Twitter's growth is undeniable, but it's usefulness remains up for debate. Now the company is in advanced talks with Microsoft and Google about striking data-mining deals, reports the Wall Street Journal. These partnerships could be a way to mine useful, real-time news information from the tweets of millions worldwide.

According to the Journal, the companies would license a full feed from the microblogging service that could then be integrated into the results of their two search giants.

Sources said a number of scenarios are being discussed to compensate Twitter for its huge and potentially valuable trove of real-time and content-sharing information, generated from the data stream of billions of tweets from its 54 million monthly users.

Twitter may be seeking to create a large open platform that many different sites could plug into, from search engines to marketers to publishers to developers, reports the Journal.

For more on this story, read the Wall Street Journal's All Things Digital.