LinkedIn announces new AI tool as it surpasses 1 billion members

Technology will help premium subscribers assess whether or not a job is a good fit

LinkedIn's revenue increased almost 8 per cent annually in the third quarter. Reuters

LinkedIn has rolled out a new artificial intelligence-driven feature for premium subscribers as the work-based social network surpassed one billion members.

The new feature will offer a built-in job coaching tool that uses AI technology and LinkedIn data to help job seekers explore and apply for positions that fit their profiles and career aspirations.

“Surpassing one billion members is not just about reaching a milestone … it’s about fostering a dynamic ecosystem,” Tomer Cohen, chief product officer at LinkedIn, said.

It is “testament to the important role our platform plays in the lives of so many professionals and businesses”.

Almost 80 per cent of the US-based company’s latest sign-ups come from international locations.

LinkedIn provides both free and subscription-based memberships.

Subscribers to the $39.99 per month tier will gain access to new AI capabilities that can assess a user's profile data, past searches and inform them whether they are a suitable candidate while navigating numerous job listings.

“[Premium] members will see more personalisation with every interaction, from how to get smarter about important topics to personalised career actions they can take,” Mr Cohen said.

“It will include personalised takeaways and nudges, from suggestions for skills you should build, to professionals in your network to reach out to for any question you have.”

The AI-powered feature will also go through long articles, videos and posts, and suggest ideas on how the information can be helpful to users, the company said.

“The new AI product for LinkedIn is a bigger deal than it looks like on a first impression, not because of the product itself, but mainly because it is another clear indicator that Microsoft is leaps and bounds ahead of the competition when it comes to monetising AI today," Thomas Monteiro, senior analyst at investing.com, told The National.

“It is clear that the market will soon start charging the AI bill that came from all the massive sums of cash poured into tech companies throughout the year, and this is when Microsoft's array of already monetised products will give it a significant edge,” he added.

Launched in May 2003, the world’s largest professional network was bought by technology giant Microsoft for $26.2 billion in June 2016. At that time LinkedIn had more than 400 million members.

LinkedIn was bought by Microsoft for $26.2 billion in June 2016. AP

Currently, more than 140 job applications are submitted every second on LinkedIn, according to official data.

In May, the company said it was cutting 716 jobs and phasing out its jobs platform in the Chinese market as it reorganised its global operations amid waning demand.

Microsoft’s productivity and business processes division, which includes both its Microsoft Office business and revenue from LinkedIn, rose 13 per cent to $18.6 billion in the quarter that ended on September 30.

LinkedIn's revenue increased almost 8 per cent annually in the July-September period, although Microsoft did not reveal more details.