Social Media Aided Sentiment Analysis in Forecasting

K.Nirmala Devi 1

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Abstract

User generated contents on web and social media grow rapidly in this emerging information age. Social media provides a platform for people to create contents, share them and bookmark them in a tremendous way. The exponential growth of social media arouses much attention on the use of public opinion to make better decisions about a particular product or person or service. The social media like online forums, Twitter, Facebook, blogs and microblogs are proving to be extremely valuable resources for anticipating, detecting and forecasting significant societal events. It provides a lot of opportunities for users to voice their opinions openly. The analysis of sentiments obtained through social media along with wisdom of crowds can automatically compute the collective intelligence of future performance in many areas like stock trend forecasting, box office sales, hot topic detection, election outcomes and so on. The proposed research aims to perform forecasting based on user sentiments in social media regarding hotspots and stock forecasting.

Keywords

social media forecasting sentiment analysis opinion mining wisdom of crowds

License

This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Article Type: Research Article

Online Journal of Communication and Media Technologies, Volume 7, Issue 1, pp. 163-173

Published Online: 26 Jan 2017

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