LinkedIn, a subsidiary of Microsoft, announced on Thursday that it is developing a new video advertising product aimed at allowing marketers to target users on its professional networking platform as they consume content on streaming services.
This announcement follows LinkedIn’s recent introduction of artificial intelligence tools designed to assist advertisers in creating ad content, reflecting the company’s strategy to enhance its advertising business amid economic uncertainties affecting marketing budgets.
“In-stream video ads can reshape how brands connect with and engage their audiences,” said Penry Price, vice president of marketing solutions at LinkedIn, in a statement to Reuters.
As of now, LinkedIn reports over $14 billion in trailing 12-month revenue, with an 8 percent increase year-over-year noted for the third quarter of fiscal year 2023.
The platform derives its revenue from both advertising sales and subscription services catering to recruiters, job seekers, and sales professionals.
Earlier on Thursday, The Information broke the news about LinkedIn’s plans for the new advertising product.
On a separate note, LinkedIn informed on Tuesday that it would be discontinuing its last service in China, citing intense competition and a difficult economic environment.
LinkedIn had previously been one of the few U.S. tech companies to effectively operate a social media platform in China, where the internet is strictly regulated.
To align with Chinese regulations, the company had previously launched a domestically operated version of its career networking platform.
© Thomson Reuters 2023
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