Pinterest, the online scrapbooking company, has just revealed how capable it is in competing with internet giants such as Facebook and Twitter stating it has over 150 million users world-wide on Thursday. Additionally; it is expected to triple in revenue to $300 million in 2016, compared to last year which was $11 billion.
As the company increasingly gain users and directly compete with big internet giants, it will inevitably will be compared with other social network like Facebook and Twitter. Compared to Pinterest, Facebook has 1.7 billion users, after adding more than 167 million. But compared to Twitter, Pinterest is growing at a faster rate and most likely bigger in the U.S. compared to Twitter with 70 million monthly users versus Twitter's 66 million as of June 30.
Most people who go to Pinterest are women who are shoppers looking for new ideas, browsing through billions of images on a variety of topics. Pinterest says 40% of global sign-ups are by men, but they don't stick around as long as women, who account to 70% of Pinterest's U.S. users. The company make money by selling targeted ads from retailers and consumer-product companies based on factors such as browsing behavior. Additionally, Pinterest also encourage some marketers such as Target to spend more on Pinterest ads since the "consumer's intent to buy is much more intense on Pinterest than other platforms,"says Kristi Argyilan, Target's senior vice president of marketing.
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I truly believe that Pinterest’s goal to expand is completely attainable. I feel like it is competing in a completely different market then both Facebook and Twitter. Plus Facebook is beginning to loss its influence and the interest of its current users, and Twitter is just struggling to maintain its users. But I do think Pinterest’s key rival will be Instagram now with their new purchasing option available.
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