Pinterest recently announced in its latest earnings call that the platform has reached a new milestone with 450 million monthly active users globally, a 4% increase from the previous year. The growth in users was driven by regions outside of the U.S. and Canada, where the user base remained steady at 95 million.
The social media company, which launched its short video product, “Idea Pins,” in 2021, is looking to expand its footprint and monetize this format. CEO Bill Ready stated that the company’s long-term goal is to make every pin shoppable, starting with video content. The company is using its computer vision technology to identify products and videos and make them shoppable.
In the fourth quarter of 2021, video supply on the platform grew by 30% quarter-over-quarter, driven largely by Gen Z users who accounted for half of the video pins on the platform. The CEO noted that while video accounts for over 10% of engagement, it contributes to more than 30% of revenue.
In 2021, Pinterest introduced short video advertising with the “Idea Ads” project and later added support for video assets in product catalogs. The company also partnered with music labels to allow users to add licensed music to their videos.
Pinterest is differentiating itself from other short video platforms by focusing on a “lean-forward” approach, where shoppable content is emphasized. The company is utilizing its AI and computer vision team to identify products and trends within the video to improve search results.
Despite recent job cuts affecting over 5% of its workforce and the discontinuation of a creator reward program, Pinterest remains confident in its approach to video and is focused on making it a key part of its future.
