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Part of the value was that the dumps were updated weekly.

Say you're using it to get a list of named entities (proper nouns). The purpose is to cluster news stories about a given entity (if you look at Facebook's Trending News, each headline begins with a proper noun followed by a blurb. Not sure if they use Freebase, but it could be a useful input).

The value of Freebase will decline over time as the content becomes out of date.

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The Wikidata dumps are also updated weekly; see [1].

Wikidata RDF exports are made every two months or so from those dumps and are available at [2]. I imagine that frequency will pick up. You can generate your own RDF exports using the Wikidata Toolkit [3, 4].

[1] http://dumps.wikimedia.org/other/wikidata/

[2] http://tools.wmflabs.org/wikidata-exports/rdf/

[3] https://www.mediawiki.org/wiki/Wikidata_Toolkit

[4] https://github.com/Wikidata/Wikidata-Toolkit

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