The thing is- information is now in abundance. We create enormous amounts of data. No one, even machines can not keep track of the amount of data we create. We create more than what we can consume. So we consume more.
Here’s the catch. If information is the new crude oil, why we are not paying for 99% of the content out there in the internet ?
We trade our attention for the abundance of information. The more information we get, the more attention we give. More the attention, the more income for the tech industry. The big brothers of information tech ( mainly facebook, Google, and Amazon) are courting for our attention. The battle is fierce. The more time we spend browsing them, the more income they get. Which is why these tech is so smart. We don’t pay, right? Someone else is paying. But our attention? They take bets on our attention.
So, in effect, what is the most scarce resource out there now ?
Not sure yet ?
Look around you. Who can stand at a queue, travel in a bus or be at a meeting with out taking a peep in to their phones?
Can you ?