X and Snapchat were some of the early social media apps that started charging users. There is another social media site that is charging users – LinkedIn. Many people aren’t aware that there are many paid features on the app. LinkedIn has evolved from solely being a job hunting website to a comprehensive social media app in 2024.
The most surprising thing about LinkedIn is its revenue. In Q1 of 2024, LinkedIn earned more revenue than X and Snapchat individually, surpassing them both. This Microsoft-owned platform is currently experiencing a surge in popularity and revenue.
What’s the key to LinkedIn’s success? Selling what people actually need.
In the first quarter of 2021, LinkedIn brought in $20 million in net revenue from the App Store and Google Play. This revenue increased to $36 million in Q1 of 2022 and rose to $91 million in Q1 of 2023. The first quarter of 2024 was LinkedIn’s biggest in terms of revenue, earning about $119 million.
X and Snapchat also experienced their best quarterly revenue ever in 2024. X added $23 million, while Snapchat gained $67 million in net revenue in the quarter. Impressive growth for Snapchat, but still lower than LinkedIn – even if you add up the two.
H/T: AF
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