This week’s lecture focused around the idea of the long tail effect. No quite understanding this I decided to delve deeper into what this mysterious long tail thingy was?
The official definition of the ‘Long Tail’ effect which is a term coined by Chris Anderson in 2004 states that “products that are in low demand or have low sales volume can collectively make up a market share that rivals or exceeds the relatively few current bestsellers and blockbusters, but only if the store or distribution channel is large enough’ (Investopedia, 2015 pg. 1).
This is reiterated by Ted in this week lecture when he talks about book stores being limited by shelf space so they only sell best sellers. Amazon which is an online book store among other things isn’t limited so they can sell the best sellers but also niche market books. If you add all the niche market books together you get the long tail. Amazon works because its distribution channel is large enough and its warehouses hold millions of books therefore they are able to sell niche market books and still generate a profit.
For this week I generated a meme which hopefully will one day enter the niche market be picked up by amazon and will earn me enough money to travel the world for the rest of my life.
That’s the dream.