Pinterest announces a new ad deal with Google as it approaches 500M MAUs

Date:

Share post:


Pinterest announced a new ad deal with Google as the company aims to ramp up its ad revenue. Google is the social platform’s second third-party ad partner after Amazon signed a multiyear deal with Pinterest last year.

The company talked about the Google partnership during the earnings call for Q4 2023, where it posted results below analyst expectations. Pinterest’s revenue for the period was $981 million with 12% year-on-year growth. While monthly active users jumped to 498 million with 11% year-on-year growth.

Pinterest’s stock dipped nearly 28% because of below-expectation revenue but recovered after CEO Bill Ready announced the Google deal. He said that the company started rolling out the new ad integration a few weeks ago, and it is already seeing positive results.

“This partnership will focus on monetizing several of our currently unmonetized international markets by enabling ads to be served on Pinterest via Google’s Ad Manager. We went live a couple of weeks ago, and this is starting to ramp up. Third-party ad demand is scaling as we anticipated,” he said.

Ready noted that Pinterest has 80% of users outside the U.S. but they only represent 20% of revenue. He said that the Google partnership will help increase the average revenue per user in international markets.

Growing audiences

The Pinterest CEO talked about leveraging AI and new formats to build up userbase and engagement. He said the company rolled out the collage feature, which allows users to use stickers and objects to create a new image, to all iOS users globally. The company said that 75% of colleges have a shoppable product pin, but it didn’t say anything about conversion figures.

Last year, the company also launched an auto-organizing feature for users, which recognizes similar pins and nudges users to create boards. The feature led to a 30% increase in boards created on the social platform.

Ready also said that the company’s generative AI-based search guides help users hone their queries and get them closer to “the point of action or purchase.”

Last November, Pinterest started experimenting with a new tool to incorporate body type ranges in search to make results more inclusive.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

NFX’s James Currier will break down MVPs at TechCrunch Early Stage 2024

Everyone has heard of minimum viable products (MVPs), early versions of a future startup’s product that contains...

Elon Musk sues OpenAI and Sam Altman over ‘betrayal’ of non-profit AI mission

Elon Musk sued OpenAI, its co-founders Sam Altman and Greg Brockman and affiliated entities on Thursday, alleging...

Facebook plans to shut down its news tab in the U.S. and Australia

Meta is trying to distance itself from news media-related regulations and payment complexities as it is planning...

Google to remove some Indian apps over Play Store fees violation

Google has warned it will begin removing apps in India from its Play Store if developers do...

Intuitive Machines’ first moon lander also broke ground with safer, cheaper rocket-style propulsion

Intuitive Machines’ first lunar lander officially lost power today after spending seven days on the moon. The...

Lordstown Motors charged with misleading investors about the sales potential of its EV pickup

The Securities and Exchange Commission has charged bankrupt Lordstown Motors with misleading investors about the sales prospects...

A minor league baseball team trolls Disney with its ‘Steamboat Willie’ jerseys

I’ve seen enough: The prize for the best use of public domain Mickey Mouse goes to the...

Fisker is laying off 15% of staff and says it needs more cash ahead of a “difficult year”

Electric vehicle startup Fisker is planning to lay off 15% of its workforce and says it likely...