More advertisers are now using Pinterest to advertise according to new data from eMarketer. The research firm noted that in the US, 31.9% of marketers used the popular hobby blogging site in 2018, up from 29.1% in 2017.
Meanwhile, the company’s ad revenues shot up to $553.3 million partially driven by a greater focus on expanding its ad tools and products.
For example, in November the company launched Promoted Carousel ads which allow businesses to showcase multiple items in a single Pin.
The launch followed whole-screen promoted video ads the company rolled out during summer of this year.
In addition, Pinterest has partnered with third-party verification providers and launched new search facilities.
Earlier this year, the company also noted that 140% more visual searches (600 million monthly) had been performed, marking an increase in its popularity.
Chris Bendtsen, senior forecasting analyst at eMarketer explains that projected growth of Pinterest is largely driven due to rapid user growth.
“The reach of marketers may be lower than other social networks due to stiff competition from Facebook and Instagram, but what sets Pinterest apart is that the audience is further along the customer journey,” he added. “Users are already there looking for ideas on projects and purchases, and that provides a unique offering for both brand awareness and performance marketing. Advertising on Pinterest is at an earlier stage than competitors, so as the audience continues to grow, so will the number of marketers on the platform.”
Pinterest now has a monthly audience of 77.4 million people in the US, which is still less than half of Facebook’s at 169.5 million and less than Snapchat’s at 84.8 million.
But there’s some good news for the company. In the past, some brands may have worried about the predominantly female audience on Pinterest. However, in 2018 21.3% of US Pinterest users were male compared to 7.4% in 2014.