With Promoted Video on Pinterest, people can discover your products and brand through sound and sight, helping you to drive impact and brand awareness.
After months of running tests with a select group of advertisers, Pinterest is ready to open the doors to its new Promoted Video platform to everyone. If it sounds like another social network aiming for big bucks with native video, the company said it has a convincing argument to attract advertisers: 200 million monthly users around the world, 42 million people in the U.S. that go to Pinterest looking for products, high visibility with 55 percent of the platform’s users finding or shopping for products, and businesses that derive content which accounts for 75 percent of all the content consumed.
Mike Bidgoli, Pinterest’s advertising product manager, said, “One of the places where we think we differentiate is Pinterest is a place where people go to discover things and inspire them, but they also want to take action. What we want to do with video is not just drive views for the advertiser but actually enable actions.”
The Promoted Video service was launched in May to a limited group of brands including Universal Pictures and General Mills. It is now available to anyone through Pinterest’s Ads Manager. Promoted Video ads are found to be 4 times bigger than standard-size videos on the app, and are available in both 16:9 and 1:1 aspect ratios.
Advertisers in the beta groups saw increases of between 12 to 20 percent in ad awareness, and a 33 percent increase in purchase intent, according to findings by Pinterest.
The video could last anywhere from 30 seconds to 30 minutes with a maximum size of 2 GB. Pricing begins at $6.00 CPM for Standard Width and at $9.00 CPM for Maximum Width. Other technical characteristics were made available by Pinterest in a blog post.
The opening of the Promoted Video services adds to the news of recent new hires at Pinterest that are focused on consolidating the position of the platform to compete for advertiser’s money. These new hires include the appointment of Tina Pukonen as entertainment strategist, Mike Chuthakieo as industry sales lead, and Francoise Brougher as its first COO.