LinkedIn’s ad revenue increases as advertisers move away from Elon Musk’s X, Marketing & Advertising News, ET BrandEquity

SAN FRANCISCO, Professional networking platform LinkedIn is raking in ad revenue as Elon Musk’s Company X continues to lose advertising revenue.

According to research group Insider Intelligence, the Microsoft-owned company’s annual ad revenue is expected to grow 10.1% (year-over-year) to nearly $4 billion in 2023, with an additional 14.1% growth in 2024. There is.

Marketing agency executives and advertising industry insiders say LinkedIn ads are sold through auctions and prices are determined by market demand, so increased demand from advertisers is driving up prices. The Financial Times reports.

In some cases, prices have increased by as much as 30% in the past year, one executive said.

The report, citing sources, said LinkedIn was benefiting from introducing ways to make it easier to target its 1 billion users as major brands increasingly left X.

“It’s LinkedIn season. Over the past year, most people have switched to LinkedIn. A few weeks ago, most of our clients were off of X; now they’re all off of X. ,” said Leesha Anderson, Vice President of Digital Marketing and Social Media. This was quoted as a statement at the Outcast advertising agency.

Musk said earlier this month that Disney CEO Bob Iger should be fired shortly after the entertainment giant removed ads from X because the Disney owner espoused anti-Semitic conspiracy theories on his platform. said.

At the New York Times’ Dealbook Summit last month, Mr. Musk singled out Mr. Iger and went on a rant against the Disney CEO. “What this advertising boycott is going to do is destroy the company. And the whole world will know that those advertisers destroyed the company. And we will document it in detail. We will,” he told the audience.

Companies that have suspended or canceled advertising on X in the past few weeks include Apple, Comcast/NBC Universal, Disney, Warner Bros. Discovery, IBM, Paramount Global, Lionsgate, and Musk’s anti-Semitic comments on X. This includes the European Commission for promoting ideological content.