Pinterest announces multi-year advertising partnership with Amazon

On April 27, 2023, image-sharing service Pinterest announced that it would open up advertising space to third-party advertising platforms on its platform. Along with this, Pinterest has announced a multi-year partnership with Amazon's online advertising platform

https://newsroom.pinterest.com/en/post/pinterest-announces-partnership-with-amazon-to-bring-third-party-ad-demand-to-the-platform

Pinterest announces multiyear ads partnership with Amazon alongside earnings beat | TechCrunch
https://techcrunch.com/2023/04/27/pinterest-announces-multi-year-ads-partnership-with-amazon/

Pinterest explains the reason for opening the ad space to third-party advertising platforms as 'user engagement with shoppable content on the platform continues to increase.'

Regarding Amazon's selection as Pinterest's first third-party advertising platform partner, he said, 'Partnering with Amazon brings more brands and related products to the platform, providing consumers with a seamless shopping experience on Amazon. , and we will be able to provide strong performance to our advertisers.”

463 million people visit Pinterest every month. There is a ton of content shared on Pinterest, and a wide variety of brands and products exist here. By enabling users who viewed these to easily transition from inspiration to purchase through advertisements, advertisers will be able to connect with users with high commercial intentions.

“This ground-breaking partnership adds to the great brands already on the platform by offering a more inclusive, shoppable, and best-in-class platform for users, along with higher performance for brands and advertisers,” said Bill Reddy, Pinterest CEO. We provide a buying experience, and this partnership aligns with our goal of making all the content that exists on Pinterest available for purchase, enabling as many users as possible to realize their dreams.” I was.

“Amazon Ads has partnered with Pinterest to make it easier for customers to discover and buy relevant products through purchasable content, while also being differentiated by brands,” said Paul Kotas, senior vice president of Amazon. We are pleased to be able to provide such value,” he commented.

The Pinterest and Amazon partnership is a multi-quarter initiative and is expected to go into effect in the second half of 2023.

In addition, Pinterest recorded sales of $ 603 million (about 80 billion yen) in the first quarter of 2023, an increase of 5% year-on-year. However, in February 2023, it laid off 150 employees in an attempt to cut costs.