Beginning in January 2016 Pinterest will allow any US company to purchase its “promoted pins” advertising product. This is one more in a series of steps to monetize the company and make it profitable.
Pinterest is one of the tech world’s fastest rising stars, designated as a ‘unicorn’ it is hoped that it can build up its advertising business to eventually match its $11 billion valuation.
Earlier in 2015 Pinterest, which was launched in 2010, began to test a self-serve advertising system. It was designed for small to medium-sized businesses so that they can create their own promoted pins in the same way that giant consumer brands do now. According to Tim Kendall, head of Pinterest’s monetization division:
“The business is scaling very rapidly.”
Pinterest is a Cinderella company from Silicon Valley; one of the most successful venture capital backed start-ups in the world. For the best part of five years they concentrated on creating new features for the site and getting the word out to build up its clientele, leaving the making-money part to later.
The time to make money for Pinterest has arrived. Over the past year the company has been getting into full-monetization mode, getting its advertising business up to par with such giants as Facebook, Twitter, Instagram and Snapchat. They are especially looking to find users on their mobile devices.
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