Another quarter, and another report of ‘record engagement’ on LinkedIn, as per parent company Microsoft’s latest performance update.
As you can see here, LinkedIn posted strong results for the quarter, with overall revenue up 36%, driven by increased demand for LinkedIn ads and a resurgence in the job market.
As explained by Microsoft:
“We are experiencing a “Great Reshuffle” across the labor market, as more people in more places than ever rethink how, where, and why they work. In this new economy, LinkedIn has become mission critical to connect creators with their communities, job seekers with employers, learners with skills, and sellers with buyers.”
Indeed, amid the evolving employment landscape, LinkedIn is well-placed to win out, by providing new opportunities for people to showcase their skills, and find new positions, as industries slowly get back to regular operating capacity.
And we still have a way to go on this front, with the pandemic still causing widespread disruption in many sectors. While some people have been able to shift career focus, others remain on the sidelines, and that’ll continue to present new opportunities for LinkedIn as the situation unfolds.
In addition to this, LinkedIn has also reported that its Sales Solutions business, led by its Sales Navigator platform, which now has over a million paying users, reached $1 billion in revenue for the year, the first time it’s reached that milestone. That points to the rising value of LinkedIn for marketers, with the added insights and management tools of Sales Navigator facilitating more opportunities.
In terms of general platform usage, Microsoft says that LinkedIn events are also on the rise, with the platform now seeing more than 24,000 events created, and 1.5 million RSVPs, every week.
LinkedIn recently added new tools for its on-platform events, including audio rooms, with group video streams also on the way.
On another front, LinkedIn’s Service Marketplace has also helped connect nearly 3 million freelancers and small businesses to new opportunities,
While it doesn’t get as much media attention as other social apps, LinkedIn has continued to expand, and grow under Microsoft’s ownership.
Back in 2016, when Microsoft acquired LinkedIn for $26.2 billion, the professional social network had around 430 million members, which it’s now almost doubled, with more than 810 million people now signed up to the app.
Of course, ‘members’ and ‘active users’ are not the same thing, and you do have to also remove China from these calculations, after LinkedIn pulled its main app out of the region last year due to rising regulatory pressure and related concerns.
But even with those provisos in mind, LinkedIn is clearly still on the rise. And again, as more people seek out new opportunities in the new world of work, and more professionals look to connect, in more ways, there are plenty of indicators to suggest that LinkedIn will indeed continue to grow and expand on its current usage.
If you haven’t considered LinkedIn for your marketing, it could be worth another look – and while it won’t be for everyone, there are opportunities in the platform’s various tools and options.