The experience economy is driving the evolution of not only services (such as restaurants and Sahara Desert camps) but also products. Look at the importance of front-facing cameras, as well as the fast growth of brand-new product categories, like camera gimbal and selfie drones.
The experience economy is all about amassing the gear and creating a staging ground for selfies. We're only at the beginning of this shift, with selfies leading the charge.
The selfie-industrial complex
And finally, the most obvious business impact of selfies: marketing. Instead of advertising, companies are increasingly staging instagrammable experiences and letting customers spread the good word.
When you add up the selfie-driven identity economy, the selfie-driven experience economy and selfie-driven marketing, you get something like a selfie industrial complex -- a new world of business opportunity that is emerging out of the selfie impulse that has arisen in the past 10 years.
Whether this opportunity will be worth a trillion dollars or a hundred trillion dollars, nobody knows. What I do know is that understanding the selfie behavior and its implications is now a mission critical aspect of business.
It's time to take selfies seriously.
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