Similar to traditional advertising, product placement plays important roles in consumer purchasing behaviors through the AIDA model (e.g., Ghirvu，2013) of which attention is the very first stage. While there is an established literature on brand recall and recognition as methods of product placement evaluation, the role of attention, which is an important topic in traditional advertising research, has been sparsely studied in the context of product placement. This paper proposes that attention is a psychological state which affects information selection and processing. Captured attention reflects audience’s selective attention to editorial content including placements, while sustained attention (or processing) requires allocated attentional capacity to process information captured from the placement. When available attentional capacity is insufficient, product placements cannot be adequately processed to form accurate memory (Lee & Faber, 2007). Accordingly, this paper aims to investigate the pathway of ‘placement characteristics –audience attention – audience memory’ in order to reinterpret the relationship between placement characteristics and audience memory through the lens of attention. We do this by answering two pertinent questions: 1) how placement characteristics (e.g., exposure duration, frequency, location and size) influence captured attention; and, 2) how captured attention and sustained attention affect audience memory. To do so, we draw on psychology literature, especially the feature integration theory (Treisman & Gelade, 1980), in establishing the theoretical connections between placement features, captured attention, sustained attention and memory. By a theatre methodology, we found sustained attention mediated between captured attention and audience memory, while more prominent placement characteristics had stronger relationships with captured attention. Furthermore, audience’s levels of involvement in the media content and familiarity with the placed brand moderated the relationship between sustained attention and audience memory.