How Can We Tell if a Hit is a Hit?
Scholars who analyze popular music (for example, how it is affected by industry concentration or other social and historical events) have often relied on the Billboard music charts as their data source. The data informing Billboard song rankings include a combination of album sales (both physical and digital) and terrestrial radio airplay. But musical consumption patterns over the past ten years have changed dramatically. Those individuals who listen to satellite radio, download music illegally and stream music online are not included in Billboard’s measures of song popularity. The question becomes, is Billboard still capturing the most popular songs in its chart rankings? While no solid alternative exists yet, one website has emerged that may be a promising adjunct to Billboard’s rankings: http://www.nextbigsound.com/
The website was invented by four students at Northwestern, and it allows you to measure the social network metrics of musical acts. It takes the following into account:

Next Big Sound thus measures artist popularity in many ways not captured by the Billboard rankings. Billboard is, to be sure, an industry magazine, and since record labels do not yet profit directly from digital streaming, the incentive to incorporate such measures into its rankings is not yet there.
Having just launched in August, the website has room for improvement. For example, artist information is not broken down at the regional or even the national level. But as it progresses and accumulates more data to measure musical popularity over longer periods of time, it looks to be a promising analytical tool.

I like music metric sites and have been following Next Big Sound. What I’d like to see is YouTube factored in. I know someone who does most of her music promotion through YouTube. Collectively her videos have been viewed millions of times (the last time I checked, it was 1.5 million and that was months ago, and she’s added more videos since then). But that doesn’t show up on Next Big Sound. She’s also got fans on YouTube covering her songs, but I’m not as interested in whether NBS adds those in.
Good point Suzanne – now that you mention it Youtube is usually the first place I look when I’m trying to track down a song, even before MySpace, because I know a text search will get me what I want fast.
I think the big hole in Next Big Sound is posts on mp3 blogs – the sort of thing the Hype Machine Popular chart gives you. Strikes me as something that would lead Last.fm plays and Facebook fans. . .
Very interesting that NBS seems to be positioning itself as a tool for BANDS rather than labels. The equivalent of this 20 years ago – something like Soundscan data – was never positioned as something the bands themselves would be interested in, as far as I know.