LinkedIn, owned by Microsoft, made a lot of money in 2023, with total revenue reaching about $15 billion. A big part of this success came from people signing up for LinkedIn’s premium subscription plans. Dan Shapero, the chief operating officer of LinkedIn, shared that these plans brought in $1.7 billion in 2023. This is a big deal because it’s the first time we’re hearing these details since Microsoft bought LinkedIn in 2016.

The premium plans, which start at $39.99 a month, saw a 25% increase in subscribers. However, the exact number of subscribers wasn’t shared. Last year, LinkedIn added new tools that use AI to help with writing job postings, user profiles, and ad content. Shapero said that 70% of people who pay for LinkedIn have tried these AI tools. Out of those, 90% think the tools are helpful.

Shapero mentioned that in uncertain economic times, people want to make sure they can find the best jobs possible, and LinkedIn’s tools are there to help with that.

Despite the success, 2023 had its challenges for LinkedIn. As part of a larger plan by Microsoft to reduce its workforce, LinkedIn had to let go of some of its team members. In February, some jobs were cut, though the exact number wasn’t given. Then in May, LinkedIn announced it would cut 716 jobs because it was closing its app focused on jobs in China. In October, more job cuts were announced, with 668 team members affected.

Image: DIW-Aigen

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