Time Spent vs. Time Earned
It’s that video everyone is talking about. You find the right version on YouTube and settle in to see what the buzz is about. But first, you’re forced to watch at least five seconds of a targeted ad that, frankly, missed its mark. You patiently eye the countdown to salvation in the lower right hand corner, until the moment you can click that little yellow “skip ad” flag.
Got it! Full-length ad avoided. Only five seconds of your time sucked into the Pit of Nevermore, half-spent hearing about a product you’ll never buy, and the other watching a tiny timer countdown. And all you’re left with is this feeling like you’ve lost something. You might even be feeling a little used. You’re almost ready to see that must-see video, when — a surprize attack from another ad in the lower quarter of the frame! — a bright banner intrudes your view of the action. You heroically click the dodgy “x” to get rid of that, and another annoying pop-up ad slithers over from the right, almost partially blocking your view this time. By the time you’ve slain your third demanding ad, your ninja skills are waning. So much of your attention was spent playing click and dodge with ads, that you barely get to make sense out of that great video your friends were all talking about. Maybe you should watch it again. But are you ready to take on those ads again?
Advertisers have always known we will wait for what we really want. We’re most “captive” when we’re focused on our favorite song, video, movie or podcast. Enter the evil ad attack. But today’s media consumer is seeking a more rewarding experience. And it’s time advertisers get the message.
Today, there are basically three ways to pay for media online. The most common is with time/attention via ad impressions. The second is with subscription costs (such as YouTube Red, which acts as ad repellent) and the third is by sharing personal data so that advertisers can serve tailored ads (based on fun facts like our age, location, tastes etc.). This last way can be the sneakiest — because even though platforms like Facebook tell us they lay claim to all content we offer on our profiles, we tend not to take them too seriously. Until those strangely intrusive and personalized ads start appearing around our media. And after we see those invasive ads we might just feel a little too exposed.
Personal data harvesting is an invaluable tool in marketing, as well as an industry standard. However, that industry will be turned on its head in the next few years. The EU is ahead of the curve with the GDPR regulations to protect use of consumers’ personal data by advertisers, and the US will soon follow with something similar (in the next administration). Any company that stores data from EU citizens is in scramble mode to comply by the May deadline.
Ben Franklin said, “Time is money.” And so did your boss at some point. They’re right.
Time is our rarest, most valuable commodity. It is the one thing in life that none of us will ever get back once it’s spent. Like money, time is “spent” and attention is “paid.” But I didn’t get a receipt. Did you?
If we’re paying and spending so much, what currency are we transacting in other than time?
Recently, a few innovative options have been introduced via digital tokens. Blockchain technology allows for more granular accounting than ever before. Now, users can be rewarded for their time spent with advertisers before, during or after enjoying their media. This kind of positive compensation for attention seems like more of a fair exchange.
When we as consumers are paid for our time and attention, advertisers won’t be seen as an annoyance, but instead as an opportunity to learn about a new product or service and then to be compensated for our time. Or not. At least we’ll know what our time spent might be worth.
