What Happened
Pinterest has been steadily rolling out a variety of new ad products to help monetize its platform, including Cinematic Pins and Buyable Pins. Now the social scrapbooking network is reportedly looking to introduce video ads as well. This comes a month after the company’s decision to narrow the focus of its ad support to retail and CPG brands. Retail happened to be the top spender on digital video ads in the U.S. in 2015, according to a recent study by Pathmatics.
What Brands Need To Do
Online video ads, estimated by Magna Global to grow by 39% this year to $15.3 billion in their latest U.S. Ad Forecast Report, represent a fast-growing category in the booming digital advertising business. And with Facebook raking in big ad dollars with its eight billion daily video views, it makes sense for Pinterest to start developing its own video ad product as well, even though its platform is not traditionally known for video consumption. At the very least, this should give brands that are already trying out Facebook videos a new channel to reach new audiences and make a lasting impression with engaging video content.
Source: Digiday