The phrase "Long Tail" was first used to describe certain business and economic models by Chris Anderson in 2004. Examples are Amazon and Netflix. These are businesses with the distribution power to sell a greater volume of otherwise hard to find items at small volumes than of popular items at large volumes. The term Long Tail is also generally used in statistics, for example to display wealth distributions.
From Chris Anderson's blog: The Long Tail
The Long Tail, in a nutshell
" The theory of the Long Tail is that our culture and economy is increasingly shifting away from a focus on a relatively small number of "hits" (mainstream products and markets) at the head of the demand curve and toward a huge number of niches in the tail. As the costs of production and distribution fall, especially online, there is now less need to lump products and consumers into one-size-fits-all containers. In an era without the constraints of physical shelf space and other bottlenecks of distribution, narrowly-targeted goods and services can be as economically attractive as mainstream fare ". The graphical representation looks like this:
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