Image Credit: Narcity
Pinterest’s Q1 has been published, and the world’s catalog of ideas experienced a growth in userbase. However, its revenue experienced a slow growth in the same period.
Pinterest added 13 million more users in the first quarter of the year; an outcome that cane defined as impressive, especially as it continues to expand and diversify its monetization potential.
The surge in userbase is nothing new to the company as it experienced almost similar growth during the pandemic. The growth during the pandemic could be traced to the fact that most people were indoors and had to do their shopping online.
However, that growth declined after the lockdown as the world explored other options when it comes to shopping. The latest results are indicative of the company’s efforts towards diversifying its potentials in terms of monetization.
Pinterest also added that it is seeing more engagement, with sessions, impressions, and time spent growing faster than MAUs. Perhaps, it would interest you to know, according to Pinterest, that Gen Z is now its fastest growing demographic.
On the contrary, it is not looking too good for Pinterest in terms of its revenue growth. Pinterest made $603 million in the period in review, a an increase year-over-year, but down on its 2022 results. This is not peculiar to Pinterest as other social media companies are currently experiencing similar issues in terms of economic downturn.
In other news,
Pinterest has Expanded its Creator Fund for underrepresented groups to more countries including Canada, Germany, Austria, Switzerland and France. The Creator Fund was introduced in 2021 with a takeoff fund of $500,000, and added $1.2 million in 2022. In an email to TechCrunch, Pinterest said it has invested a total of over $2.3 million in cash grants and ads credits for this reason in particular.
The Creation Inclusion Fund focuses on helping creators from underrepresented groups with funds and educational resources.
According to Pinterest, the Creation Inclusion Fund has offered support to dozens of creators from the US, the UK and Brazil from inception. The company said these set of people have received training and insights from experts in the field, personalized consulting and financial grant in both cash and ad credits.
“Our mission is to bring everyone the inspiration to create a life they love, and inspiration is fueled by diversity of experiences, perspectives and communities,” said Zeny Shifferaw, the Creator Inclusion Lead at Pinterest, in a statement.
