Dr. Ravi Singh

WHO IS Pinterest?

Pinterest is an American image sharing and social media platform designed to enable saving and discovery of information on the internet using images, videos, and GIFs.

WHAT THEY DO?

Pinterest has drawn businesses, especially retailers, to generate pages aimed at promoting their companies online as a virtual storefront using images, videos, and GIFs. The Pinterest visual search function allows users to search for elements in pictures and guides them to suggested similar content in the database. Pinterest helps users with comprehensive statistics on a specific website's traffic, commonly used by marketers.

HOW THEY WORK?

Pinterest is a free website, but users must first register to use. Users can sign-in via mobile apps or a web browser. Pinterest content is available based on different topics. Users can search for content by scanning images or using the search option.

BEST PRACTICE:

Marketers using Pinterest to promote their content can understand their audience better using Pinterest’s insights. Pinterest also allows users to use their logo on pins. It is advisable to place the logo in an easy to access place. You can use titles, descriptions, and hashtags to optimize your pin copy.

HISTORY:

In March 2010, Pinterest was launched.

In just 9 months after launch, the website had reached 10,000 users

In early March 2011, Pinterest had more downloads than expected.

On August 10, 2011, Pinterest was listed among "50 Best Websites of 2011" in Time magazine article.

In December 2011, Pinterest became one of the top 10 most extensive social network services, according to Hitwise data, with 11 million total visits per week.

In January 2012, comScore reported the site had 11.7 million unique U.S. visitors.

In 2012, Pinterest won Best Social Media App and People's Voice Award for best functioning visual design at the 2012 Webby Awards.

In October 2012, Pinterest launched business accounts allowing businesses to either convert their existing personal accounts into business accounts or open new business accounts.

In February 2013, Pinterest had 48.7 million users globally, according to Reuters and ComScore.

In July 2013, a French social media agency Semiocast revealed that Pinterest had 70 million users worldwide.

In 2014, Pinterest generated its first revenue when it began charging advertisers.

In 2015, investors valued Pinterest, Inc. at $11 billion.

In June 2017, Pinterest raised $150 million from a group of existing investors.

On April 18, 2019, Pinterest went public at $19 per share, closing the day at $24.40 per share.