MMM: Pinterest Q1 2024 Advertising Trends and Earnings Results

Key Takeaways:

• Pinterest reported YoY increases in ad impressions (+38%), global revenue (+23%) and USCAN revenue (+22%), which was in line with growth in ST’s US ads placed per daily session on the Pinterest mobile app (+47%)

  • Pinterest displaying more ads per session could be driven by a few factors including, but not limited to, users logging longer sessions, a greater supply of ads, or the company dialing up the amount of ads shown per the measured time interval

• Pinterest’s reported MAUs increased 12% YoY in 1Q24, a slight acceleration vs 4Q23 growth (+11% YoY), and directionally in line with ST mobile app MAUs for Pinterest, which increased 5% YoY in 1Q24, also up from 4Q23 growth (+3% YoY)

• The majority of consumer interaction with Pinterest is largely via its mobile app in the US as ~26% of ST’s proprietary mobile app panel users registered at least one session on the Pinterest app in Mar’24, compared to ~13% for ST’s mobile web panel and ~12% for ST’s desktop web panel

• Per ST data, Pinterest depends heavily on a select few verticals and brands to fuel its advertising activity. Shopping, which is the largest advertiser vertical across all social media networks by spend, represented almost 50% of total US ad spend on Pinterest in 1Q24, compared to 34% for Facebook, 31% for Instagram, 18% for TikTok, 17% for Snapchat and 15% for YouTube

  • ST data shows that the top ten advertisers (by US ad spend) on Pinterest represented more than a third (~35%) of total spend on its ad network, vs Snapchat (20%), TikTok (14%), Youtube (13%), Instagram (9%) and Facebook (8%), where ad spend is more evenly distributed across advertiser bases

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