LinkedIn revealed a new surprise – their revenue stream on Thursday from premium subscriptions. The social media platform for professionals generated $1.7 billion from subscriptions in 2023, highlighting increased adoption of its new AI-powered job search tools.
LinkedIn Premium starts at $39.99 per month, which is a little hefty – but it works clearly!
Previously undisclosed financials since Microsoft‘s acquisition in 2016 showed LinkedIn’s total revenue at $15 billion, with $7 billion coming from corporate recruiting software. However, LinkedIn has focused on expanding its individual-targeted subscription service, with prices starting at $39.99 per month.
A key driver of this growth was the introduction of AI features in 2023. These tools include analyzing job postings to determine a candidate’s suitability, optimizing profiles for recruiters, and generating messages to potential employers.
LinkedIn COO Dan Shapero reported a 25% increase in premium subscribers during 2023, although the total user count remains undisclosed. He further stated that 70% of subscribers using the new AI tools found them valuable.
While the job market remains competitive, LinkedIn data suggests there are still two applicants for every job opening. Shapero attributes the rise in subscriptions to users seeking an edge in an uncertain economic climate.
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(Via)
