The attention economy is the concept that human attention is a finite commodity which businesses, advertisers and media organisations need to compete for. While this has always been the case it has become even more relevant in the digital age. With people now constantly bombarded with information, proactively capturing and retaining attention is critical for success. This blog looks at ways in which sports properties need to adapt in the modern world to maximise their effectiveness in the attention economy and improve their chances of financial success.
The attention economy plays a significant role in shaping the way events and sports are consumed and marketed. Competition for attention is not just limited to other sports, but any activity or concept that can compete for someone’s time and energy. A venue hosting an event is competing against a cinema, a football team and its games are competing against a streaming service, a baseball team against someone’s interest in eSport, a live sport event against the theatre, music, exhibitions or simply staying at home reading. With such a wide variety of activities to choose from, consumers have almost endless options for how to spend their free time.
The event and sports industry has traditionally relied on capturing attention through live events, television or radio coverage, newspapers and fanzines, and merchandise. However, with the rise of digital media and changing consumer habits, the competition for attention has become more intense. If a sport, league, team or sports person doesn’t engage with their fans (and potential fans) in the right way, they risk being left behind in terms of popularity and commercial success, threatening their place in the sport ecosystem.
Here are a few ways that sports are adapting in the age of the attention economy:
Content is King! To compete for attention, organisations are increasingly creating personalised content and experiences to engage fans. This includes tailored social media feeds, customised streaming services, and interactive experiences.
For the best results, each of these should be uniquely curated - there is no single social media answer. Different platforms are used by different types of people with their own interests and wants who like to consume content in different ways. It’s also important to consider whether fans may be dual screening while watching your events, looking for different perspectives to get the broadest picture of what is happening. Personalisation needs to talk to each individual consuming the content - imagine receiving a personalised highlight reel featuring your favourite player's best moments or receiving real-time stats specific to the athletes you follow.
One example is the NBA app which features a "For You" tab that personalises the content experience for each user. This utilises machine learning to analyse a user's viewing habits and favourite teams and players. Based on this data, the app curates a personalised feed with highlights, news articles, upcoming games, and even merchandise recommendations specific to the individual.
In the battle for attention, sports leagues and teams hold a powerful weapon: their intellectual property (IP) surrounding competitions. This includes everything from logos and trademarks to the very essence of the game itself. By strategically leveraging this IP, sports organisations can carve out a unique space in the attention economy.
Netflix's Formula One series Drive to Survive has contributed to record viewing figures in key markets, particularly the USA, and a nearly 20% increase in viewership in other markets.
With social media reducing attention spans sports organisations are investing in short-form content, such as highlights and quick recaps, to engage fans who may not have the time or patience to watch the full coverage. They are leveraging platforms like TikTok, Instagram Reels, and YouTube Shorts to capture fan attention with bite-sized content. This approach allows the showcasing of the most exciting moments – mind-blowing dunks, incredible saves, or dramatic game-winning plays. Short-form content is ideal for on-the-go consumption, allowing fans to stay connected to the action even with limited time, particularly on mobile devices which increasingly are where content is being consumed.
The EPL is a prime example of short-form content on TikTok. They create a variety of engaging videos, including “Top 5 Goals of the week” that showcase incredible skills and outrageous flicks by star players. This format taps into the "wow factor" and attracts viewers who enjoy the artistry of the sport.
www.ipsemsquared.com/post/the-world-of-sport-and-the-attention-economy
Data is a potential gold mine in the battle for attention. By effectively and accurately capturing data about its fans including demographics, viewing habits, and social media engagement, teams can create content that resonates with their audience on a deeper level. Data can be used to predict fan interest in upcoming matchups and personalise content delivery, e.g. receiving a notification about a key or favourite player returning from injury or a statistical breakdown of an upcoming rivalry game. This targeted approach fosters a sense of exclusivity and inclusivity while keeping fans actively engaged with the entire sporting experience.
The MLB has implemented Statcast, a system that tracks a vast array of in-game data on everything from pitch velocity to exit velocity of batted balls. This data is then used to create personalised content for fans such as a breakdown of their favourite player's batting performance highlighting their launch angle, exit velocity, and expected batting average at a particular venue on a particular day. This level of detail caters to fans who crave a deeper understanding of the game, keeping them engaged beyond just the final score.
The growing importance of understanding and operating in the attention economy has created new challenges for the event and sports industry in a rapidly changing media landscape. It also opens up opportunities for innovation and growth for those who are prepared to develop a changed approach to how they engage with their fans and the wider market.