All it takes is a quick perusal of the news and announcements out of Facebook’s F8 Developer Conference this week to see just how rapidly today’s leading social media platforms are becoming advertising, news, commerce, music, payments, and broadcasting giants of equal magnitude.
And it’s happening across the entirety of the web. As CNBC noted Wednesday, Facebook — to cite just one example — is reportedly “holding talks with a number of publishers to host their news articles directly through the social media company’s website.”
And now here comes LinkedIn – the popular social media platform targeted to professionals – which also believes that content is king.
“I think we get lumped in with all these networks. We actually compete with more traditional media,” says Penry Price, vice president of marketing solutions at LinkedIn.
Price believes LinkedIn is now in competition with longtime publishers like the “Economist” and “Financial Times” for advertising dollars.
“Earlier this year, LinkedIn expanded its long-form post feature to allow more than 230 million English-speaking members to write posts, treating the platform more like a blog. In 2014, users were posting 50,000 pieces a week,” according to CNBC.
Advertising around that content could generate big bucks for LinkedIn. Of course, the focus on content will also cause ripples of discontent in the traditional media marketplace.
But social media sites are undaunted by potential kerfuffles.
“In LinkedIn’s case, a lot of the revenue is from advertising,” Ian Maude, an online media analyst at Enders Analysis, tells CNBC. “It is about building engagement with the audience and monetizing that. If you are giving people more reasons to visit LinkedIn and making it more useful you ultimately can grow the audience and increase advertising.”