My thesis is that the evidence strongly suggests there is something deeply troubling, maybe even deeply wrong, with the entire social media economy. My thesis is that it does not represent a source of strength for America’s tomorrow, but is rather a source of peril. Consider for a moment the basic business model of the dominant social media platforms. You are familiar with them. You might think of it as akin to financial arbitrage. Maybe we’ll call it attention arbitrage. Users’ attention is bought by tech giants and then immediately sold to advertisers for the highest price.
Now arbitrage opportunities, as those of you familiar with markets know, are supposed to close. The market eventually determines that something is off. So how is it that this attention arbitrage in the social media market is preserved and renewed over and over again? That’s where things get really scary, because it’s preserved by hijacking users’ neural circuitry to prevent rational decision-making about what to click and how to spend time. Or, to simplify that a little bit, it’s preserved through addiction.
Social media only works as a business model if it consumes users’ time and attention day after day after day. It needs to replace the various activities we did perfectly well without social media, for the entire known history of the human race, with itself. It needs to replace those activities with time spent on social media. Addiction is actually the point. That’s what social media shareholders are investing in: the addiction of users.
Read it all (emphasis mine).
— W Bradford Wilcox (@WilcoxNMP) May 16, 2019