LinkedIn Ventures into Targeted Video Advertising for Streaming Audiences
LinkedIn Social Media, owned by Microsoft, revealed its plans on Thursday to develop a video advertising product that would enable marketers to specifically target users of the professional networking site while they engage with content on streaming services.
This move follows LinkedIn's recent introduction of AI features aimed at assisting advertisers in crafting effective ad content, as part of their strategy to expand their ads business amidst economic uncertainties impacting advertising budgets.
According to Penry Price, Vice President of Marketing Solutions at LinkedIn, "In-stream video ads can change the way brands and buyers reach and engage their audiences," as stated in an interview with Reuters.
LinkedIn's trailing 12-month revenue has exceeded $14 billion (approximately Rs. 1,14,700 crore), with an 8 percent year-over-year increase in revenue as of the third quarter of fiscal year 2023. The company generates revenue through ad sales and subscriptions for recruiters, job seekers, and sales professionals.
In a separate announcement on Tuesday, LinkedIn disclosed its decision to shut down its last remaining service in China, citing "fierce competition and a challenging macroeconomic climate." Being one of the few US technology companies to successfully operate a social media platform in China, LinkedIn had developed a unique domestic version of its career networking platform to comply with local regulations in an internet landscape that is heavily regulated and censored.