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LinkedIn has begun testing a new revenue-boosting strategy for small and medium-sized businesses by introducing a Premium Company Page subscription.
For a fee that could go as high as $99 per month, this subscription offers AI-generated content, tools to increase follower counts, and other features designed to enhance a company’s visibility on the platform.
This initiative highlights LinkedIn’s effort, under Microsoft Corp’s (NASDAQ:MSFT) ownership, to diversify its revenue streams and improve its overall utility, TechCrunch reports.
In 2023, premium subscription revenue increased 25%, reaching $1.7 billion of the platform’s $15 billion annual revenue.
The Premium Company Page features visitor tracking, inviting visitors to follow the page, customizable call-to-action buttons, and a prominent testimonials display.
Additionally, the subscription incorporates AI writing assistance and offers a golden badge for verified premium pages.
Recent reports indicated LinkedIn stepping into the influencer marketing arena, a space where TikTok and Meta Platforms Inc’s (NASDAQ:META) Instagram have previously reigned by enabling advertisers to sponsor posts from users, including well-known creators, through its Thought Leader ads.
The platform is looking to capitalize on this vast user base for expansion, mainly as influencer marketing has emerged as a significant component of social media marketing expenditure in the U.S.. In this sector, Instagram and TikTok have traditionally excelled.
LinkedIn is also making strides into short-form video content, launching a video feed similar to TikTok’s to rival Instagram, Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube, Snap Inc’s (NYSE:SNAP) Snapchat, and Netflix Inc (NASDAQ:NFLX).
Microsoft stock gained 44% in the last 12 months. Investors can gain exposure to the stock via SPDR Select Sector Fund – Technology (NYSE:XLK) and Fidelity MSCI Information Technology Index ETF (NYSE:FTEC).
Price Action: MSFT shares traded higher by 0.86% at $418.15 premarket on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Wikimedia Commons
