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00:00Who has its LinkedIn profile? Wow! So, you don't need to sell anything today.
00:11The LinkedIn profile is free, so everyone can have one.
00:16Ryan, I have tried to go on, not LinkedIn, Google search, to try to find your profile.
00:28And in fact, I have been immediately submerged by Ryan Gosling.
00:34So, it's difficult to know who you are.
00:38And the only thing I have understood is that you have done a fantastic, fantastic, fantastic deal.
00:45You have created something which has made you extremely rich.
00:50Maybe you can tell us a little bit about your story, what you did at Yahoo, and how you ended
00:58up with LinkedIn, before we start speaking about LinkedIn.
01:02Well, absolutely. Well, first of all, thank you for having me here.
01:06We were just talking backstage about just the amazing energy that's happening in this environment.
01:12And it's so inspiring to see all these startups coming together and really creating a future of hope in a
01:20world which is sometimes a little bit hard right now.
01:23So, it's a pleasure to be here. The story I was sharing with Maurice early on was a funny story.
01:29So, you will see how clever he is.
01:33Early on in my career, I was a very junior product manager at Yahoo.
01:41And this was a very long time ago and none of you will even remember this or Yahoo.
01:46But we used to show advertisements as banner ads on Yahoo.
01:51And we had the idea of, hey, you know, we should show advertisements that look more like search results.
01:59It was, no one had done it before.
02:01And the way that you should buy advertisements should actually be done in a bid at auction marketplace.
02:07People can actually pay per click and bid against each other, against something that had never been done.
02:11So, it was kind of this idea on the side.
02:14So, we patented it and kind of pushed it away.
02:17Obviously, that was the birth of how a lot of sponsored advertising on the internet works today.
02:22You know, a hundred billion dollar plus industry.
02:26But the claim to fame of my story was that I got paid $500 for my patent.
02:33Then later on, when Google went public, they needed to license this patent from Yahoo.
02:38So, for a couple billion dollars, they licensed the patent.
02:41But I got my $500, which I was very happy for.
02:45What great stories, you see.
02:50It's since now two years, you have completed your second year birthday as CEO of LinkedIn.
03:01Can you tell us a little bit how was these two years and how do you feel?
03:09Yeah, I mean, look, I won't sugarcoat it.
03:12It's not an easy time to be a CEO over the past couple of years.
03:18And I don't know if it's going to get much easier over the next few years.
03:22For me personally, you know, it's always difficult to become a CEO.
03:28That level of difficulty is increased when you become the CEO of a well-known consumer brand.
03:36And that level of difficulty is increased even further when you follow such a tremendous inspirational leader like Jeff Wiener,
03:44who was our previous CEO.
03:46But I knew that it was going to be difficult coming into it.
03:49What I didn't prepare for was a global pandemic.
03:53So, basically, you go back two and a half years ago, and I'm announced as the CEO of LinkedIn, and
03:59two weeks later, COVID hits.
04:01So, all of a sudden, the world stops hiring.
04:05Hiring is our largest business.
04:07The world stops marketing because they're not sure of the certainty of the future.
04:12That's our second largest business.
04:14So, you have to figure out, well, what do we do now?
04:17But that's not even the hard part.
04:18All of a sudden, this new set of questions starts to come.
04:22Do we open or shut 37 offices around the world that all have different rules and regulations based on the
04:28locale?
04:29Is the office open or closed?
04:31Are we remote or hybrid?
04:32A ton of questions every day that, you know, no one has ever had to answer before, and you're a
04:37brand new CEO coming into it.
04:39But you can't only be a CEO when things are good or things are easy.
04:44So, we doubled down.
04:46We decided that this was, you know, going to be a paradigm shift in the world.
04:50We knew the world would really need LinkedIn to find opportunity, to find job, to find skills.
04:57And I couldn't be more proud of our team and how we, you know, dealt with the pandemic.
05:03When I took the job, we had taken our revenue plan down for the year to maybe $7.8 billion.
05:10But we worked really hard and ended up doing north of $10 billion in revenue that year while helping the
05:17world and professionals globally navigate the global pandemic.
05:21So, I'm very proud of our teams at LinkedIn and how they reacted.
05:26What is the percentage of people who are going to the office on a regular basis?
05:32It's a question that every CEO in the world and every executive team is dealing with right now.
05:39Are we remote?
05:40Are we hybrid?
05:41How do we think about it?
05:42And what every company is ultimately doing is rethinking their culture and values, how their company works.
05:48So, for us, we rely back to our core culture and values in terms of our return to work policy.
05:55We set it on a policy of we trust each other to work where it works best for us and
06:01our teams.
06:02I'm not your dad.
06:04I'm not your babysitter.
06:05I'm not going to tell you you need to be in the office on Tuesday or Thursday, but you got
06:09to get your job done.
06:10If that's from the office, great.
06:12If it's not from the office, that's okay as well.
06:15Right now at LinkedIn, we see roughly 50% of our 19,000 employees will come to the office on
06:21a weekly basis.
06:22But that's because that's where it works best for them, not because they're told they need to be in the
06:27office.
06:27So, a lot of things have changed since the pandemic.
06:32The way we are operating, the way we are communicating, we are working from home, we are Zooming, Teamsing.
06:41A lot of things have changed.
06:45And you have mentioned several times the great reshuffle.
06:53Can you tell us what that great reshuffle is all about?
06:58Yeah, I mean, it's no surprise.
07:00Kind of like what I just said.
07:01Right now, globally, we're seeing, we're coming out of one of the most unprecedented shifts that we've ever seen in
07:07the labor force.
07:09Like I was saying, you have every single company and executive team and CEO right now deciding how their company
07:14works.
07:15Are we remote?
07:16Are we hybrid?
07:17Do you come into the office?
07:18How do we communicate?
07:19They're rethinking their culture and values.
07:21On the flip side, you have hundreds of millions of employees over the past two years have worked in a
07:26different way.
07:27And right now, they're not only trying to figure out how they work or where they work.
07:32Most people are trying to figure out why they work.
07:35So, these two things are starting to shift.
07:38People are deciding what they want to do with their lives and companies are deciding how they want to operate
07:43moving forward.
07:44So, you're seeing a lot of talent movement.
07:46I'm sure you all are seeing it and feeling it.
07:48Now, the most interesting thing is that the LinkedIn data shows this playing out at massive scale.
07:55Those of you that have LinkedIn, thank you very much.
07:57You may know it as this blue app on your telephone.
08:00But below that app, underneath it, is this massive graph of data connecting 800 million professionals and 50 million companies,
08:0914 million jobs.
08:10And it's a very vibrant graph.
08:11It updates nearly 5 million times per minute.
08:14So, it gives us access to a ton of talent trends that are actually happening in the global workforce.
08:19We've historically tracked this idea.
08:21We call it job transitions.
08:22Someone moves from one company to another.
08:25Pretty obvious.
08:26It's a job transition.
08:28Historically, the year-over-year percentage on that number is flat.
08:31You go way back over the past 10 years.
08:34One year, it's up 1%.
08:35One year, it's down 1%.
08:36But it's super flat.
08:38When the pandemic hit, that number dropped and recently just spiked up to 93% year-over-year in terms
08:46of movement in the global workforce.
08:48It's unheard of.
08:50It's unprecedented.
08:51So, we're starting to see that now come down.
08:53But you've all experienced, you've all experienced what we call the great reshuffle of talent.
08:58And I think that it's going to be bumpy over the next 12 to 18 months still.
09:02But it's going to settle in a place where employees and employers are much better aligned to the way that
09:07they want to work moving forward.
09:08So, I ultimately think that it's going to be a good thing.
09:11I think that you are the first to see what's happening with the great resignation.
09:19Reshuffle.
09:23You're right.
09:24But I'm speaking about great resignation.
09:28So, we have seen a lot of people leaving their jobs.
09:33And do we see a wave of newcomers?
09:38And when you look at the newcomers, what are the key differentiation between those people and the former generation?
09:52Can you detect some signs of differences?
09:58I would say that when you look at that great reshuffle data by generation, the younger the generation, the much
10:06more likely they are to be moving jobs more frequently.
10:10It's fascinating right now to look at Gen Z, who is off the charts in terms of how frequently they're
10:15moving.
10:16It's a generation that believes that it's not only okay to move jobs frequently, it's actually how the world should
10:23work.
10:23Not only with a full-time job, but potentially with a couple of side gigs as you're going as well.
10:29So, we're watching that generation, which is just totally thinking about work in a whole different way.
10:34And my guess is that's going to be the new norm moving forward.
10:38So, if we go back to LinkedIn, it did start as, okay, social network, a professional social network.
10:48You fill your ID with a few information on the profile, and then you exchange with some other people.
10:59And then it moved to kind of job board.
11:03And then it became also a place to advertise and to show your brand employer.
11:10Can you tell us a little bit how the businesses are organized and what is your real business model?
11:20Because there is an aspect which is a service that you are rendering to everyone who is working.
11:27It is something which is becoming almost indispensable.
11:30If we want to speak to somebody, it's much better to go to LinkedIn to try to find who that
11:37person is and what is their interest, whatever.
11:41And then you can connect in a way which is more interesting than if you don't know her.
11:45And that is very important. That's LinkedIn.
11:50But from the business standpoint, I understand that you are becoming a real advertising platform.
11:59Probably something which is at the low end, much bigger. Can you tell us a little bit?
12:07Yeah, so the, I mean, look, the fundamental vision of LinkedIn is we want to create economic opportunity for every
12:15member of the global workforce.
12:17We do that by building a large and active community.
12:20Thank you again to all of you who raised your hand when you said you have a LinkedIn profile.
12:23We want to ensure that people have access to find other professionals to stay connected and to stay informed and
12:29build an active professional global community.
12:32We feel like it's very important for the world to be connected.
12:34On top of that, we provide services to those who find value out of that network.
12:40Obviously, our largest business is recruiting, both active and passive job seekers.
12:46But our fastest growing business right now is in advertising.
12:50Over the last four quarters, we've done, you know, north of a billion dollars every quarter in advertising.
12:57We don't get a lot of credit for it, but our advertising business right now, which is just one of
13:02four businesses we have,
13:03is larger than Twitter's advertising business or Snapchat's advertising business or Pinterest's advertising business.
13:11And it's because we focus solely on B2B.
13:14And it's a very enviable environment for B2B advertisers.
13:18Number one, the context is professional.
13:20LinkedIn is a place where you see professionals having conversations about professional topics.
13:25So it's a great context for brands to be around.
13:27But secondly, the targeting data is unparalleled.
13:32If you're a B2B advertiser and you want to, you know, market your niche product and service to CFOs who
13:40work in the healthcare industry in France,
13:43LinkedIn is the best way for you to be able to target that distinct and unique audience.
13:47So the ROI that these advertisers see from LinkedIn is truly unique.
13:53And again, we're just really focused on ensuring that we can help connect B2B advertisers with those buyers that they
13:59need to help them propel their businesses moving forward.
14:01So bigger than Snap?
14:04Bigger than Twitter?
14:06And it's one of our businesses.
14:08We have three other businesses.
14:09So tell us about the three others.
14:11Our largest business by far is recruiting.
14:14The ability for recruiters everywhere to leverage the LinkedIn platform to find talent.
14:19Hopefully a lot of you, I assume, and given this audience, have received an outreach from a recruiter on LinkedIn.
14:25What's very valuable about LinkedIn is that it's that passive recruiting.
14:29Finding a candidate when they're not necessarily looking for a job is one of the most valuable innovations that we've
14:34made in the hiring space.
14:35And that's our number one recruiting business.
14:37We also have a learning business.
14:39Whether due to COVID or digital transformation or a fourth industrial revolution, skills are becoming critical.
14:47They're becoming the new currency for how the future of the world is going to work.
14:51So we have a product called LinkedIn Learning that allows professionals everywhere to upskill themselves through our platform to learn
14:58across thousands of courses and thousands of topics.
15:01So that's our other business.
15:03And then last is a business for salespeople called Sales Solutions.
15:06allows them to find and prospect on LinkedIn and stay and connect with their current, you know, clients and future
15:14prospects.
15:16Do you see other areas to expand?
15:19Sorry?
15:20Do you see other areas where you can expand?
15:23Absolutely.
15:24I mean, to the extent that there's anything a professional needs to do to be more productive and successful, that's
15:29where we want to ensure that we can go.
15:30We have a lot of runway right now, obviously, in our current businesses, and that's where we're focused.
15:35And, you know, more than anything, what's unique about LinkedIn is that our ethos as a company is that we
15:41take a members first approach.
15:43What we're consistently trying to do is ensure that we grow and provide free value to the member base on
15:50top of everything else.
15:51Right now, there's 810 million members on LinkedIn.
15:54There's roughly three members that join every second.
15:58The majority of that growth is coming from outside of the United States, Europe, and Asia.
16:03But there's a long way to go.
16:05There's roughly 3.3 billion people in the world that are applicable to using LinkedIn.
16:09So we want to ensure that most importantly, revenue and business aside, we can continue to grow the professional community
16:15and provide free value.
16:17You are going to come now.
16:21And you have planned to make a speech there.
16:25I think that you have already all the audience that you need.
16:29So you don't need to go.
16:31You don't need to go to Cannes to make your speech.
16:33You can make it here.
16:34Or you can go to Cannes, but what you can do here is maybe to tell us what you are
16:41going to say in Cannes.
16:42So they don't need to go.
16:44Yeah.
16:44So, yes, but you will enjoy the beaches and you will enjoy good wine and a lot of pleasure.
16:53And you share with us what you are going to say, no?
16:56Well, as I said before, the advertising industry is very near and dear to my heart.
17:03It's been part of my life as a professional for the past 20 years.
17:06So I'm very honored to be able to give a keynote this year at Cannes.
17:10And I was asked to come and speak for a couple of reasons.
17:14One, the industry feels like something is shifting inside of the industry.
17:20Where the makeup of talent is located.
17:23What the skills of the industry are looking like and how it's evolving.
17:28And I want to be able to use some of the data from the LinkedIn economic graph
17:32to at least bring some objective data to what's happening across the advertising industry.
17:39Because it is changing.
17:40We're starting to see it move into more technology, less creative, which isn't a good or bad thing.
17:46But I think it's important for objectively the industry to understand the transition that's currently being made.
17:52Secondly, this is an industry that's facing ridiculous pressure on margins.
17:56And I want to make sure that I can share some insight on where I believe the future of the
18:01industry can go.
18:02Right now it's an industry very focused on growing, exciting, large, existing consumer brands.
18:10The large companies of the future, the ones that no one knows about today, the Nikes of ten years from
18:17now,
18:17in my belief, are hiding inside of small B2B companies throughout the world.
18:25Many of which are probably here today at VivaTech.
18:29And I want to make sure the industry understands that their greatest skill, promise-making, creativity,
18:36when applied to some of these companies that don't yet, aren't well known,
18:41or don't yet have a story to tell, is where there's tremendous opportunity.
18:45So, now that I've told my speech, no one needs to go.
18:48But if you're there, please stop by.
18:50Yes, you don't need to go.
18:52I would like to come back to this B2B platform.
18:57Because what we see is that you are definitely the largest platform in B2B.
19:06But at the same time, you have personally an incredible experience in terms of advertising.
19:12Not only because you did one of the most striking deals, which is to get $500 for something which was
19:19worth $2, $3, $4 billion.
19:22But also because you have an experience which can give you a sense of where the market is going,
19:31and what are the key changes that you see happening in the future.
19:37And also, I would like to say, is there a place for something which is called the metaverse?
19:47I don't know if you heard about this word.
19:50For LinkedIn, and how do you see LinkedIn playing in this environment?
19:56Yeah, so first and foremost, I think as many people probably know, we are, you know, LinkedIn is a subsidiary
20:03of Microsoft.
20:05We were acquired by Microsoft roughly five years ago.
20:08We operate as an independent entity inside of Microsoft.
20:12And Microsoft, Satya, and Adela are investing heavily in the future of the metaverse
20:17and what that's going to mean in a professional, in a work environment.
20:20So we're very fortunate to be part of the Microsoft ecosystem to ensure that the evolution of the metaverse,
20:28professional identity through LinkedIn, play a big role in terms of how the world will work,
20:33how conferences may work moving forward, how meetings may work moving forward.
20:37We want to make sure that we're on the forefront with Microsoft and understanding that future and where things are
20:43going.
20:43I think in general, I've been, you know, I've been able to attend a couple of large events like this
20:49in the metaverse.
20:50I think that it's been really exciting. It's been really unique.
20:54I think that the professional context probably provides one of the best use cases for the metaverse,
21:02be it in conferences like this or be it in just how work gets done, having remote meetings differently in
21:09the metaverse,
21:10having large company events in the metaverse when the company is not completely together.
21:15So I'm pretty bullish on the professional use case and, again, just very excited to be part of Microsoft
21:20in order to understand where the future is going to be there.
21:23Yes, it was a big bet because, sorry, I'm losing it with my voice.
21:29It was a big bet by Satya because it's the first deal that he made,
21:3726 billion for something which valuation was around 10, 3 billion revenues.
21:44and now it is an extraordinary part of the world of Microsoft.
21:54Can we expand something like LinkedIn in the environment so large of Microsoft,
22:05which is a very different business with very different ways of working?
22:13Do you have independence? How this does work?
22:17I mean, to your point, Microsoft bought LinkedIn. We were doing, you know, north of roughly 3 billion dollars in
22:23revenue.
22:24Fast forward five years, trailing four quarters or north of 13 billion dollars in revenue.
22:29I think Satya made a very intelligent, not only bet on buying LinkedIn, but the way that he has chosen
22:35to operate it moving forward.
22:36LinkedIn is completely independent inside of Microsoft, which means a couple of things.
22:41Number one, we don't have to worry about being a standalone, independent public company.
22:48There's a lot of pressure that comes by doing that and a lot of areas you need to focus,
22:52especially in the short term when you are a standalone public company.
22:55We're shielded from that. Yes, we do a lot of revenue, but inside of the large Microsoft world, it's kind
23:00of a drop in the bucket.
23:02So this idea that Satya had to buy LinkedIn, keep it separate, let it run independently, its own culture and
23:08values.
23:09Do you need help from Microsoft to grow? Absolutely.
23:12But stay standalone has just been really genius and has played out extremely well.
23:16So I've been very fortunate to not only, you know, be part of that ride, but to continuously learn from
23:21Satya, who is easily one of the, you know, in my opinion,
23:24one of the greatest leaders and CEOs in the history of technology, which has helped LinkedIn grow, which in turn
23:30has helped Microsoft grow.
23:32And it's been truly a pleasure to be a part of it.
23:34Ryan, it's fantastic. It's great to have you here. I sorry again. I hope that next year we will see
23:45you with the new options, the new solutions and the new business trend that you will be creating.
23:53And I'm sure that LinkedIn is playing an incredible role in the way people are moving from a job to
24:03another in their daily life.
24:05And this great reshuffle is of the utmost importance for the future.
24:11So I would like to thank you very warmly. And a rose of applause for our friend. And bravo. Merci.
24:20Thank you.
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