Microsoft-owned LinkedIn said on Thursday it was working on a video advertising product that would allow marketers to target users of the professional networking site while they watch content on streaming services.
This comes after LinkedIn introduced AI features to help advertisers write ad content, part of a strategy to expand its ads business at a time when economic uncertainties have hit advertising budgets.
"In-stream video ads can change the way brands and buyers reach and engage their audiences," Penry Price, vice president of marketing solutions at LinkedIn, told Reuters.
LinkedIn's trailing 12-month revenue is north of $14 billion (roughly Rs. 1,14,700 crore), and as of the third quarter of fiscal year 2023, revenue increased 8 percent year-over-year.
The company generates revenue from ad sales and subscriptions for recruiters, job seekers and sales professionals.
The Information reported the news earlier on Thursday.
Meanwhile, LinkedIn announced Tuesday that it will close down its last service available in China, citing "fierce competition and a challenging macroeconomic climate".
Microsoft-owned LinkedIn was one of the few US technology companies to successfully operate a social media site in China, where the internet is heavily regulated and censored.
The company had introduced a unique domestic version of the career networking platform operated locally in order to comply.
© Thomson Reuters 2023
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