Pinterest, Inc. offers a visual discovery tool which helps users to discover various types of projects and things of interest on the Internet. Users can also post content, including photos, comments, links, news and updates etc. on this platform. This platform also helps people around the world to find and save recipes, parenting hacks, style inspiration, and other ideas. In addition, it offers tools such as brand guidelines, buyable pins, Pinterest analytics, promoted pins, rich pins, browser button, and widget builder for developers. The platform can be accessed on Web, Android, and iOS devices. Pinterest, Inc. was formerly known as Cold Brew Labs Inc. and renamed Pinterest, Inc. in November 2010. The company was incorporated in 2008 and is based in San Francisco, California with additional offices in New York, Chicago, Atlanta, Los Angeles, London, Paris, Berlin, Tokyo, and Sao Paulo.
Pinterest focuses on bringing along inspiration for creating a life individuals love and also to inspire them to do things in real life. The Pinterest platform can be discovered either via online search and through the company’s home feed.
Pinterest allows users to visually share, and discover new interests by posting (known as ‘pinning’ on Pinterest) images or videos to their own or others’ boards (i.e., a collection of ‘pins’ usually with a common theme) and browsing, liking or repinning what other users have pinned.
Why should brands be on Pinterest?
Pinterest varies with respect to other platforms as all people come to Pinterest for planning. The approach that people have on Pinterest is that they are open to innovative ideas. This intent is also unique to Pinterest. When marketers harness this intent, they are able to drive results.
Pinterest labs are helpful in bringing together top researchers, scientists, and engineers across the globe in order to tackle the greatest challenging problems in machine learning and artificial intelligence.
What’s new at Pinterest:
Lens is the new concept that it is helpful in pointing anything – from pants to plants – and to see what ideas can be found. The app allows the mobile phone camera to be used to identify decor, clothing, and food in the real world. Users can point the camera at a pair of shoes for instance, and be able to see similar styles on Pinterest and get ideas for how to wear them.
How can advertisers activate Promoted Pins on Pinterest?
- They can activate promoted pins through an assigned account team
- They can activate promoted pins through an assigned account team, besides with a Pinterest Marketing Partner (PMP)
- They can activate promoted pins through the self-service Ads Manager tool
- In late October 2013, Pinterest won a US$ 225 million round of equity funding that valued the website at US$ 3.8 billion
- In April 2015, Pinterest acquired the team from Hike Labs, in order to develop a mobile publishing application called Drafty
- In June 2015, Pinterest exposed ‘buyable pins’ Rich Pins – pins which have more information than a normal link – that allows users to purchase things directly from partners that it is working for. Users will see prices, be able to select specific types of a products (like the color), and then can tap the button to buy the product. The item will arrive at the user’s doorstep.
- In December 2015, Pinterest launched a new way for users to monitor price drops on buyable pins. When users save pins, they will be informed when a price drops in the form of an in-app notification and an email, from where they can directly make a purchase.
- In August 2016, Pinterest launched a video player that enables users and brands to upload and store clips of any length straight to the site
- On August 23, 2016, Pinterest announced that it would be acquiring the team behind Instapaper, which will continue operating as a separate app. The Instapaper team will both work on the core Pinterest experience and on updating Instapaper.
- On March 8, 2017, Pinterest announced it had acquired Jelly Industries, which is a small search-engine company founded by Biz Stone
- In February 2019, WSJ stated that Pinterest secretly filed for IPO. The total valuation of the company at the time reached US$ 12 billion.
Pinterest Fun Facts:
- As of Q1 2019, there are 291 Mn monthly active users
- As of April 2019, more than 200 billion Pins are saved on Pinterest
- Pinterest took the lead with 57% growth
- Pinterest takes second place with 111% growth
- Over 80% of pins are re-pins, compared to 1.4% of tweets re-tweeted
- As of Q1 2019, 98% have tried something new they found on Pinterest
- Around 25% of consumers reported buying a product or service after discovering it on Pinterest
- As of Q1 2019, 77% discovered a new product or brand on Pinterest
- As of Q1 2019, 84% pinners visit Pinterest when they’re confused about what to buy
- Referrals via Pinterest are 10% more likely to actually purchase than those referred by Facebook; Pinterest grabs around 41% of ecommerce traffic compared to other social media sites
- 250 million people are active on Pinterest each month
- Over 75 Billion pins have been uploaded to Pinterest
- In 2014 ,79% of Pinterest users were female. In 2016, already 40% of new signups were men.
- 67% of Pinterest users are under 40 years old, and most pinners are between 18 and 29 years old
- 87% of people on Pinterest have bought a product because of Pinterest, while 93% use Pinterest to plan a future purchase
- 100 Bn Pins (every Pin is an idea)
- 80% of Pinners access via a mobile device
- 2 Bn searches on Pinterest every month
- 76% of Pinners save items to purchase later
- 55% of people use Pinterest to shop and buy
- Revenue from Videos grew by 3X from Q1 of 2018 to 2019
- In Q1 2019, Pinterest served ads to users in 13 countries, adding new markets like Austria, Belgium, Germany, Italy, the Netherlands, and Spain
- Pinterest was established in December 2009, but the site was launched in March 2010
- In March 2011, Pinterest iPad app was launched the same month Time magazine listed Pinterest in its ‘50 Best Websites of 2011’ article
- In December 2011, the site became one of the top 10 largest social network services, according to Hitwise data, with 11 million total visits per week
- In January 2012, comScore reported the site had 11.7 million unique US visitors, making it the fastest site ever to break through the 10 million unique visitor mark
- In August 2012, Pinterest changed its policy so that a request or an invitation was no longer required to join the site, and in the same month, the Pinterest app for Android and iPad was launched
- In October 2012, Pinterest announced a new feature that would allow users to report others for negative and offensive activity, or block other users if they do not want to view their content
- In February 2013, Reuters and ComScore stated that Pinterest had 48.7 million users globally
- In 2014, Pinterest generated its first revenue when it began charging advertisers to promote their wares to the site’s millions of hobbyists, vacation planners, and do-it-yourselfers
- In October 2016, Pinterest announced 150 million monthly active users – 70 million in the US and 80 million outside the US
- In April 2017, the company announced 175 million monthly active users, with 3x year-over-year growth in Germany and Brazil, and 2x year-over-year growth in France and Japan
- In June 2017, Pinterest raised US$ 150 Million from a group of existing investors
- In September 2018, Pinterest announced that it had 250 million monthly active users, with most new growth coming from outside the US which grew to 265 Mn total monthly active users till the end of 2018
IPO (Initial Public Offering):
Pinterest raised around US$ 1.5 Billion in the Initial Public Offering (IPO). Pinterest Inc. has filed confidentially for a US IPO, and is expected to seek a valuation for the company of at least US$ 12 Billion, according to an individual familiar with the matter.