His house had no hot water, and his parents rarely talked on the phone in case it was tapped by the state. Whatsapp also uses data mining techniques to earn huge revenue even after providing free of cost and ad-free products to its users.Koum, who Forbes believes owns 45% of WhatsApp and thus is suddenly worth $6.8 billion (net of taxes) - was born and raised in a small village outside of Kiev, Ukraine, the only child of a housewife and a construction manager who built hospitals and schools. Similarly, it applies to the Whatsapp revenue model too. The same process applied to the Instagram product which is a specific platform for the users to just upload their pictures and so on. And, after a long process, the selfie stick launched and it worked well and it was in trend. So, suppose the outcome of the analysis was about 77%, then they shared this data with those companies who were thinking to launch a new product in the market.
Technically, data mining is the process of finding correlations or patterns among dozens of fields in large relational databases.Ĭompanies got a huge database about their users and their tastes & preferences which they sell off to the companies which are interested in knowing about specific segments of these users.įor example, the selfie stick concept came into the market when Facebook analyzed its user's data about how many people upload their pictures frequently and in different poses. It allows users to analyze data from many different dimensions or angles, categorize it, and summarize the relationships identified. Data mining software is one of several analytical tools for analyzing data. Generally, data mining (sometimes called data or knowledge discovery) is the process of analyzing data from different perspectives and summarizing it into useful information - information that can be used to increase revenue, cut costs, or both. Watch a Brief interview on how WhatsApp started. Brian Acton and Jan Koum were formerly workers in Yahoo Mail before they left the company to start WhatsApp. The social media app was founded by Brian Acton and Jan Koum In 2009.
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