By Dan Servantes from Berklee College of Music's Music Business Journal. Knowledge is power. Francis Bacon knew this 400 years ago. In business-to-consumer businesses, where knowledge of the customer base is a key asset, his dictum seems as prescient as ever. Social media networks such as Facebook, Twitter, YouTube, and Instagram move massive amounts of data. Facebook alone has 1.35 billions monthly active users1, and is a goldmine for information on nearly any demographic in any corner of the developed world: user interests, activities, and listening and viewing habits are all mined in real time and leveraged for advertising sales....

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