The value within popular culture is changing. Value and economic growth from manufactured tangible goods is being surpassed by that of intangible assets (such as information, knowledge and expertise). Increasingly open source software applications are combining with empowered active consumers (acting as individuals or in online communities) to create new and better information. Shalini Venturelli (in Hartley 2005, 391-398) argues that the “source of wealth and power of this developing information economy is the production, distribution and exploitation of intellectual and creative ideas.” In a networked online community, information, knowledge and expertise are pooled together and shared to create value.
Venturelli (in Hartley 2005, 396) claims that cultural and economic strength since the industrial revolution was attributed to mass produced goods (including tangible objects such as cars, textiles and appliances). Conversely the new information economy draws upon intangible assets such as services, creative ideas and intellectual property.
Hartley (2002) defines the new economy as the commercialisation and capitalisation of intangible assets or values such as knowledge, information and intellectual property. These values can be classified as new economy knowledge and service industries. Within these industries new configurations of skills, intelligence, knowledge, information and technology transform and shape the new economy.
Creativity and innovation (such as knowledge, know how, brand, reputation, customer relations and intellectual property) play a pivotal role in the shift of value from industrial markets to networking and online communities. Unlike tangible goods that decrease in value with use, Venturelli (in Hartley 2005, 394) suggests that “intangible assets in a global information society are intended to be used repeatedly by many, sometimes simultaneously.” Therefore, reflecting upon Anderson’s (2004) ‘Long Tail’ theory, the value of intangible assets can increase with each use adding to the overall strength of the information economy within contemporary culture.
“Concepts, ideas and images are the real items of value in the new economy. Wealth is no longer found within the physical product but rather human imagination and creativity” (Rifkin, 2000, p.5). As society and popular culture evolves and develops, creating new networks and more efficient ways of searching, evaluating and sharing information, then so too does the economy. For example, creative industries directories (such as Northern Rivers Screenworks and QUT’s Brisbane Media Map) are resource material archives designed to integrate intangible services. The directories are comprehensive guides to service providers, businesses and local community resources within a diverse and changing creative culture. The directories are committed to connecting people to their passions by promoting and driving the way in which people communicate with each other whether it is by accessing, sharing or creating information and ideas.
References
Hartley, J. 2002. Communication, Cultural and Media Studies: the key concepts, 3rd Edition. London: Routedge
Rifkin, J. 2000. Entering the Age of Access. In the age of access: how the shift from ownership to access in transforming modern life. 3-15. Sydney: Penguin
Anderson, C. 2004. The Long Tail. Wired 12.10. http://www.wired.com/wired /archive /12. 10/tail.html. (Accessed 18 March 2008).
Venturelli (in Hartley 2005, 396) claims that cultural and economic strength since the industrial revolution was attributed to mass produced goods (including tangible objects such as cars, textiles and appliances). Conversely the new information economy draws upon intangible assets such as services, creative ideas and intellectual property.
Hartley (2002) defines the new economy as the commercialisation and capitalisation of intangible assets or values such as knowledge, information and intellectual property. These values can be classified as new economy knowledge and service industries. Within these industries new configurations of skills, intelligence, knowledge, information and technology transform and shape the new economy.
Creativity and innovation (such as knowledge, know how, brand, reputation, customer relations and intellectual property) play a pivotal role in the shift of value from industrial markets to networking and online communities. Unlike tangible goods that decrease in value with use, Venturelli (in Hartley 2005, 394) suggests that “intangible assets in a global information society are intended to be used repeatedly by many, sometimes simultaneously.” Therefore, reflecting upon Anderson’s (2004) ‘Long Tail’ theory, the value of intangible assets can increase with each use adding to the overall strength of the information economy within contemporary culture.
“Concepts, ideas and images are the real items of value in the new economy. Wealth is no longer found within the physical product but rather human imagination and creativity” (Rifkin, 2000, p.5). As society and popular culture evolves and develops, creating new networks and more efficient ways of searching, evaluating and sharing information, then so too does the economy. For example, creative industries directories (such as Northern Rivers Screenworks and QUT’s Brisbane Media Map) are resource material archives designed to integrate intangible services. The directories are comprehensive guides to service providers, businesses and local community resources within a diverse and changing creative culture. The directories are committed to connecting people to their passions by promoting and driving the way in which people communicate with each other whether it is by accessing, sharing or creating information and ideas.
References
Hartley, J. 2002. Communication, Cultural and Media Studies: the key concepts, 3rd Edition. London: Routedge
Rifkin, J. 2000. Entering the Age of Access. In the age of access: how the shift from ownership to access in transforming modern life. 3-15. Sydney: Penguin
Anderson, C. 2004. The Long Tail. Wired 12.10. http://www.wired.com/wired /archive /12. 10/tail.html. (Accessed 18 March 2008).
1 comment:
The value within popular culture is changing, so how do business' conduct business? If the value is no longer in the tangible, but the intangible, how does the marketer appeal to the audience. I would like to further your blog by expanding on how this new economy of value would shape branding.
According to marketers, a brand is a distinct product, service or business. Branding is the act of impressing that on the minds of the consumer. Consumers believes that a brand 'speaks' to them, that it reaches a level of understanding and represents a lifestyle that they either have or aspire to a unique service that they want.
As the value is no longer in the tangible, but the intangible, the branding must also follow suite.
The brand in order to reach the consumer, must become synonymous with intangible assets.
For example, the company, brand or product name must become synonymous with a set of values, aspirations or states, such as 'youth', 'independence' or 'truthfulness'.
To summarise, the new economy not only changes the way we do business, but also our culture and underlying values.
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