Pinterest is testing video advertisements on their platform with a select number of brands and they have named it Promoted Video Pins.
These Promoted Video Pins will soon be available for purchase to advertisers in the UK and the US but for the company is currently testing the feature with a few companies such as Lionsgate, General Mills, Garnier, and Universal Pictures among others.
Advertisers can add six images or ‘pins’ as they’re known on Pinterest, where they can display additional info about the advertisement or demonstrate instruction for an advertised product.
After introducing Buyable Pins, which made it easier for users make a purchase on Pinterest, the new video advertising feature will facilitate buying and selling on Pinterest. From promotion to call for action to taking action, easily accessible options will make things easier for both parties.
It now puts Pinterest in direct competition with Facebook, YouTube, and Twitter and their respective video advertising capabilities. Pinterest has the upper hand; according to data from Mary Meeker, 55% of users visit Pinterest for shopping or related activities, as compared to 12% on other social networks.
Building on their existing user base of 100 million users, Pinterest is trying to harness their platform’s advertising potential by offering videos to businesses, which form a majority of their user base.
Currently valued at $11 billion, Pinterest stands to take huge strides in the revenue department if their newest feature hits the right chord with their users. The feature may then get rolled out in other markets.