After years of questions about how it will make revenue, Pinterest’s roadmap to monetization is becoming more clear. The company announced today that its Promoted Pins program, which it made available in beta to certain brands eight months ago, has performed “just as good and sometimes better than organic Pins,” and it will make the program available to all advertisers on January 1.
Pinterest claims that brands who participated in the Promoted Pins beta program saw a 30 percent increase in “earned media” — or the amount of people who save a Promoted Pin to one of the boards. Promoted Pins are repinned an average of 11 times, the same as a normal pin made by one of the site’s users. Furthermore, Promoted Pins continued to get more pins in the month after a campaign, or a 5 percent increase in earned media.
Once the Promoted Pins program rolls out, Pinterest says advertisers will have access to more ad formats and advanced targeting. In addition, it’s also launched the Pinstitute, a twee name for a program that will show advertisers how to leverage Promoted Pins through workshops and webinars.
The Pinstitute follows the launch of Pinterest’s analytic dashboard in August, which lets advertisers track how their pins performed and how much content is being pinned from their sites through Pinterest’s Pin It buttons.
Pinterest has been focused on monetizing its site since raising an impressive $225 million Series E in October 2013, which valued the company at $3.8 billion. At that time, Pinterest said one of the key uses of the capital would be to continue development of monetization, which it first began testing around the same time it closed its Series E, into a global program.