Pinterest has confirmed it is rolling out a number of ad units – known as Promoted Pins – as it looks to monetize it’s efforts.
Although the site has gained in popularity over the last few years, raising some $564m in venture capital, it has yet to raise a single penny in revenue. With an established user base now in place, the firm hopes to finally start turning its user base into money.
The hugely popular social sharing site is working alongside a number of brands in the US including ABC Family, Expedia.com and Nestle, to push the social media platform into the money making realms of Facebook and Twitter.
Other brands participating in the test include Banana Republic, GAP, Walt Disney Parks and Resorts, Kraft and a host of other firms across a wide spectrum of sectors.
The ads are not likely to feature in the social media marketing budgets of small to medium sized firms for a while however, Pinterest is seeking a figure in the region of $1mil to $2mil according to AdAge.
Pinterest did a small trial of Promoted Pins last year in order to assess its users response to the ad units. This new test will be conducted on the platform’s search and category fields.
Pinterest product manager, Julie Black, commented on the Pinterest blog: “Tens of millions of people have added more than 30 billion Pins to Pinterest and brands are a big part of this. We hope Promoted Pins help you find inspiration and discover things you care about, whether it’s ideas for dinner, places to go or gifts to buy.”
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