Overview of LinkedIn the Professional Network
LinkedIn is a Social Network service offering business and employment related facilities. It is thoroughly used for professional networking around the world. LinkedIn also provides online education with a large video library. LinkedIn runs the largest professional network in the world on internet. LinkedIn has more than 562 million registered users who belong to over 200 countries. With over 46 million count, students and recent college graduates are the fastest growing demographic on LinkedIn. More than 20 million companies are registered on LinkedIn. 50 thousand skills (technical, soft and others) are listed on LinkedIn. More than 11 billion endorsements have been given on LinkedIn so far.
Beginning of LinkedIn and IPO offering
LinkedIn started operations in 2002 in the living room of co-founder and chairman Reid Hoffman at Mountain View, California, USA. Headquarters of LinkedIn are situated in Sunnyvale, California, United States. LinkedIn now employs over 11 thousand workers. Jeff Weiner is serving as the Chief Executive Officer (CEO) of LinkedIn since June 2009. LinkedIn has three subsidiaries namely SlideShare, Lynda.com and Connectifier. LinkedIn celebrated its eighth anniversary in 2011 by becoming a publicly traded company on the New York Stock Exchange. LinkedIn is a multilingual service and is offered in 24 languages. People are joining LinkedIn at a rate of more than 2 new users per second.
Acquisition of LinkedIn by Microsoft
Microsoft announced on 13 June 13 2016 that it will acquire LinkedIn by year end. Microsoft acquired LinkedIn in December 2016 for $26.2 billion. Purchase of LinkedIn is the largest acquisition made by Microsoft so far. Microsoft bought LinkedIn for the price of $196 a share. Jeff Weiner performed a significant contribution in successful acquisition of LinkedIn by Microsoft. Jeff Weiner has continued on the helm of LinkedIn as CEO on behalf of Microsoft. Jeff Weiner reports to Microsoft’s CEO Satya Nadella. Microsoft has permitted LinkedIn to keep its distinct brand, culture and independence. Microsoft hopes that acquiring of LinkedIn can revitalize the software products of the tech giant. Microsoft considers this deal will benefit Microsoft Office and LinkedIn’s services.
Business divisions of LinkedIn for Revenue generation
LinkedIn has four Business divisions for revenue generation. Talent Solutions offer paid branded corporation and career listing pages for recruiters and corporations, pay-per-click targeted job ads, and paid access to LinkedIn database of users and resumes. Marketing Solutions provide Pay per click-through targeted ads for advertisers. Premium Subscriptions allow LinkedIn users to pay for advanced services, such as LinkedIn Business, LinkedIn Talent, LinkedIn JobSeeker, and LinkedIn Sales for sales professions. Learning Solutions helps users in learning various skills related to their job function or personal learning goals, on the Lynda.com or the LinkedIn Learning platform. Some features of subscription services like InMail are charged on a pay per use basis.
Vision and Future of LinkedIn
Microsoft’s acquisition of LinkedIn has brought together the world’s largest professional network and the world’s leading professional cloud. LinkedIn hopes that combining forces with Microsoft will fast-track their mission to connect professionals of the world, to make them more productive and successful. It will eventually help drive economic opportunities for all members of the employees over the world. LinkedIn changed its user interface for desktop in January 2017. A new user interface was introduced in April 2018. LinkedIn is working on creating an Economic Graph. LinkedIn CEO Jeff Weiner had set this goal after getting inspired by Facebook’s Social Graph since 2012. LinkedIn gave users access to the economic graph’s data with more thorough filtering of data through its Galene search architecture from June 2014.