Pinterest revenues rose 62% during Q2 2019 to $261.2 million sending its share price flying. At the same time, user numbers increased 30% jumping the 300 million mark.
“The growth we’ve seen on Pinterest is remarkable. […] I’ve often said that the mid-funnel is Pinterest’s undisputed superpower but there’s value for brands across the entire customer journey and it’s clear how that translates to revenue. People on Pinterest are in buy mode. They come with intent. They’re looking for ideas and inspiration. In that context, brands are a welcome part of the experience,” said Aaron Goldman, CMO at 4C Insights.
According to Pinterest’s own research, nine out of 10 Pinners consider the platform to provide positive inspiration for their lives.
85% of those surveyed said that they used Pinterest to start new projects compared to 26% using other social media channels to do the same. The majority (64%) consider Pinterest a good place to find products, ideas and services.
Research recently published by the American Customer Satisfaction Index noted that Pinterest ranked highest among all social media networks for customer satisfaction.
“Looking ahead, new offerings like browsable catalouges and personalised shopping ideas in feeds will make the platform even more compelling for Pinners and advertisers alike. There’s also massive opportunity with video and we’ve seen spending on that ad format more than double in the past year,” added Goldman.