To detect the mood about a stock on Twitter, Bloomberg relies on sentiment analysis tools that the company developed in-house. [Head of product at Bloomberg News] Rooney says that tasks like machine learning, auto-translation and natural language are all core competencies for an information company like Bloomberg, which has 3,000 engineers.
'Nielsen has done a lot of research as to whether social media is helping people to tune in to TV,' he says, noting that a show's traction on Twitter and Tumblr is starting to affect how networks pitch shows to the all-important advertisers. 'They're no longer just including Nielsen ratings. They're also including social TV data.'
When we say it’s positive, the machine about 21% of the time says it’s negative. That can cause some problems in our understanding of how buzz impacts sales.
With social media now the single largest source of unsolicited consumer opinions, [business] strategists must find new, innovative ways to analyse and monitor the opinions, perspectives and sentiments in each tweet, post, comment, and status update.