Attention is 'today's oil': How big business profits from our time online

In the digital age, our attention and time spent on social media platforms have become a valuable commodity, generating millions for companies like Instagram, Facebook, and TikTok. These platforms are not free services; instead, users pay with their attention, which companies then sell to advertisers. The longer individuals remain engaged, the more advertising revenue these tech giants can generate.

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We don't pay for 'Instagram,' we don't pay for Facebook, we don't pay for TikTok, and these companies are multi-million or multi-billion. From where? Our attention and our time, which we spend there, is a value to them.

This dynamic is often referred to as the 'attention economy,' where attention is likened to 'today's oil.' The world's wealthiest companies are predominantly technology firms, driven by algorithms meticulously crafted to keep users hooked. Psychiatrist M. Jasulaitis compares this to cheese in a mousetrap: while cautious engagement might be manageable, careless use can lead to entrapment, where users spend far more time online than intended, even when they wish to disengage.

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Attention is often called 'today's oil.' And indeed, if you look at the top ten richest companies, you will see that technology companies are at the top.

Jasulaitis also shared his family's personal struggles with managing screen time for his children, admitting they made mistakes by giving them phones too early. He highlighted the particular importance of social media for girls, leading to late-night interactions and sleep deprivation. He stressed that constant notifications act as impulses that distract the brain. Jasulaitis advises against giving phones to very young children, as limiting their use becomes significantly harder when they reach adolescence. He recounted an instance where his daughter moved her charging phone from her bedroom to the hallway, eventually being found sleeping next to it, illustrating the powerful hold these devices can have.

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We made all possible mistakes. Our children got phones too early. Social media is extremely important for girls and the constant presence of contact, the constant being in touch.