Pinterest plans to invest in video products and a new content creation program in 2021.
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After a year of massive growth, Pinterest is hoping to attract marketers to the platform with a new focus on video and content creators.
During its first virtual event for marketers, Pinterest announced today that it is rolling out a number of tools that marketers can use to reach their audiences, including exclusive video placements and insights based on user behavior in the app to help them against Market emerging consumer trends. During the event, called Pinterest Presents, the company also unveiled a new Conversion Insights tool that enables advertisers to view promoted organic metrics in a single report and new ways to understand attribution windows and purchase paths about the growing ecommerce business of Find Pinterest.
“We want to deliver more inspiring content, so we need to make sure that it contributes to more inspiring content and increasingly inspiring users,” says CMO Andrea Mallard. “We want to continue investing in video to provide our users with more dynamic experiences like how-to guides and more engaging, immersive branding storytelling. So we’re taking these critical first steps in building a creator ecosystem around Story Pins so a new generation of creators can create great content and enrich the lives of winners. “
With one of the new video advertising tools, Pinterest Premiere, businesses can advertise on users’ home feeds at specific time periods to reach an audience based on demographics, interests, or categories. According to Pinterest, video views increased 100% year over year in the fourth quarter of 2020, while the number of unique video uploads increased sixfold. Video uploads increased 800% in 2020 while daily video views on the platform were 1 billion. Pinterest is also making increasing use of augmented reality to virtually try on makeup and clothing, and to display renders of furniture and other products in their real-world space.
Will the video still feel fresh to Pinterest users as it plays a prominent role in virtually every social platform? Mallard believes that Pinterest videos will be educational and all about creating things, rather than “random entertainment” or “a pointless loop of video.”
“These are people who often come up with a challenge,” says Mallard. “And they say, ‘I want to put wallpaper in my living room, I actually need someone to teach me how to do it.’ Or, “I want to try this new advanced cooking technique.” Well, now there is a Creator who will go through this step, step by step, so I think the nature of the videos on our platform is particularly inspiring, extremely useful, and extremely relevant . “
The new focus on video follows a strong fiscal quarter for Pinterest, which saw revenue grow 48% year over year to $ 1.7 billion last month, while monthly active users rose 37% year over year $ 459 million soared. Gen-Z and male users are among the fastest growing categories, both up 40% year over year.
While Pinterest has expanded its base of advertisers and e-commerce offerings, it wasn’t too long ago that some thought the company hadn’t done enough with its treasure trove of users and insights. According to Mallard, 80% of Pinterest’s forecasts for 2020 have come true despite the Covid-19 pandemic. Brands from Bacardi to Kohl’s are already advertising on Pinterest, based on emerging trends such as sausage boards and sporty loungewear (or “Athflow”).
Pinterest is also trying to attract more content creators to the platform in order to expand the strategy for new focus areas. While other social networks like YouTube, Twitter, Instagram, TikTok, and Snapchat have relied on a variety of influencers for years, Pinterest has relied on user-generated content. (Currently, 80% of Pinterest content is from brands.)
With other social platforms having to catch up in diversifying their developers, Pinterest has tried from the start to make this a priority. The company’s creator management team is committed to ensuring that 50% of the creators it manages are from diverse backgrounds. Last month, Pinterest pushed to support black-owned small and medium-sized businesses during Black History Month, and recently launched a new program called Black Gold, which aims to train the next generation of black creators.
“We have this great opportunity because we are now building it so that we can be more conscious and make sure we grow our creators in a very inclusive way, which is very good for business,” says Mallard. “To be clear, the reason is not only to raise different voices, but also because different content is in demand on our platform.”