Nokia Studies Circular Entertainment; Yale Looks At Reputation Economies
A new global study out today from Nokia and The Future Laboratory has found that by 2012 one quarter of entertainment will be generated "within peer communities" rather than by media companies. Nokia calls the phenomenon "circular entertainment." Tom Savigar, Trends Director at The Future Laboratory, comments:
"Consumers are increasingly demanding their entertainment be truly immersive, engaging and collaborative. Whereas once the act of watching, reading and hearing entertainment was passive, consumers now and in the future will be active and unrestrained by the ubiquitous nature of circular entertainment."The study also identified three key trends: Immersive Living; Geek Culture; G Tech and Localism. If so many people are going to be contributing to their own entertainment, does that mean they'll be make money doing it. Some may, TV Week suggested yesterday, but very few will of us will be quitting our day jobs.
Like the old Hollywood dream of being discovered, video success stories are rare... The winners are testing a variety of Web-video business models, and they're learning that they need to lure one hell of a lot of eyeballs before they quit their day jobs. Creators usually need at least 50,000 to 100,000 views per month before advertisers will take them seriously.However, there may be other benefits for content producers. Like blogging today, creating entertainment may just be a way to show your friends what you did on Saturday night, but it could also be a method to advance your ideas in the reputation economy, and to create revenue generating opportunities offline. This idea of the reputation economy is blooming as more and more of our lives go online. So much so that Yale Law School is hosting a symposium on the issue this weekend.