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Generally, the music industry is pretty receptive to new and emerging technologies, especially since it’s becoming increasingly difficult to maintain the money flow while still using ancient business models. However, music charts have been a little slow to catch up with the times.

However, Billboard and Twitter are taking one giant leap forward with the introduction of their real-time social charts. The Trending 140 chart and the Emerging Artist chart will be the first offerings from Billboard and Twitter’s new collaboration. Via Billboard Biz:

The first of the real-time charts, the Billboard Trending 140, is an up to the minute ranking of songs shared in the U.S., measured by acceleration over the past hour. This chart can be filtered to present a real-time view of the most shared track in the U.S. over the past 24 hours, with a weekly summary presented as the Billboard Twitter Top Tracks chart on and in print in Billboard.

The Billboard Twitter Emerging Artists chart is a ranking of the most shared songs on Twitter in the U.S. by up-and-coming artists ranked by the number of times each song was shared over the past 24 hours. Billboard Twitter Emerging Artists is presented as a seven-day/weekly round up on and in print in Billboard.

Here’s how it works:

Song shares are tracked and incorporated into the Billboard Twitter Real-Time Charts by:

– the use of, or the inclusion, of a link to the song via music listening platforms, such as Spotify, Vevo and iTunes.

– the use of various track sharing notations, such as the hashtags “#nowplaying” or “#np,” along with song/artist name.

– the use of various terms associated with the song and song playing, such as “music,” “song,” “track,” “listen.”

How will this development further change the role of social media in the music business? Let us know your opinion in the comments section.