During the past year, Big Data was certainly a hot market, as seen with many venture fundings and the successful IPO of Splunk (NASDAQ:SPLK). The technology essentially mines through huge amounts of information to glean insights or detect key trends.
And yes, Big Data can be a moneymaker. Just look at Amazon (NASDAQ:AMZN), which has amassed huge amounts of data over the years.
But what to do with it? Well, the company has launched a new service called AutoRip. Here’s how it works: Anyone who has purchased music CDs from Amazon since 1998 will get a free MP3 version (added to a user’s Amazon Cloud Player account). The program covers over 50,000 albums.
An Amazon spokesperson told The Wall Street Journal: “We’ve sold hundreds of millions of CDs to tens of millions of customers.”
And it seems like a good bet that a decent number of these customers will try out the Cloud Player. In fact, it is a pretty good system. It allows music-streaming across a broad array of platforms like Google’s (NASDAQ:GOOG) Android, Apple’s (NASDAQ:AAPL) iOS, Roku, Sonos and of course, Amazon’s own Kindle Fire. It even has a feature to import music from rival services like iTunes.
Oh, and Amazon’s catalog now has over 21 million songs, yet another key reason for customers to consider the Cloud Player.
Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook” and “High-Profit IPO Strategies: Finding Breakout IPOs for Investors and Traders.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.