It might be time to consider LinkedIn Premium as part of your job search plans. Not because Microsoft has released yet more paid-for AI features, though that’s certainly the plan in 2024. No, it’s because Microsoft is making a fair chunk of money from the service now.
The reason you should consider paying for a subscription is that all these other folks are. Microsoft revealed its revenue from LinkedIn Premium for the first time, scooping R32 billion ($1.7 billion) for the company in 2023. If that many of your employment competitors are getting a leg up, it’s probably time to get on equal footing.
Microsoft has previously been quite secretive about its jobs service and work-based social network’s revenues so this revelation about the Premium service is notable. It’s possibly the first time that revenues are high enough to report without feeling a bit sheepish about it.
Reuters reports that Microsoft has previously listed overall revenue of $15 billion (R280 billion) from LinkedIn, with a little under half of that coming from sales of software to recruiters on the platform. Premium, which goes for about R750/m, is contributing more to the bottom line and Microsoft’s plans for more (and better) AI integration should see that number increase.
According to the company, some 70% of its subscribers have trialled its existing artificial intelligence aides. Of those, 90% find the AI tools useful when looking for work. If you’re not one of that number, you’re probably at a disadvantage in 2024’s job market.