Pinterest has announced in its latest earnings call that it now records 450 million monthly active users globally. This represents an increase of 4 percent year-on-year. Though, Pinterest’s user base in both the US and Canada remained at 95 million, the company’s main growth came from other regions.
Meanwhile, Pinterest has announced that it plans to focus on making video shoppable. This, the company plans to make its focal point this year and even beyond.
“Over the long term, we also want to make every pin shoppable. To that end, we’re making video content on Pinterest more actionable using the same playbook we applied to static images. Over the course of this year, we’ll be deploying our computer vision technology across our video corpus to find products and videos and make them shoppable,” the company’s CEO Bill Ready said during the earnings call per TechCrunch.
According to Ready, video supply on Pinterest grew y 30 percent quarter-over-quarter thanks to Gen Z users. This is good for the platform because videos are now adding a big part of its revenue growth.
“Importantly, while we’re seeing more than 10% of our engagement is on video, it’s more than 30% of our revenue is on short-form video,” Ready said.
Pinterest’s Q3 results in 2022 showed an increase in both revenue and users. According to its Q3 performance results, Pinterest’s revenue grew by 8 percent year over year to $685 million.
“Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel,” saidBill Ready, CEO, Pinterest. “Through clear focus on increasing engagement that delights our users, we are deepening our monetization per user, and building personalized and relevant experiences that go from inspiration and intent to action.”
In the US and Canada, the company experienced a 9 percent revenue change, while the rest of the world experienced an 8 percent change.
On monthly active users, Pinterest added 12 million more users in the quarter. This increase took its userbase back up to 445 million monthly active users.
Its major achievement in terms of geography came from the rest of the world category, while it did not do too badly in both the US and Europe. In all, the growth represent a lot of positives for a company that struggled a bit post-covid.
