Actsofism

Twitter has its potential ripe in the area of data collection and market research, and that potential is being realized on a daily basis by brands, marketers and independent researchers. After being able to turn to Twitter for real time feedback on just about any topic under the sun, many began to notice correlations between tweets and certain actions taken by consumers. It has thus been deemed the Twitter Effect.

Hollywood in particular is an area of interest for many market research companies, such as 360i. A recent study from 360i looked to see if the Twitter Effect really does forge a causal relationship between movie goers that tweet and box office profits. This study was sparked particularly by the notably rampant comments left on Twitter regarding the release of Sacha Baron Cohen’s latest film, Bruno. The film dropped significantly in ratings after the first day in theaters, and there appeared to be a corresponding amount of negative comments about Bruno on Twitter.

While it is currently impossible to determine whether or not there is a direct correlation between tweeting one’s opinions about a movie and the box office success of that movie, Hollywood is certainly gearing up to take a closer look at any affect something like Twitter can have for a movie release. Below is a chart outlining tweets and changes in box office revenue within the first 24 hours of movies’ releases. As you can see, the data is revealing on a rather basic level, piquing interest for researchers and marketers alike.

Could Twitter truly have an affect on Hollywood? All we can really take away from the study at this point is the fact that Twitter has become influential enough to garner interest from several parties when it comes to mining data being shared amongst users. It emphasizes the fact that people really do utilize social networks on a personal level to offer their recommendations, regardless of who asked for them. More importantly, this study emphasizes the fact that those recommendations are finding their place in the widening sea of tweets, status updates, blog entries and other integrated content that is made accessible through online social conduits.

The value of Twitter is finally being recognized in a tangible sense, even if that doesn’t appear to amount to much quite yet. As Twitter brings the ability for third party companies to tap into the ethos of social network users, it joins the social, media, business and advertising realms at a point where self-selection still reigns but can be marginalized for the purpose of market research. This market research can be done on an individual or enterprise level, as you, your friends and your advertisers will want to know what the world thinks of a given topic.

Hollywood as a topic is relatively easy to implement as far as market research on Twitter goes. Movies are a longstanding pastime, the industry for critics and reviews is very well established, and the weekly release of films is a cultural expectation that primes water cooler talk on Monday and Thursday mornings. Utilizing such a readily discussed topic in a widely used forum presents an easy to relate example for other industries to follow as many turn to Twitter to tap into the minds of millions.

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