Pinterest has finally started rolling out its video ad initiative to brands across the globe after a year’s worth of tests and trials. Marketers will also be able to access metrics for their campaigns via third-party measurement tools offered by partners Nielsen and Moat.
Social media’s major players, including YouTube, Facebook and Twitter, have doubled down on the lucrative video ad segment during the last two years, and Pinterest is now arriving fashionably late to the party with the aim of generating $500 million (£385 million) in revenue by the end of the year.
Pinterest started testing its Promoted Video 12 months ago with a select number of brands, including Universal Pictures and Kate Spade New York. A lot has changed for the platform since then, and it recently introduced a autoplay format for creative video ads within news feeds and search results.
“One of the unique differentiations for video on Pinterest was that it’s not only about inspiration, but it also helps people do things,” Pinterest Product Lead Mike Bidgoli said. “Obviously, the format moved to autoplay, which made it easier for advertisers to be able to buy and measure the same way that they are with everything else. The overarching point is that we wanted video to have third-party measurement from the get-go.”
Pinterest is planning to add more third-party measurement providers in the coming months so that brands can access the metrics that they need to drive better results. The visual platform’s partnership with Nielsen is already helping marketers find out whether they are delivering ads in the right place at the right time based on audience demographics.
Pinterest’s continued focus on video is partly due to internal data and feedback, which shows that three-quarters of consumers are now eager to consume clips in topic areas that interest them. In contrast, this figure falls to 55 per cent for other leading social platforms. A further 80 per cent also claim that videos on Pinterest inform and educate them.
Facebook also announced on Tuesday that it will prevent advertisers being charged when a user unintentionally clicks on an ad. Facebook’s Brett Vogel added: “While unintentional clicks can sometimes be short-term profitability for publishers, they don’t allow us to build value for advertisers or deliver long-term goals for publishers as a sustainable business.”