SOCIAL
Pinterest Reports Increasing Usage and Revenue in Latest Performance Update
Pinterest has posted its latest performance update, showing increases in both users and revenue, neither in a major swing, in broader terms, but both, most importantly, pointing upwards once again.
First off, on users – Pinterest added 12 million more users in the quarter, taking it back up to 445 million monthly actives, which is exactly where it was at this time last year.
As you can see, Pinterest saw the most growth in the ‘Rest of World’ category, though it also added 3 million users in both the US and Europe as well. That’s still below the 98 million North American users it had last year, but any growth is a positive, after three periods of decline in its most lucrative market.
This is the key area that Pinterest needs to improve, because while it is growing in other regions, which points to future opportunity, you can see how significant the divide is between the value of US and other users.
Pinterest credits its rising usage to increased video engagement, with video content supply in the app increasing 3x YoY. Idea Pins, its Stories-like option, has been a big winner in this respect, while Pinterest is also looking to latch onto the live-stream commerce trend, which hasn’t taken hold in western markets yet, but could develop into a key opportunity for the commerce-focused app.
That would also open up new revenue pathways – and on that front, Pinterest brought in $685 million in Q3, up 8% YoY.
Pinterest is still in the process of expanding access to its ad tools, with Pinterest ads only recently launched in Argentina, Chile, and Colombia.
That’s obviously a crucial step in maximizing its revenue potential, and it’ll take time to see these increased investments come to fruition.
But they are investments – which Pinterest is also increasing:
The company increased both Research and Development and Sales and Marketing spend, which again, points to coming opportunities, and Pinterest’s confidence in smoother sailing ahead.
Also important:
“In Q3, Gen Z users grew double digits year over year, accelerating from Q2.”
If Pinterest can enhance its appeal to younger users, that could make it a more valuable tool for the latest trends, which could be a big tick in its favor.
Today’s report is also the first under former Google commerce chief Bill Ready, who was appointed CEO of Pinterest back in June. And Ready says that he’s pleased with the numbers:
“Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel. Through clear focus on increasing engagement that delights our users, we are deepening our monetization per user, and building personalized and relevant experiences that go from inspiration and intent to action.”
Of course, that’s pretty much what he has to say, so no big revelation there, but the trends do suggest that Pinterest is making a comeback, of sorts.
It’s another incline in the roller-coaster that’s been Pinterest’s performance over the past two years.
After seeing a huge increase in activity at the start of the pandemic, with the lockdowns pushing people towards online shopping, many predicted that this would establish a new norm, and that Pinterest, with its focus on being essentially a digital shopping mall, would be a key beneficiary of this new shift.
But as the lockdowns eased, shopping habits largely returned to the norm, and Pinterest’s user count dropped – from a peak of 478 million at the start of 2021, to 431 by the end of that year.
As noted, those numbers are now inching their way back up again, largely due to global expansion, and it’s difficult to now predict what Pinterest’s expected baseline growth and usage stats should be.
Of course, in a wider scope, and based on trends, eCommerce sales are only going to keep rising, which should see Pinterest win out, and have it well positioned to be a key conduit between many creators and customers, all around the world.
The potential in this respect is big, and it is definitely worth taking note of the latest Pin trends and audience behaviors in relation to your business, especially as its audience count continues to rise.
Whether you use it or not, its clear that Pinterest is improving its value for millions of people. And as that continues, that’ll also facilitate all new opportunities, for a range of brands.
SOCIAL
Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?
In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.
The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.
According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.
Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.
Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.
The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.
This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.
Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.
As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?
Only time will tell.
SOCIAL
Catering to specific audience boosts your business, says accountant turned coach
While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.
When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.
“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.
Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.
“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.”Â
“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.
“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.
Watch the video for more of Sandra Parker’s biggest lessons.
SOCIAL
Instagram Tests Live-Stream Games to Enhance Engagement
Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.
As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.
That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.
Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.
That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.
Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.
Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.
We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.
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