In the grand scheme, Pinterest is still fresh and new as an advertising platform. It’s only been selling ads since 2014, which is a far cry from how long titans like Google and Facebook have been advertising for. In the intervening years; however, Pinterest has begun putting in the work necessary to start their catch up, and the results have already started to appear. In 2016, Pinterest launched 11 new features related to advertising and data services, and they’ve given no indication that they plan on slowing down. And why should they? From 2014-15 Pinterest’s revenue quadrupled to reach $100m, and in 2015-16 that number was tripled to $300m. In the last half of 2016, the amount of advertisers using Pinterest’s services increased by 400%.
One such release that has garnered a lot of interest since its release in the Fall is promoted videos. Pinterest users have been showing more and more interest in videos recently, and this release is perfectly poised to take advantage of that. This feature can be used in conjunction others the platform already offers to great effect. For example, Pinterest has paired promoted videos with featured pins that are placed just beneath, so that users can pin items or ideas that they liked from the video while they’re right there. Alternatively, users can save the entire video as well. Pinterest has found that longer videos (30-90 seconds) get saved at a much higher rate than short clips.
Going forward, what can the community expect from Pinterest? Some advertisers believe Pinterest has not been moving forward fast enough with creating and exploiting advertising features. Despite the marked improvements seen in the last few years, Pinterest is not a top tier advertising giant like platforms such as Instagram, and some would like to see it reach that level sooner rather than later. The platform is well on its way to catching up, but only time will tell where it goes from here.