While Facebook tends to be considered the major clearinghouse for user data collection, and many believe it dwarfs even Google, the reality is that Twitter is no slouch when it comes to accruing information about people that use its platform. Every second, there are about 6,000 Tweets posted, and those Tweets can add up to a lot of data.
The VP of Twitter’s data strategy, Chris Moody, spoke with Business Insider about what the plans are for using all of this information. Unsurprisingly, data will of course be used to help attract advertisers and allow them to determine who to show promoted Tweets to. However, Twitter also intends to sell data contained in Tweets to businesses.
Thanks to a partnership with IBM, Twitter’s Gnip team is able to provide incredible amounts of information and feedback to companies. While Twitter is able to collect the contents of millions of Tweets every day, IBM is essential to speeding up the process of sorting through all of the information that the platform collects. Moody said that, “It’s virtually no time now,” in terms of how long it takes to distill useful information from a flood of Tweets.
The reason that companies should want this data is because a lot of people, possibly even most, don’t tag a business’ Twitter account when they talk about them. Additionally, if a company is interested in seeing where their competition is screwing up, they are not going to get tagged in a conversation. Data from Tweets has already been used to let a fast-food restaurant know that it needed to change it’s fry recipe as well as in the creation of Dove’s #SpeakBeautiful campaign.
Right now, revenue from data licensing and “other” is just shy of 10% of the platform’s income. However, thanks to the IBM partnership and business’s ever growing need for feedback and dirt on their competitors, it’s quite likely that that will change dramatically in the future.
Image Credit: Gnip