The Attention Economy and New Revenue Streams from Social Media

The above graph shows that celebrities can now use social media as a source of income, with Twitter being a primary example. Musician Snoop Dogg would receive $8000 a tweet as a result of his 6.2 million followers, Paula Abdul would receive $5000 with her 2.2 million followers and Whitney Port would receive $2500 at 0.8 million followers.

This new pay structure has developed as entertainers begin to receive declining sales on music and media with the advent of streaming sites, such as Spotify, Soundcloud and Youtube, providing free access to content. As a result, influence has become a new form of currency, where firms will pay considerable amounts for sponsored tweets that have the potential to reach millions. Twitter is not the only platform incentivising influencers and entertainers, the same can be said for Youtube, Snapchat, Twitch and Instagram as businesses aim to appeal to the ever growing digital savvy populace.