Reputation Economy

ReputationEconomy

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ReputationEconomy

Reputationeconomy is an economy that creates an environment where brands arecreated depending on the online perception and also the impact theymake offline (Shallow 2013). In this economy, professionals areperceived to be products and are ranked and evaluated based on theirreputation. Professionals in different sectors of the economiesaround the world who have a high reputation are known to publicizepopular brands around the world (The reputation economy, 2015). Thisis informed by the fact that they are brands in their own rights.Companies hence exploit their popularity to advertise their products.Professional sportsmen and women have particularly cut a niche inthis market. In this economy, positive rankings or comments createnew opportunities for brands while negative comments and rankingcould deteriorate the reputation of a brand (Shallow 2013).

Theemergence and rise of the reputation economy have highly been acreation of the media and the online perception. Due to thepenetration of the internet, information is flowing faster than everbefore. The social media has also provided a forum where communitiescould share information at faster rates than ever before (Shallow2013). These sites provide a forum where the popularity ofprofessionals and brands could be easily accessed. This is thenexploited by the professionals to enter into business contracts withother professionals or other brands. Professional musicians andactors have greatly capitalized on the reputation economies to earnincomes that are at times termed obscene due to their sheer hugenumbers (The reputation economy, 2015). The rise of the reputationeconomy has also been shaped by the rich of the world who are keen toturn popularity into opportunities to earn incomes. The hip-hopculture and the fashion industry have also played a significant rolein the creation and rise of the reputation economy (Shallow 2013).

References

ShallowErica (2013).TheRise of the , http//www.forbes.com

Thereputation economy (2015): areyou ready? http//www.huffingtonpost.com/…/the-reputation-economy