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Pinterest announced that they are going to start experimenting with "promoted pins." Similar to promoted posts on Facebook, or sponsored Tweets on Twitter, Pinterest will be promting certain pins from a select group of businesses. Nothing was disclosed on which businesses they are piloting the program with, but Pinterest promises they will be tasteful, transparent and relevelant. They also promise to improve the program with user feedback.
Below is the entire letter from Pinterest HQ:
Since its launch there hasn't been a clear revenue strategy for the company, although the growth has been exponential. Pinterest has some 46 million monthly unique visitors, but no notable revenue to date. They raised $338 million in total funding, with its latest $200 million Series D led by Valiant Capital Partners, and by Andreessen Horowitz, Bessemer Venture Partners, and FirstMark Capital. According to Techcrunch, that capital has helped it scale its team, product, and engineering to accommodate the sizable user base it’s amassed.
Do you think this will help bring Pinterest the revenue it needs without harming the core experience that makes users so loyal to the platform?
Tammy Kahn Fennell is CEO and co-founder of MarketMeSuite (www.marketmesuite.com), the leading social media management dashboard for small- and mid- sized businesses. In late 2009, after spotting social media trends and recognizing the needs of small business from her own experience, Tammy launched the MarketMeSuite platform to help SMBs easily manage & monitor their social media presence, find targeted leads, build engagement and measure the ROI of their social marketing activities. Today the easy-to-use, affordable platform has over 30,000 users. Tammy has a lot to say on social media topics for small business, so she speaks and blogs frequently. She is also the owner and editor of the community driven blog, WeAreSocialPeople.com.