Microsoft has shared its latest performance update, which also includes the latest info on LinkedIn’s status, and how it’s growing amid the shifting, post-COVID job market.
And it seems that LinkedIn is faring pretty well, with Microsoft reporting a 34% YoY increase in LinkedIn revenue to $3.44 billion, while it’s also continuing to see ‘record levels’ of user engagement.
As you can see, active LinkedIn sessions grew 22% in the quarter, underlining its steady rise, while Microsoft has reported ‘record levels’ of engagement growth in the app for eight straight quarters.
Interesting, too, that LinkedIn saw 22% sessions growth, the exact same amount it saw in LinkedIn’s previous report.
Microsoft hasn’t shared any specific info on total LinkedIn members (not users), which currently sits at 810 million members.
Not sure China should still be on there, considering that LinkedIn removed its main app from China late last year, but it may still be including users of its replacement 'InJobs' app.
Microsoft says that LinkedIn’s revenue strength comes on the back of increased demand for its Talent Solutions offerings, in line with a strong job market, while Marketing Solutions is also performing well as more businesses look to tap into that increased engagement.
A big focus for LinkedIn this quarter has been adding more tools to help creators and soloprenuers maximize their opportunities, especially leading into the post-pandemic phase. ‘The Great Reshuffle’, as LinkedIn has dubbed it, which has been accelerated by the work from home shift, provides new opportunities for LinkedIn to act as a connective platform, enabling users to showcase their professional capabilities, while also helping employers find better matches for their open roles through its evolving HR tools.
Building on this, LinkedIn has added new analytics and profile video options, along with improvements for its ‘Services’ listings for freelancers.
LinkedIn also recently launched a new ‘Career Pathfinder’ tool which highlights in-demand skills and training opportunities, connecting LinkedIn’s unmatched professional insights with its LinkedIn Learning training tools.
There’s big opportunity within this new shift for LinkedIn to become the essential platform for career advancement, while these new tools also ensure a steady flow of unique content, feeding into that ongoing engagement growth.
The backing of Microsoft has seen LinkedIn go from strength to strength, with its parent company largely letting LinkedIn grow and develop, without forcing it into its existing product suite, other than through integrations into its various Office products.
Indeed, Microsoft has enabled users of Outlook, SharePoint, OneDrive, and most recently Teams to merge their LinkedIn data into their in-app experience, providing more context and insight within email exchanges and meetings. In the back-end, Microsoft is no doubt also utilizing LinkedIn insight to maximize its own marketing and promotional efforts, but for users, the merger of the two platforms has not been overwhelming, which has provided more room for LinkedIn to focus its core elements, and build upon its opportunities.
Which is clearly working, and with more users comes more interest from advertisers, helping to further boost LinkedIn’s revenue growth.
The next opportunities, then, likely focus on the same areas, with improved integration of live-stream events, and tools that will enable new types of expression for creators. LinkedIn Stories didn’t stick, but you can expect other video tools to be in the works, along with newsletters and additional subscription options, to assist in professional development and boost in-app engagement.
It may not be the top choice for marketers, but the stats speak for themselves - and if you’re looking to reach consumers in these areas, LinkedIn could offer big opportunities, beyond just the B2B reach that it’s known for.