linkedin‘s premium subscription segment reportedly generated $1.7 billion in revenue in 2023.
In the same year, the number of premium members on social networking platforms for professionals grew by 25%, Reuters said. report Thursday (March 7), citing an interview with LinkedIn’s chief operating officer. Dan Chapero.
Acquired by LinkedIn microsoft In 2016, the company accumulated $15 billion in total for fiscal year 2023, of which $7 billion came from recruiting software designed for corporate recruiters, according to the report.
The notable rise of the company’s premium subscription service, which starts at $39.99 per month, was driven in part by the integration of member-only features, including: artificial intelligence (AI) tools aimed at improving user experience and effectiveness in job search and recruitment, according to the report.
For example, LinkedIn has introduced AI capabilities that can sift through job seekers’ resumes and job postings to see if they might be a good fit.
This AI is also expanding its ability to enhance users’ profiles to attract recruiters and auto-generate communications to engage with potential employers, the report said.
According to the report, acceptance and usefulness of these AI capabilities has spread rapidly, with early data showing that 70% of subscribers with access to new AI tools tried them and 90% found them useful. Shown.
This progress comes at a time characterized by tight labor markets, although unevenly across sectors, the report said. According to the report, LinkedIn Insights shows there are two applicants for every job, and global economic uncertainty is leaving professionals free to secure the roles they seek. I’m starting to take advantage of every tool available to me.
When announcing the release of AI tools LinkedIn announced in November for premium members that the new service will streamline time-consuming processes, expose members to other “important opportunities,” and provide timely information about what’s going on in the world. He said it was designed to.
In October, Microsoft Chairman and CEO Satya Nadella At the financial results conference, he said that LinkedIn’s paid services are premium subscription Contributing to the revenue growth, LinkedIn recorded an 8% revenue increase.
