Internet Meme Marketing over the Fad Cycle

Abstract

The sharing of internet memes on online social media is increasingly popular form of expressing opinions and complex sentiments in an easily understood image. Memes have been found to be an effective marketing tool if used appropriately. Marketers need to be aware when a meme's use has become saturated and its value is depreciating. As with many consumer uses of online social media, meme sharing is described as market for attention that can display fad cycle dynamics. This analysis models the dynamics of meme attention and estimates these dynamics from a panel of memes scraped from Reddit meme forums and classified using a machine learning algorithm. Empirical analysis reveals patterns consistent with random shocks to meme entertainment value carrying over to the quality and quantity of subsequent expressions of the meme. Estimates indicate that a temporary elevation in attention dissipates within just one to two weeks. However, meme saturation then leads to less spread of the meme. To be effective, meme marketers must remain attentive to where the meme they intend to use is within the fad cycle.