Back in 2018 Recode and market research company Toluna did a survey asking American Facebook users if they would be willing to pay for an ad-free version of Facebook. 77% of respondents said they would not be willing to pay. This reveals something remarkable about how we can come to value our time.
According to Statista, American adult users of Facebook spent an average of 33 minutes per day between 2017 and 2022. Yet the perceived value that the user derives from that time spent, is worth nothing in their own opinion. Not even a few bucks over the course of a month.
We’re willing to spend money on something like sleep that in and of itself is free because there is clear value to be derived from good sleep. Cumulatively we spend thousands of dollars on good mattresses, sheets, pillows, etc.
Yet, something remarkable can happen to our perception of the value of our time when it comes to certain things. What’s the metaphor here?