LinkedIn has become one of the most popular social media platforms for professionals over the past decade. With over 700 million members worldwide, LinkedIn provides users with opportunities to network, find jobs, promote their business, and more. However, there are recent signs indicating that LinkedIn may be losing some of its popularity and dominance in the social media space.
Declining User Growth
One of the most telling metrics when evaluating the popularity of a social media platform is monthly active users. While LinkedIn experienced massive user growth for years, that growth has slowed significantly in recent times.
According to LinkedIn’s quarterly earnings reports, user growth peaked in 2020 and has declined since then. In Q2 2020, LinkedIn reported having 675 million monthly active users globally. That number only grew to 706 million monthly active users by Q2 2021. In the most recent quarter (Q2 2022), LinkedIn reported just 774 million monthly active users, only a 9.6% increase from two years prior.
For comparison, other social media platforms like Facebook, Instagram, and TikTok have continued experiencing double-digit user growth rates year-over-year. LinkedIn’s stagnating user numbers suggest it is struggling to attract new users in an increasingly competitive social media landscape.
Decreasing Engagement
In addition to slowing user growth, LinkedIn has seen a recent decline in user engagement. Engagement metrics like likes, comments, shares, and clicked links indicate how often users are interacting with content on a platform. These metrics are key to keeping users active and interested.
According to Socialinsider, LinkedIn’s engagement rate decreased by 15% year-over-year in 2021. The average like rate per post fell from 0.65% to 0.55% in that timeframe. The average comment rate per post dropped from 0.13% to 0.11%. LinkedIn’s decreasing engagement rates imply users are less motivated to interact with the platform’s content lately.
Engagement Metric | 2020 | 2021 | Year-Over-Year Change |
---|---|---|---|
Average Like Rate per Post | 0.65% | 0.55% | -15% |
Average Comment Rate per Post | 0.13% | 0.11% | -15% |
Competition from New Platforms
The entry of new social media platforms tailored to professionals may also be negatively impacting LinkedIn. Apps like Clubhouse, Hive, and Fishbowl have emerged over the past couple years as new networking communities. These apps offer features that differentiate them from LinkedIn and may be pulling users away.
For example, Clubhouse pioneered social audio with its unique chat room model. Hive focuses on enabling 1-to-1 networking instead of group discussions. Fishbowl provides an anonymous space to connect with coworkers. Each of these platforms caters to professionals in slightly different ways than LinkedIn, establishing themselves as competitors in the space.
According to App Annie, Clubhouse saw 9.6 million downloads in 2021, Fishbowl hit 1 million downloads, and Hive exceeded 600,000 downloads. While these platforms have a long way to go before reaching LinkedIn’s scale, they demonstrate new options are resonating with professionals and taking some attention away from LinkedIn.
Limitations of the Recruiter Model
LinkedIn makes the majority of its revenue through recruitment tools and job ads. While this business model helped LinkedIn achieve profitability, it has also shaped the platform in ways that limit user experience and may be decreasing popularity.
LinkedIn’s focus on recruitment and job searching makes the platform feel more like a digital resume than an engaging social community. Most users are there to make professional connections for advancing their careers rather than having fun and interacting with content they care about.
Additionally, LinkedIn’s algorithm shows users mostly content published by accounts they don’t follow in hopes they will click on job postings and recruiter ads. This makes the feed stale and spammy compared to the curated content users see on other social platforms.
These factors contribute to lower engagement and an overall user experience that feels more like work and less like a vibrant social community. This may be turning some users off over time.
How LinkedIn Can Turn Things Around
While LinkedIn’s growth is slowing, the platform remains the undisputed leader in professional social networking with over 770 million users. To prevent further stagnation and reaccelerate growth, here are some changes LinkedIn could implement:
- Improve personalization – use AI to customize feeds based on users’ professional interests and connections
- Enhance community – create more spaces for niche professional groups and casual conversations
- Expand offerings – move beyond recruitment tools with new premium features like webinars, online learning, and events
- Incentivize engagement – reward users who consistently post, comment, and like with premium features
- Loosen algorithm – show more content from connections alongside job ads and recruiter posts
By doubling down on the social experience – while retaining its valuable recruitment monetization model – LinkedIn can help restore its network effect and growth trajectory.
Conclusion
In summary, LinkedIn’s slowing user growth, decreasing engagement, emerging competitors, and limitations stemming from its revenue model all indicate the platform is losing momentum and popularity compared to its peak. However, with over 770 million users, LinkedIn remains the undisputed leader in professional networking.
To boost growth and activity, LinkedIn should focus on enhancing personalization, community, premium features beyond recruiting, and algorithmic preferences. Improving user experience can help LinkedIn maintain its strong position in the market despite new professional social platforms on the rise.