What is an hour of your attention worth?

Lost (TV series)

Image via Wikipedia

Read the very disappointing cover story on my new Fortune magazine that came in the mail today. I’ll post more about it with observations when I have more time. But Jeff Jarvis was interviewed for the story and he had an interesting comment about attention. It got me thinking about all of the media and entertainment products, how much of our attention they consume, and their monetary value.
So, here is a (really) rough calculation of all that I can find easily:
  1. Video Games (take Madden as an example). $60 per unit. I read a stat that for Madden players at 2.5 hours per week = 125 hours per year. Your attention hour value is $0.48 to EA.
  2. DVD’s. $20 per unit. 2 hours per movie. Your attention hour value is $10.
  3. Movies. Average ticket price $7.18 according to MPAA. Average movie 2 hours. Attention hour value $3.59.
  4. TV. Take a dramatic show like Lost. It’s about :45 minutes of content and :15 minutes of ads (give or take). A :30 spot averages $133,774 (per data I dug up). That’s about $4MM for an episode with 11.4MM total viewers. That’s $0.35 per attention hour. We watch 6 or so hours a day for your daily attention netting $2.11 (and that’s really generous).
  5. Books. A new hardback runs $25, and will take you 20 hours to read. That’s $1.25 per attention hour.
  6. Magazines. Take that Fortune magazine I read. The published rate is $124K (I know, I know). 106 pages in the magazine, I’ll be generous and say there was 50 ad pages (I’m not going to count them). That’s $6.2MM on a base of 830K. Say you read it cover to cover in 4 hours. That’s an hour attention value of $1.86.
  7. Newspapers. Ugh. Anyone want to take a stab here? Let’s take the NYT and say it really does have 1.45MM readers. Their total revenue for news is $2.3B for a total of $1,586.20 per reader. Let’s say they spend 10 hours per week and 500 hours per year with content. That’s an hour attention value of $3.17.

So, here it is again, in Hour Attention Value order:

  1. DVD. $10.00
  2. Movies. $3.59
  3. Newspaper. $3.17
  4. Magazines. $1.86
  5. Books. $1.25
  6. Video Games. $0.48
  7. TV. $0.35 (cable fees add another $0.27)

Best I can do with free data, but it starts to get at a new kind of metric. Namely, what is the value of an hour of my time to the various media and entertainment companies that I give my money, and more importantly, my attention to? I give money directly to the entertainment companies (DVD, Movie, Book, Video Games), so this is a cost to me. But the media companies are making this money off of me in exchange for my attention. Yes, I have to pay $50+ a month for cable fees to access the programming, but it’s an attention swap.

What Jarvis pointed out is that all content is a value exchange with our attention. I wanted to begin to dig into this idea and see exactly how much money an hour of my time is worth. Yes, the margins differ and there are economies of scale, but this is a first stab at building a metric that can be consistent across formats for properties that have scale.

Thoughts?

Posted via email from Sean Womack’s Stream

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The Google Ad

Image representing Google as depicted in Crunc...
Image via CrunchBase

I have not read any of the commentary about the Google ad yet, and for a reason. I wanted to get down my opinions of it untainted by anyone else’s opinions because I’ve rarely seen something that so defied my expectations.

Everyone talks about Google taking over every business that they move in to. Most of the conversation is about their dominance, their size, their goal to get all the world’s information. We speculate about their moves and their motives. Lately, we’ve even begun to take their search engine to task saying that keywords have run their course.

They know all of this, of course. But they did not address it. Not directly anyway.

What they chose to do is put themselves right in the middle of life. Not everyone’s life either – just their little part of one particular drama. They just showed how the simple thing that they do – help you find information on the web – helps in so many important moments in life.

This is brilliant advertising.

And it is by a company that did not need to build awareness or grow share. They have all of those that they need.

No, this was meant to show how something as simple as a search engine can help facilitate something elusive and tender and human as a budding romance come about. It is a brilliant piece of film. Fully branded, perfectly scored. Spot on emotionally.

For all the talk about the capital “c” Conversation in marketing, and all the hyperbole about the ruination of the :30 spot. This reinforced the power of the medium of film to deliver what no conversation ever could. It moves you emotionally. It conjured up a story – completely in our heads – that we all wanted to be a part of (even football guys in some small way).

It opened up the heart to emotions we’d never associated with Google.

And it didn’t need a baby or a monkey or a Clydesdale to do it.

Communication Architecture

This whole communication thing has gotten really complicated. I’m speaking now about the profession of communications, which I’ve worked in for nearly two decades now. We all know about the proliferation of media, and we know that communication shops (i.e. agencies and consultancies of all shapes and sizes) face challenges left and right. Now we have the web, mobile, and tablets (Kindle & iPad). But communication has not really changed.

I’ve been working on a simple model to help a brand, an individual or an organization think at a high level about their communication architecture (overly fancy word, I’m open to alternatives). This will be the first of several posts laying out this idea, and it’s my intention to offer up a thesis that will get some feedback – this should be a dialog not a story.

1. Communication is about talking and listening. Period. It always has been and always will be. You can have one person talking to another one in conversation, or you can have an event full of people all mingling and talking to one another. Yes, this is a bit obvious, but it’s important to realize that the many-to-many (n:n) communications that are all the rage online right now – aka. social media – are as old as the marketplace.

2. We communication to inform, to persuade or to entertain. Yes, this is from freshman communications class. But again, it’s important to remember in these days of adjective marketing: primal branding, entertainment marketing, branded information and energizing the groundswell. All of these are just basic communication objectives. What we often forget is that the people listening have an objective as well.

3. Listening Objectives are important (and they always have been). We can call it the important of context or of engagement; we can say that the brand belongs to the consumer; we can talk about review sites and bloggers; but however you are going to label it, what it gets down to are Listener Objectives. The classic “what’s in it for me” question that public speakers are always taught to ask, but brands never think to consider.

There are four quadrants for any brand to consider:

1:1 — Dialog. This is what it sounds like. Good old fashioned conversation. It can be someone wanting persuade someone to buy a product or a CEO doing and interview with a trade journal, but whether it is PR, sales or word-of-mouth marketing there are principles to good dialog. We’ll look at some of the best thinkers and ideas.

1:n — Story. I’ve gone back-and-forth on this one wanting to call it monologue or some other permutation, but I decided that it really is storytelling. There are some wonderful books and ideas about story. Unfortunately, it has become the whipping boy in the advertising community with the demise of the 30-second spot. Everyone wants to talk about social media, but story isn’t going anywhere – it just migrated to another screen.

n:1 — Feedback. Another word choice that I wrestled with, but I think it’s the right word (again, always open to better ones). People have been giving feedback since we started having leaders (and shoddy products). Today technology allows this feedback to be harvested, analyzed and reconciled in a more efficient and effective manner – not that we get any better service. We’ll see that technology is up-ending decades old practices in all four quadrants, but none more significantly than the next.

n:n — Social. Let me start by saying that this is not social media (i.e. social networking sites) as is en vogue right now. This is any collective group talking amongst themselves without the “1″ present. See people have been talking about our products and services (and us for that matter) without us present since we could talk and had Social Objects to talk about. What is new is that we now have the ability (as the “1″) to listen in on these conversations without speaking. This ability to comprehensively listen is remarkable, powerful and useful to anyone wanting to inform, persuade or entertain someone (other than themself).