Pinterest has launched a new app that makes it easier for creators to live-stream content. Pinterest TV Studio for iOS and Android lets select creators stream live on Pinterest from multiple devices, in order to achieve different camera angles. Initially available in limited release, creators must obtain a special code from Pinterest in order to unlock the Studio functionality. As part of its latest quarterly earnings, announced April 27, Pinterest co-founder and CEO Ben Silverman said the company grew global revenue 18 percent year-over-year, “despite a challenging macroeconomic and geopolitical environment.”
Pinterest said during its earnings presentation that global MAUs fell by 9 percent (to 433 million) compared to Q1 2021.
“The addition of a dedicated live-streaming app is another example of how Pinterest is rethinking its place in the broader social media landscape, where TikTok’s rise has pushed other platforms to adopt a video-first focus,” writes TechCrunch, noting “players including Instagram, Facebook, Snapchat and YouTube have a TikTok-like short video feature available, and most offer features for creating live video content.”
Sensor Tower says the Pinterest TV Studio app has been live on Apple’s App Store and Google Play since May 2, reports TechCrunch, which adds that the app “has not seen enough downloads to rank the app on any app store charts and the firm isn’t able to estimate the total downloads at this time.”
The company has for the past year been promoting Idea Pins, which TechCrunch describes as “a sort of video-first mashup of both TikTok-stye short-form video content and tappable Stories.” Pinterest has experienced “over 25 percent growth in the save rate of Idea Pins quarter over quarter,” reports TechCrunch, noting that “Pinterest users who follow multiple video creators on the site tend to visit Pinterest more often than those who do not.”
In November, Pinterest announced the launch of Pinterest TV as part of its strategy to become a creator destination catering to e-commerce.
CNBC reports that in Pinterest’s Q1 shareholder letter, the company said the revenue growth was “offset by macro headwinds, including supply chain issues and other factors, which continued to impact one of our largest segments, CPG advertisers, as well as some mid-market advertisers.”