The Economics of Fame
I have a good friend who loves to tell me I’m going to be famous someday. He seems to think the tipping point is just around the corner. I simply smile and say, “You’re too kind” because I know better. While fame is not something I’ve studied formally, I do have a few opinions on why most of us are not likely to become famous, at least from an economic perspective.
Supply and Demand
There are a lot more people willing to be famous than there is demand for famous people. In any market when there is a surplus prices are driven down. The bubble for fame AND fortune burst a long time ago. Now people are willing to accept fame without fortune. I’ll never be famous in part because when I do a cost/benefit analysis I find the risk premium I require is very high. Someone would have a pay me. A lot.
Plus, there is a limited supply of seats on the couches of Jay Leno, David Letterman, Craig Ferguson, and Jimmy Fallon. I’m pretty sure they don’t read my blog (or yours) so I don’t expect an invitation to promote my work anytime soon.
Competition and Substitutes
Like most markets, the greatest profits (or fame) are available when a new or innovative product is introduced. Once others discover there are profits (or fame) to be had in a certain niche, there is incentive for competitors to enter the market and offer substitutes. Often the substitute is not as good as the original, and in the case of fame the substitute often ends up being a bad caricature of the original. Think “Kate Plus 8” versus “Octomom”. As for me, I’m just another professor with an opinion and a blog. The World Wide Web is a big place and I’m just little fish in a big sea.
The Market’s Not Rational
In a rational market there are generally correlations between success and product quality. In the market for fame there appears to be no correlation between talent and fame. In fact some people are willing to be famous for lacking talent, William Hung is a great example. There are also no correlations between intelligence and talent or intelligence and income in the fame market. Tina Fey is the exception, but she has a closely controlled monopoly. Most of us are just too darned smart and talented to ever become famous.
What do you think about the possibility of fame leading to fortune? For example, you could become famous for making annoying orange videos on the Internet, without making a fortune. However, trendy marketers might eventually hire you to put your orange in commercials, and then you could be well on your way to fortune.
@ jumbly: My first thought is that I should start making annoying orange videos to post on my site! Your comment reminded me of a cartoon by Dave Walker called \”How to Become a Famous Blogger\” (http://www.cartoonchurch.com/blog/2007/10/03/how-to-become-a-famous-blogger/). He sees two paths, either become famous and start blogging or start blogging and become famous.
Yes, I think it is possible to get \”discovered\” even on the internet. After all part of marketing is putting yourself out there. And yes, that can lead to fortune.
I love your blog and the sense of humor. We should write a book together.
@ Michaela: Thanks! My husband keeps telling me I\’m not funny…
I think there is commercial fame of the Kate + 8/Octomom variety, and I think there is fame that is earned for a valuable contribution to society, which can be a quieter version of fame because those people are generally known only within their own circles. To me, that is worthwhile fame. I also think that commercial fame can be purchased. A good PR agent can get almost create fame for almost any talentless person. Evidence: the Kardashians, Bristol Palin…
So, your friend may just be right. You may be on the verge of being famous, just not the cheesy, TMZ kind of fame.
@ Gracie\’s Mom: I agree with your distinction.