Photo by studioEAST/Getty Images

LinkedIn, the business and employment network, says it expects to bring in roughly $2 billion from its media business — mostly via ad revenue — by the end of this fiscal year.

Why it matters: LinkedIn has been hesitant to reveal specific revenue numbers around its media efforts since it was acquired by Microsoft in 2016, but is doing so now to highlight the growth of its ad business, which can be in part attributed to user engagement.

Between the lines: The projected $2 billion revenue figure for LinkedIn's media business means the professional network site will bring in roughly one quarter of Microsoft's $8.16 billion in ad revenue, per eMarketer.

The details: LinkedIn announced a few product updates Tuesday that it says will continue to drive engagement with its News Feed, including revamped Pages that are built to foster active communities and conversations on LinkedIn.

The bigger picture: LinkedIn product updates, including changes to Pages and the LinkedIn news feed, have driven user engagement on the platform.

  • In total, LinkedIn says it generates more than 2 million posts, videos and articles in the feed per day.
  • And close to 30 million brands, institutions and organizations, from small businesses to large enterprises, have Pages on LinkedIn.

Bottom line: "Momentum in the consumer ecosystem is driving marketing solutions and ad revenue," says Tomer Cohen, VP of Products at LinkedIn.

Go deeper

Biden confidants see VP choices narrowing to Harris and Rice

Photos: Tom Williams/CQ-Roll Call, Inc via Getty Images; Win McNamee/Getty Images

Confidants of Joe Biden believe his choices for vice president have narrowed to Sen. Kamala Harris and Susan Rice — and would be surprised if he picks anyone else.

The state of play: This is a snapshot of the nearly unanimous read that we get from more than a dozen people close to him.

An election like no other

Illustration: Eniola Odetunde/Axios

The coronavirus will make the 2020 presidential election different from any in modern history: Voting that begins earlier, results that take longer, mail carriers as virtual poll workers and October Surprises that pop in September.

The big picture: Perhaps 80 million Americans will vote early, by mail or in person, Tom Bonier, CEO of TargetSmart, a Democratic political data firm, tells Axios. That's going to set up more of an Election Season than an Election Day — and increase the odds of national turmoil over the vote count.

Exclusive: Inside McCarthy's new GOP messaging platform

House GOP Leader Kevin McCarthy (R-Calif.). Photo: Tasos Katopodis/Getty Images

House Republican Leader Kevin McCarthy (R-Calif.) has given his GOP colleagues new marching orders for stump speeches between now and November, as incumbents worry about how President Trump's own challenges may strain their re-election bids.

Driving the news: McCarthy delivered a PowerPoint presentation to the GOP conference in person last Thursday at the Capitol Visitor Center, with several members joining via Zoom, lawmakers and aides familiar with the gathering tell Axios.