This is an important update.
Pinterest today announced that co-founder and CEO Ben Silbermann is stepping down and moving into a new position within the organization, with E-commerce expert Bill Ready is set to take the helm of Pinterest starting June 29, 2022.
Silberman posted an impassioned update to the Pinterest blog, noting how important the platform is to him and his life.
“As you can imagine, it was a tough decision. A big part of my heart belongs to Pinterest. I guess you could call it a founder’s love. And, when you care so much about something , the natural instinct is to hold it as tight as possible, but often the most loving thing to do is to let it go and watch it blossom in new ways.
Silbermann will serve in the newly created role of Executive Chairman, where he will continue to oversee the app’s growth and development, albeit from a more distant perspective.
Silbermann’s move is obviously a major change in itself, but Ready’s appointment is also noteworthy, given his most recent role at Google, where he served as president of the search giant’s commerce and payments.
According to loan:
“There’s no better time to join Pinterest. I’ve long admired the brand and the platform that Ben and the team at Pinterest have created and everything the company stands for. I am excited to build on this foundation to evolve the company’s ecosystem and drive increased shareholder value. Having built multiple businesses from scratch and operated at scale with billions of users, I have a deep appreciation for what it takes to scale a business like this to the next level. I look forward to working closely with Ben, the Board, and the rest of the leadership team to capitalize on the many opportunities ahead and usher in Pinterest’s next chapter of growth and success. »
Under Ready, Google had regularly updated its e-commerce tools, with a focus on improving the connection between search and purchase. Which is much the same as Pinterest’s mission – and at times it had seen the platform stepping on Google’s toes to some extent.
Which apparently sparked various replication efforts from Google, with the search giant making its visual search results more similar to Pinterest, adding a visual search tool, very similar to Pinterest Lens, and possibly limiting the Pinterest referral traffic from search results.
In its Q4 21 update, Pinterest noted that:
“In addition, the decline in search traffic (driven by Google’s algorithm change in November) negatively impacted our MAUs year-over-year. In fact, we believe that the decline in traffic research was the main reason for the sequential decline in MAUs from the third to fourth quarters in the US and international markets.
There’s no direct correlation, as such, but Pinterest apparently lost a bunch of Google traffic, which could have been Google’s way of diluting its growing presence as a search platform, which , again, enters its main territory.
Which is concerning, since Google, as a competitor in essentially the same market, has the power to withhold any advantage Pinterest might get. But now Pinterest has a deep understanding of Google’s exact plans and strategy on that front, with Ready having played a key role in that exact process since Google’s demise, which could give Pinterest a big advantage going forward. .
I mean, Google still controls search traffic and still holds a huge advantage in that regard. But Pinterest facilitates more than 5 billion searches per month, which are mostly product-based, and with Ready’s in-depth insight into how the world’s largest search platform has sought to capitalize on that, it could help Pinterest boost its platform. level.
Of course, it still needs to attract users, which has been problematic lately, and it needs to keep finding new ways to add more merchants and product listings. But the knowledge and experience Ready brings will be invaluable in moving the platform to the next stage as a discovery network.
As part of its ongoing efforts to expand its network of creators and provide more exposure opportunities for listed products, Pinterest has announced a new strategic partnership with lifestyle content platform Tastemade, which will see Pinterest and Tastemade work together. on new scripted shows, live. broadcast in-person programs and events around the world.
According to Pinterest:
“Today, we’re announcing a first-of-its-kind, multi-million dollar global strategic partnership between Pinterest and Tastemade to scale creators, content series and live streaming on Pinterest. The multi-year, multi-territory partnership begins immediately with the launch of initial programming later this year in the United States, LATAM, Europe and APAC.
Tastemade, which has dedicated production studios around the world, creates video content for over 300 million active viewers, who in total consume over 700 million minutes of clips on the platform each month.
Now, creators on Pinterest will also be able to access this network, through collaboration between the two platforms on new productions, activations and more, in various regions.
Indeed, Pinterest says the deal will see the production of 50 new Tastemade shows, which will debut exclusively on Pinterest, and feature Pinterest products and creators, via buyable links and alerts. The deal will also provide “hundreds of hours” of new live programming for Pinterest TV, while Tastemade will also host a series of in-person designer events at its studios around the world, including Los Angeles, London, Tokyo, Jakarta, Mumbai, São Paulo and Buenos Aires.
The partnership between the two platforms makes a lot of sense and will help expand Pinterest’s offerings to a much wider audience, who will undoubtedly see increased buying engagement.
Pinterest says Tastemade is already creating some of the most inspiring content on Pinterest, with Tastemade Pins generating 200% more saves than the average Pin – and with more video content shared exclusively on the app, it will drive more viewers on Pinterest. ecosystem, which could have great benefits for many Pin creators.
It’s essentially a promotional cross-link, connecting the creative skills of the Tastemade team to Pinterest’s ever-expanding collection of product pins.
This could end up being a very valuable partnership, for both platforms, and it’s interesting to see a social media app (or at least a legacy social media app) establish a direct and ongoing content partnership in this way. It’s similar to YouTube’s partnership with, say, Walmart on a live-streaming initiative, albeit on a larger, more permanent scale – and in some ways it changes the dynamic, with the creative talent, in that case, provided by Tastemade, as unlike the platform hosting the product listings for a third-party application.
This moves Pinterest further into the e-commerce space, as it essentially becomes a product listing provider for Tastemade content.
Rather than relying on its own network of creators and social interaction, the deal will use established creative professionals as a vehicle for promoting this.
It will be worth keeping an eye on how the partnership develops over time.
Pinterest Announces New Activations for Mental Health Month, Along with New In-App Support Resources
Pinterest has announced a new slate of events and activations for Mental Health Awareness Month, including an expansion of its in-app mental health support tools and an IRL life ‘Pinterest haven’ in NYC.
First off, Pinterest is launching a ‘Mind Your Wellness’ group board, which will highlight content focused on mental health and emotional wellbeing.
Creators from around the world will contribute to the board, providing a breadth of resources to help Pinners in need.
Pinterest is also partnering with the Mental Health Coalition (MHC) to highlight additional resources and content.
“The organization will join dozens of Creators in sharing their ideas and best practices on mindfulness, living with intention and digital wellness. This content can be found in our Mind Your Wellness group board, including our newest Pinterest Havens: A Whole Mood.”
The latter is also the focus of a new, immersive experience in the real world, with a Pinterest bringing its haven to life in New York.
“The activation will showcase six different installations and will feature speakers including iconic fashion clothing designer and Mental Health Coalition founder Kenneth Cole, Stop the Shame founder Shanti Das, and experts from wellness concept HealHaus, to name a few.”
Pinterest has experimented with various real world installations, but this is the first with a focus on mental health, addressing rising demand from Pinners (‘feeling stressed’ searches have increased 8X over the past year) and ongoing need for additional resources and assistance, where possible.
Finally, Pinterest is also expanding its compassionate search tools to 11 more markets.
Compassionate search, which Pinterest first launched in 2019, provides links to a collection of interactive activities and tools to help Pinners connect with supportive resources when they go searching for related terms.
“For example, if Pinners search for content that indicates they may be feeling down like “sad quotes” or “work anxiety’, they will see a prompt asking if they’d like to be guided through steps to practice self-compassion.”
Up till now, the option has only been active in 12 regions, but as of this week, the feature will also be available to users in France, Italy, Spain, Austria, Switzerland, Japan, Sweden, Mexico, Argentina, Colombia and Chile. Users can also find the same resources by searching the hashtag #PinterestWellbeing.
Mental Health Awareness Month is an increasingly important event, as we work to remove the stigmas associated with mental health, and help more people find the help and support that they need. Many mental health concerns have been exacerbated by the pandemic, and with social platforms becoming an increasingly important connective tool, they can often become people’s primary link to the outside world, and are therefore increasingly influential on this front.
As such, all platforms have a duty of care, to at least some degree, to provide links to resources and assistance tools to help people get help when they need.
Pinterest has been developing its systems on this front for some time, and these new additions and expansions are another positive step.
Pinterest continues to evolve its video offerings, this time via the launch of a new, separate “Pinterest TV Studio” app, designed to allow livestream creators to enhance their broadcast setups, with multiple camera capabilities, improved editing tools and more.
As first reported by TechCrunch, Pinterest quietly released the new app earlier this week on the Apple and Google Play stores, though it’s only available to select users at this time.
According to TechCrunch:
“On first launch, creators must enter a code or scan a barcode provided by Pinterest in order to access the live streaming tools provided by the app.”
So it’s not really published, as such, but it does exist and it’s a working application for some selected users. This signals the next phase of Pinterest’s video content push and a likely shift to live shopping, which has become a bigger priority in social media circles over the past couple of years.
Live shopping is already big business in China, where the forecast is that revenue from live shopping reach 400 billion dollars in 2022, which is equivalent to almost half of all e-commerce spending in the United States last year. Additionally, live trading is also increasingly popular with younger audiences, with users aged 27 and under seeing the fastest adoption of live trading activity.
It’s caught the eye of TikTok, Instagram and YouTube, each developing their own approaches to live shopping, and with this new app, it looks like Pinterest is also keen to jump on the live shopping bandwagon, as part of of its expanded content push.
The app essentially powers Pinterest’s “Pinterest TV” offering, which it first launched in November last year.
The initial airing of a collection of live and buyable episodes, featuring various pin creators, it looks like Pinterest is looking to expand the initiative even further, likely into a continuous live stream of different brands and creators showing off their content, which can be purchased while you watch.
Given that it’s live, however, Pinterest will also have to check which streamers it lets into the initiative – so while there’s a separate app available for that purpose at the moment, it’s unclear how many time it will take Pinterest to expand access to all users, if ever.
Will it be a winner for the app? Again, live commerce is already huge in China, while various US-based influencers are also seeing thousands tune in to their regular commerce-focused shows on TikTok.
It seems like a solid bet, especially with Pinterest’s focus on handmade products and direct selling, and with the platform also recently noting that video is “a fundamental support for inspiration and planning”, it definitely looks like it will increase its video focus in the future.
This could provide great opportunities for e-commerce brands – we’ll keep you posted on any progress.
In a one-of-a-kind activation, Pinterest has teamed up with Jameson on what it calls a “color takeover”, which will see Jameson’s new whiskey product ‘Orange’ appear at the top of searches for related queries. orange in the application.
As you can see in this example, when a user searches for “orange”, an ad for the new whiskey Jameson Orange appears among the top results.
Explained by Pinterest:
“There are 16M+ search for the word “orange” every year on Pinterest, and citrus flavor profiles, especially orange, are popular with spirit drinkers. People come to Pinterest to plan and be inspired, making this collaboration one that allows curious spirit drinkers to experience an edgy taste of whiskey with a unique orange twist. With a surprising and delicious discovery, the partnership will introduce the new orange flavored whiskey that will appear in searches such as “Orange Aesthetic”, “Orange Chicken” and “Orange Nails”.”
Which seems a little odd, because people looking for something unrelated, like “orange nails,” will see ads for the whiskey. This doesn’t appear to be optimal targeting, which will yield the best results on ad spend – but perhaps there is an inherent link between color preferences and products, even if there is no direct connection to Requirement.
Pinterest says the campaign will be ‘reach Pinners through unique contextual environments and occasions,” so there may be more specific targeting at play. And it looks good to have the orange ad among other orange pins. I’m just not sure this will result in meaningful click through rates, but the results will tell more of the story.
Either way, this is an interesting activation, which could inspire new promotional opportunities and approaches for a range of brands and products.
I mean, people love colors, and color psychology is a factor in decision making (85% of shoppers say color is the top motivating factor in purchasing decisions).
We are about to find out just how important this is.
Pinterest has announced the release of version 5 of the Pinterest API, which allows developers to create separate apps to make it easier to submit, create, and manage pins, and will now be open to all developers, rather than limited to partners. selected.
As Pinterest explains:
“The Pinterest API (v5) is the only API for developers to build apps and solutions for merchants, advertisers, creators, and Pinners to drive results on Pinterest. Developers who have been waiting years to get access to the API can now do so with no minimum revenue. We are actively reviewing all requests to access the Pinterest API, and developers can be approved as soon as 1 business day.”
The new API includes Shopping, Content, and Analytics elements, which will enable all new features within third-party apps and tools, providing more ways to manage and maintain your Pin presence.
The new API will also allow developers use Pinterest’s likes graph, which includes ‘over 330 billion projects, places and products’, which could see all the new data insights tools and apps emerge.
Essentially, the API facilitates new use cases for these elements, such as on-site widgets and pin management tools, which could provide new ways to display and interact with pin content outside of the app itself. So while it won’t directly affect regular users, the expanded API may lead to new tools that can help you get more value from the platform.
Developers can learn more about the Pinterest API V5 here, including full specifications and usage requirements.