Weekly Highlights

Social Media moves quickly. While the time lag between communications produced by more traditional media, like newspapers and television, can be long, taking anywhere from days to weeks to months, social media is virtually instantaneous. In fact, social media users can dissect and comment on an event as it is taking place.

Social Media makes the news just as quickly as it reports on it. On a week-to-week basis, the industry can rapidly shift gears, with new developments, mergers and innovation that define it.

Here’s what’s new this week:

YouTube now offers live video: Welcome to YouTube Live, which integrates live streaming capabilities and discovery tools directly into the YouTube platform for the first time. Users can search for the most compelling live events happening on YouTube and add these events to their personalized calendars, and customized homepages will notify customers of upcoming live streams. As of April 8, YouTube started gradually rolling out the live streaming beta platform, which allowed certain YouTube partners with “accounts in good standing” to stream live content on YouTube.

Walmart ventures into social media: Walmart announced this week that it is buying Mountain View-based Kosmix, a social media technology provider that has built a platform that “enables users to filter and organize content in social networks, in order to connect people with information that matters to them, in realtime.” The platform powers TweetBeat, a social media filter for live events. Walmart expects Kosmix, whose founders and team will now operate as @WalmartLabs, to create technologies and businesses around social and mobile commerce that will support its multi-channel strategy. Interesting fact: Kosmix’ founders Venky Harinarayan and Anand Rajaraman also created crowdsourcing Internet marketplace Amazon Mechanical Turk.

A tech boom is on the way: Seattle-based real estate mapper Zillow has become the latest Internet company to put an IPO into the pipeline. (An initial public offering, or IPO, is when a company issues common stock or shares to the public for the first time.) Zillow filed a statement with the SEC that will let it sell more than $50 million of stock. The company follows in the footsteps of Demand Media, LinkedIn and Pandora, all of which filed for an IPO within the last year. Facebook and Groupon are also expected to join the public market soon. With insiders debating the proximity of the next tech bubble, these IPOs could signify that we should expect it soon.

Twitter in talks to buy TweetDeck: Twitter is in talks to purchase TweetDeck Inc. for $50 million, according to the Wall Street Journal. TweetDeck is a hot commodity, as earlier this year, TechCrunch reported that UberMedia was in talks to purchase TweetDeck for $30 million. As one of the most popular third-party Twitter clients, TweetDeck displays your Twitter news feed, direct messages, etc. along with your Facebook feeds — all on the same screen, updating in real time.

Got any interesting social media news to share with us from the past few days? Please let us know in the comments!