In an era where remote work dominates business, digital consumption habits have changed significantly. Due to the move from office-based to home-based / hybrid working, we have also seen a growth across multiple online sectors, transforming how these platforms compete for attention.
Undoubtedly, people are staying inside more than ever before, and it isn’t just because of the home office. Studies show that individuals spend around 90% of their time indoors due to several factors, including leisure and comfort, safety and the high cost of living, meaning that going out is more expensive for individuals than ever before.
This has, in turn, led to a rapidly expanding digital economy, which now includes streaming services, social media, and iGaming markets such as online slots at Paddy Power. The growth of these markets not only illustrates how diverse the digital economy has become, but also how they have expanded due to consumer habits revolving predominantly from the comfort of their homes.
Indeed, the digital economy is expected to reach $16.5 trillion by 2028, which accounts for approximately 17% of global GDP.
The structural shift of people spending the majority of their time indoors has also led to the rise in short-form digital content or ‘micro-entertainment’, which fits a digital, enjoyable experience into a 10-30-minute window. This can be seen in casual mobile games, quizzes, mini-streaming episodes, and light gaming – all designed to offer instant gratification, without demanding too much time or focus.
Rise of Short-Form Digital Markets
Ad spend on short-form video content is predicted to hit $145.8 billion by 2028, according to the European Marketing Institute. They are a dominant format of modern marketing, with around 73% of consumers learning about products through apps such as TikTok, Instagram Reels, or YouTube Shorts.
Source: Unsplash
Platforms are increasingly competing for attention; they are designed around brief interactions that require limited time commitment. This is because these platforms know that users’ time is precious, and they have to compete with several other platforms to gain that attention.
Streaming services often promote episode content in manageable formats, where you can watch a 30-minute sitcom using services such as Netflix or Amazon Prime.
This also leads to changes in platform strategy where they make sure content is accessible across multiple devices, such as phones and home speakers. Phones offer a whole world of entertainment to people, where they can access streaming services, music, mobile games and social media right at their fingertips.
Short-form video content has strong economic value, helping platforms attract users and grow digital market share.
Other Ways that Platform Competition for Attention
Different platforms are competing to grab the attention of users in multiple other ways. For example, algorithms employed by social media such as TikTok analyse behaviour to curate personalised content, so people can access engaging content without wasting any time.
This has been vastly improved by the implementation of AI systems, which have been trained to understand users and deliver content that fosters a deeper, more personalised form of engagement. These strategies show how data and AI are helping drive the expanding revenue of the digital economy.
Disclaimer:
CBD:
Qrius does not provide medical advice.
The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) outlaws the recreational use of cannabis products in India. CBD oil, manufactured under a license issued by the Drugs and Cosmetics Act, 1940, can be legally used in India for medicinal purposes only with a prescription, subject to specific conditions. Kindly refer to the legalities here.
The information on this website is for informational purposes only and is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or another qualified health provider with any questions regarding a medical condition or treatment. Never disregard professional medical advice or delay seeking it because of something you have read on this website.
Gambling:
As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman, and Sikkim, prohibit gambling. Land-based casinos are legalized in Goa and Daman under the Goa, Daman and Diu Public Gambling Act 1976. In Sikkim, land-based casinos, online gambling, and e-gaming (games of chance) are legalized under the Sikkim Online Gaming (Regulation) Rules 2009. Only some Indian states have legalized online/regular lotteries, subject to state laws. Refer to the legalities here. Horse racing and betting on horse racing, including online betting, is permitted only in licensed premises in select states. Refer to the 1996 Supreme Court judgment for more information.
This article does not endorse or express the views of Qrius and/or its staff.
