Variety refers to how many points of reference are used to collect data. If data is collected from a single source, that information may be skewed in some ways. It will not represent a broad population or wide trend. In some cases, like with velocity, that is fine. A pet microchipping service, for example, may only want to target data from a neighborhood social networking site. A movie company, on the other hand, may want to target several social media sites and people of various age groups. So they would need more points of reference to decide on the best places to do business.
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