LinkedIn Corp (NYSE:LNKD) Adds New Revenue Stream With The Unveiling Of Elevate
LinkedIn Corp (NYSE:LNKD) continues to pursue new revenue sources, recently adding e-learning provider Lynda.com at the cost of $1.5 billion and now release Elevate, a mobile and desktop content management app. With the likes of Twitter Inc (NYSE:TWTR) and Facebook Inc (NASDAQ:FB) also showing interest in professional networking business, LinkedIn has been left trying hard to ward off competition in its niche by introducing more differentiating factors.
Elevate is a paid app that provides article suggestion to users so that they can schedule and share articles across platforms like LinkedIn itself and Twitter. The company hopes to roll out the app to more platforms including Facebook, which boasts about 1.4 billion active users. The app is available on both mobile and desktop devices.
Users can download the app for their iOS or Android devices, but they have to pay to have full access to the content management app. LinkedIn Corp (NYSE:LNKD) is opening up pilot test of the app for a small number of paid users, but will roll it out more broadly in 3Q. Currently, pricing for Elevate is not available but LinkedIn should be able to have pricing in place by the take it takes broad rollout of the app in the next few months.
Some large companies such as Adobe Systems Incorporated (NASDAQ:ADBE) and Unilever PLC (ADR) (NYSE:UL) have already had a test of Elevate app, which is expected to have wide appeal among marketing professionals as companies take advantage of the tool to make their employees social professionals. It will be easy for marketers to share content and track how the shared links are performing per given topic.
For LinkedIn Corp (NYSE:LNKD), Elevate is expected to be source for new revenue. The company has been trying to diversify its revenue sources in the recent years, mostly through strategic acquisitions. In addition to boosting LinkedIn’s business solutions revenue, Elevate will also attract more traffic to the site and enhance engagement, leading to more users coming to the platform.
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