It is often said that goldfish have very short memories. While researchers continue to debate whether or not that is actually true, the idea has been attached to younger media consumers, who have been called the Goldfish Generation.
The Goldfish Generation generally refers to younger millennials, Gen Z and Generation Alpha – basically anyone who grew up with smartphones, screens and the ability to have digital content in front of their eyes within seconds.
They tend to lack the patience to sit through advertisements that their predecessors had to endure for decades. They also know full well that they can change the content to fit their mood at the blink of an eye and the swipe of the finger. At a very young age they learnt how to use tablets and smartphones, and navigate YouTube, TikTok and Instagram Reels. Once in a while, you will even notice a young child trying to swipe a physical book as though it were an iPad.
Most controversially, the Goldfish Generation has the been assigned the unfortunate stigma of having a shorter attention span, although the evidence behind that accusation is mixed.
Nevertheless, there is something distinctly different about how younger audiences are consuming content. That in turn is changing how content is created, distributed and ultimately rewarded monetarily.
At the 2024 Global Media Congress in Abu Dhabi, the Generation Goldfish label was the topic of a panel discussion with long-time media professionals from Vice, TikTok and Blinx.
“I do believe that calling this the Goldfish Generation is unfair,” said Rafael Lavor, head of strategy at Vice, a digital media and broadcast company. “Our minds have been the same for millions of years,” he said, before turning to how social media platforms such as TikTok and Instagram have cracked the code of users' brains.
“They can release a payoff for each one of the users in a few seconds and this is the reality we are in right now. It's addictive, so that's why they're a bit hooked, it's not that the attention spans are shorter, but rather, we found a way to keep audiences hooked with small videos,” he said, referring to dopamine and how long-form cinema uses similar strategies, albeit on a smaller scale.
Shadi Kandil, general manager of global business solutions for TikTok, also disagreed with the notion that user attention spans were getting shorter and agreed that the Generation Goldfish label was somewhat unfair.
“This is not new,” he explained to the panel audience, referencing the research of Nobel laureate Daniel Kahneman on decision-making and psychology.
“In the context of science, this has been around for the longest time. What has changed is the volume of content we're dealing with on a daily basis … as well as the immediacy of the content,” he said. The mind is capable of coping with the information onslaught, he added.
“If we want to subject ourselves to a certain piece of content or want to deal with a task, we give it our attention to get to the bottom of it, but if it's something we want to shun … we tend to avoid it, and it's the same of media,” he said.
Mr Lavor and Mr Kandil both agreed that what appeals to newer audiences was changing slightly, and authenticity seemed to be a common thread through successful content across multiple social platforms.
Authenticity, according to Mr Lavor, was key to the successful videos for Vice. “We try to be the one with the most authentic voice, especially with the younger audiences. The more authentic we are we feel like it resonates better, so we're bringing artistry back into content making,” he said.
Mr Kandil echoed those sentiments, with some additional context. “Media and content is a utility and that utility needs to serve a purpose. People seek content because they want to be informed, they want to be entertained, they want to increase knowledge about a specific area. That doesn't change,” he said.
While TikTok is a platform and not a content producer like Vice, Mr Kandil explained how the company's app helped to make it easier for content to be discovered, and noted how the technology behind that app is changing how all generations find content.
“Our engine that serves up the content, we've built an immaculate piece of engineering” he explained, referring to TikTok's algorithm that is the envy of much of the social media world.
“We source out the content that users are putting out there and we find the right moment in time when another user is looking for that piece of content and we match the two together,” he said.
Also taking issue with the Goldfish Generation label was Fadi Radi, chief creative officer at Blinx, a Dubai-based digital media hub focused on Middle Eastern youth content. However, Mr Radi did say that, because of the interfaces of high-speed data transfers of many social media apps, the first three seconds of video content were more crucial than ever to grab users' attention.
Abu Dhabi Sustainability Week
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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%3Cp%3E%3Cstrong%3E51%25%3C%2Fstrong%3E%20of%20parents%20in%20the%20UAE%20feel%20like%20they%20are%20failing%20within%20the%20first%20year%20of%20parenthood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E57%25%20vs%2043%25%3C%2Fstrong%3E%20is%20the%20number%20of%20mothers%20versus%20the%20number%20of%20fathers%20who%20feel%20they%E2%80%99re%20failing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E28%25%3C%2Fstrong%3E%20of%20parents%20believe%20social%20media%20adds%20to%20the%20pressure%20they%20feel%20to%20be%20perfect%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E55%25%3C%2Fstrong%3E%20of%20parents%20cannot%20relate%20to%20parenting%20images%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E67%25%3C%2Fstrong%3E%20of%20parents%20wish%20there%20were%20more%20honest%20representations%20of%20parenting%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E53%25%3C%2Fstrong%3E%20of%20parents%20admit%20they%20put%20on%20a%20brave%20face%20rather%20than%20being%20honest%20due%20to%20fear%20of%20judgment%3C%2Fp%3E%0A%3Cp%3E%3Cspan%20style%3D%22font-size%3A%2014px%3B%22%3ESource%3A%20YouGov%3C%2Fspan%3E%3C%2Fp%3E%0A
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Company profile
Name: Oulo.com
Founder: Kamal Nazha
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Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
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