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LinkedIn generated $8.8 billion in revenue in 2020, but that is still less than 10% of Microsoft’s taking last year. The company is now set to enter a new market with a new product called LinkedIn Marketplace, reports The Information.
Set to be similar to Fivver, LinkedIn Marketplace will focus on white-collar gig work such as writing, marketing and consulting, and buyers will be able to compare the rates and services of different freelancers.
Microsoft is reportedly planning to introduce a digital wallet that can be used for payment, and also to purchase other services on LinkedIn such as subscribing to content or tipping.
LinkedIn is looking to launch the service in Fall, around September 2021. When asked for comment, Suzi Owens, a LinkedIn spokeswoman, said in a statement that since the pandemic began, the site has seen a surge in people searching and requesting services from other people on LinkedIn who wrote in their profiles that they are “open for business.” That’s particularly the case in categories such as executive coaching, marketing, design and software development.
“In the future we’ll be building new ways to share more about the services you [could] offer directly through your LinkedIn profile,” Owens said.