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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

Dan Primack, author of Pro Rata
40 mins ago - Podcasts

Net neutrality on the line under Biden

Federal net neutrality rules are back on the table in the Biden administration, after being nixed by Trump, but now might be complicated by the debate over social media companies' behavior.

Axios Re:Cap digs into why net neutrality matters and what comes next with Nilay Patel, editor-in-chief of The Verge and host of the Decoder podcast.

House grants waiver for retired Gen. Lloyd Austin to lead Pentagon

Defense Secretary nominee Lloyd Austin Photo: Chip Somodevilla/Getty Images

The House voted 326-78 on Thursday to grant retired Gen. Lloyd Austin a waiver to lead the Pentagon, clearing the way for the Senate to confirm President Biden's nominee for defense secretary as early as this week.

Why it matters: Austin's nomination received pushback from some lawmakers, including Democrats, who cited a law that requires officers be out of the military for at least seven years before taking the job — a statute intended to reinforce the tradition of civilian control of the Pentagon.

Amanda Gorman steals the show on Inauguration Day

Data: NewsWhip; Chart: Axios Visuals

Poet Amanda Gorman by far generated the most average interactions on social media on Inauguration Day, according to exclusive data from NewsWhip.