Curiosity, not attention, is the real digital scarcity: Zerodha Co-founder, Nikhil Kamath

New Delhi: In today’s world, people are constantly surrounded by a never-ending stream of content and notifications. It is commonly believed that attention spans are shrinking rapidly as a result. Brands and creators compete intensely to capture those brief moments of audience focus, often treating attention as the most valuable currency online. 

However, Nikhil Kamath, co-founder of Zerodha, believes this perspective overlooks something more fundamental. In a recent LinkedIn post, he argued that the real scarcity is not attention itself but curiosity, the genuine desire to explore, learn, and engage. Without curiosity, Kamath explains, even the attention that is captured becomes hollow and less meaningful.

Sharing insights from a recent analysis by analytics firm Oddball, Kamath points to a troubling trend: social media engagement is slipping sharply across platforms. In 2024 alone, time spent and interaction rates have dropped significantly, X (formerly Twitter) saw a near 50% decline, while Facebook, TikTok, and Instagram have also experienced notable falls. New user registrations, which peaked after the pandemic, have steadily declined, signaling a lasting shift rather than a temporary dip.

However, Kamath stresses that the issue goes beyond just numbers. According to the report he referenced, trust in social media has plummeted, with only about one in ten users expressing confidence in the content they consume. Many users are frustrated by repetitive advertising, clickbait, and the rise of AI-generated misinformation, which further erodes credibility.

This distrust is reflected in marketers’ experiences too: the rapid growth in social media advertising spend has slowed dramatically, with many reporting diminishing returns on campaigns. The term “enshittification,” coined by journalist Cory Doctorow to describe platforms worsening for users over time, feels apt in this context. More users now engage privately through direct messages and stories rather than public feeds, marking a shift toward more intimate, less social interactions.

Behind the scenes, creators and marketers are grappling with burnout. The pressure to constantly generate captivating content in a declining engagement environment has left many exhausted, with a significant portion considering leaving the space altogether.

Kamath draws a lesson from history. The post-2008 advertising downturn took years to rebound, but brands that maintained community focus instead of chasing clicks emerged stronger. His message to creators and brands today is clear: in the current “social media recession,” attention alone won’t guarantee success. Instead, fostering genuine curiosity and trust is key to standing out and building lasting connections.