Big Data and Social Media Will Expand Together:
Twitter, the social media giant that allows users to send short 140 character messages has just purchased Lucky Sort the provider of big data services. The symmetry between the two companies isn’t obvious at first but considering Twitter is collecting tons of data from daily tweets, the combination with Luck Sort could help the social media site monetize its vast network. Social media sites need to find new ways to stay profitable and mining data maybe a profitable way to sell concepts to potential advertisers based on measurable inputs and outputs.
If Twitter knows how people will tweet on certain days such as Mother’s Day or Valentines Day, it can parse the data and present it to advertisers with actionable strategies based on information from users. Probabilities, regressions and other analytical tools can help advertisers decrease spend while maximizing reach so expect more social media firms to add econometrics/analytics to their offerings to attract marketers. Lucky Sort specializes in helping companies visualize data and marketers are demanding more definitive metrics as the web/social media expand.
Expect big data and social media to expand simultaneously as each updated status, shared picture or video becomes a data point useful for observation. Twitter is expected to use Lucky Sort to provide advertisers with analytical tools similar to Google Analytics. The impact on search in general could be negative or positive depending on magnitude and positive spillovers across both sectors.