LinkedIn revealed how a lot income it makes from premium subscriptions for the primary time because it was purchased by Microsoft.
The job-networking platform announced Thursday that it made $1.7 billion from its premium subscribers in 2023.
The variety of subscribers rose 25% year-on-year, fuelled by its AI instruments.
LinkedIn COO Dan Shapero mentioned in a post that greater than 70% of its premium customers are utilizing its AI instruments to assist write posts and feedback and for profile suggestions.
“Early assessments additionally present 90% of subscribers with entry to our AI-powered job expertise discover it helpful,” he mentioned.
Microsoft revealed in January that LinkedIn’s income had risen by 9% within the final quarter whereas membership development had accelerated for greater than two years.
It has not mentioned how a lot income LinkedIn generated since Microsoft bought the corporate for $26.2 billion in 2016.
LinkedIn’s “Premium Profession” and “Premium Enterprise” plans price $29.99 and $59.99 month-to-month.
Shapero, who’s been at LinkedIn since 2008, additionally mentioned extra AI options have been on the way in which. As Enterprise Insider beforehand reported, Microsoft has been striving to roll out AI tools, with senior leaders wanting workers to be “scrappy” of their method to engineering.
“Count on to see extra updates from us as we glance that can assist you obtain extra in your profession, your corporation, or your job search, and with the assistance of AI we will additional energy your success,” Shapero mentioned.
LinkedIn laid off greater than 1,400 staff in two rounds of cuts in Could and October final yr.
Some staff found out about the October layoffs sooner than deliberate when a mysterious checklist of about 500 names was posted on the nameless office discussion board Blind the weekend earlier than the layoffs have been introduced.
LinkedIn’s HR group created an inventory of the names on GroupID, a 3rd celebration system that enables the corporate to create distribution lists, referred to as OctoberUpdate, which was then leaked on Blind.
LinkedIn did not instantly reply to a request for remark from Enterprise Insider, made exterior regular working hours.
Do you’re employed for LinkedIn or have perception to share? Contact this reporter from a non-work e mail at jmann@businessinsider.com