As Twitter celebrates its eighth birthday, it appears that the social networking site is making big moves on its music industry front. The company is apparently teaming up with Billboard in order to develop a system that provides real-time tracking of the world’s music preferences. While it may not appear to get all of the attention from the media and journalists, music in general is the most widely discussed thing in the Twitter-verse. Seven of the top 10 accounts on Twitter actually belong to musicians and pop stars. The real-time chart could potentially lead to a significantly change in the speeds of music sharing and industry decision-making.
The move to partner with Billboard and design the real-time chart seems to be Twitter’s attempt at replacing its failed #Music application. The application, while receiving positive reviews in general, simply failed to penetrate through the thick layer of alternative mobile music services already existing in the Twitter-verse. The application has been officially removed from the App Store, and will only work up until April 18th.
Partnering with Billboard will be Twitter’s first legitimate connection to the music industry. Twitter will go from playing the informal role of a mere host, to being a more authoritative voice that owns the valuable information and data needed in order to develop a truly real-time gauge.
There appears to be an emerging trend among social networking sites to work with or acquire outside business ventures and projects. Many tech companies, like Google and Facebook, have been noticeably acquiring many smaller applications and companies, and as Twitter begins more and more partnerships (like with 300) I’m beginning to grow concerned with the business practices of these Internet-based companies with a growing monopoly on data.
The general lack of laws/policies related to Internet usage, social networking, and data mining is laughable. The world we live in is changing rapidly, and in a world in which data is power, the actions of social networking sites and tech giants must be watch.