One of the next upcoming social networks in 2014? Absolutely not! It is one of THE most popular social networks. Ranked fourth most popular social network and valued at $3.8 million, Pinterest is not one of those up and coming social networks, it is part of the elite now! But after only being created a few years ago, how has it progressed so much in such a short space of time? 2014 is also being touted to be the “photo year” and with imagine sharing sites becoming more popular such as Instagram and Youtube, Pinterest is leading the charge!
Pinterest is a different type of social network compared to Facebook and Twitter, it is visually based but it is different than other visually based sites such as Instagram, Flickr. Pinterest allows users to post photo’s, videos and gifs to collections, also known as Pinboards. Also if users find a pin posted by another user, they can pin it to their wall, essentially like a retweet. Fancy yourself as a bit of a jet setter who loves a bit of good food? Most popular pins include tasty food and places to travel so if you’re a fan of it, Pinterest is for you!
$500 million. That’s how much revenue Pinterest could generate from placing ads on their site as soon as 2016 according to Michael Pachter, an analyst at Wedbush Securities. Imagine what you could do with $500 million! You could buy 2.5 billion Freddo’s, 6 Cristiano Ronaldo’s, the list could go on and on! However in all seriousness, it would be a wise decision to do so, users on Facebook and Twitter have came to tolerate advertisements on their timelines so it is likely that Pinterest users over time would do the same. One advantage Pinterest has over Twitter is that Pinterest allows you to create business accounts unlike Twitter where it is the same type of account for all. Is your business is in the catering industry? It would be recommended to set up an account on Pinterest as cooking and dining makes up 66% of activity on the site!
But what is in store in the next year for Pinterest? After the progress they’ve made in the past couple of years, would it be right to assume that Pinterest this year will overtake LinkedIn in terms of popularity and users? Will they become the 3rd most popular social network or is too soon for them? Whatever happens, Pinterest won’t be gone anytime soon!