LinkedIn made $1.7 billion from premium subscribers in 2023, alone

LinkedIn reportedly earned more than $1.7 billion from premium subscribers in 2023, in a first disclosure of earnings since the company was acquired by Microsoft almost a decade ago, in 2016.

Reuters reported that the company also made about $15 billion in the fiscal year of 2023, with almost half of it, $7 billion, coming from selling software meant for hiring purposes to companies.

The company also integrated several AI tools backed by Microsoft, in 2023, that allowed both personal and professional customers to use them to get hired or hire people faster. And, compared to the other social media platform, the adoption of AI on LinkedIn proved to be quite a success due to these tools.

On LinkedIn, personal customers can use these tools to customize their job applications to fit each employer’s specificities, while companies can use the tools to analyze and scan applications faster than ever.

According to Reuters, Dan Shapero, LinkedIn’s chief operating officer stated that the number of LinkedIn premium subscribers rose 25% in 2023, and more than 70% of subscribers that have access to the AI tools have tried them, and over 90% of these users found the tools useful.

Although LinkedIn’s premium subscription might be a bit high at $39.99/month, the premium package contains access to AI tools, verified statutes, premium access to job listings, access to thousands of courses, direct messages capabilities, and many more, so the price makes sense, given users have the full benefits of the platform.

As part of Microsoft’s portfolio, there is no doubt the social network platform will be enhanced with even more AI capabilities in the following months, and it is only for its benefit: LinkedIn is a business-driven platform, and its audience is more prone to adopt the trends of the industry sooner than any other platform around.