Billboard Launches New Chart That Ranks Artists Based on Social Network Data

Billboard recently launched a new music ratings chart that is based on activity on social networking websites. The Social 50 ranks the most active artists on social networking sites such as Facebook and Twitter. It also uses data from MySpace, YouTube and iLike.

Billboard says the chart “will tally artists’ popularity using a formula blending weekly additions of friends/fans/followers along with weekly artist page views and weekly song plays on MySpace, YouTube, Facebook, Twitter and iLike.”

What do you think? Is this an interesting way of having the charts reflect the public consensus! We think so!