PINS: Thesis Creep
(Pinterest Q3 2021 Earnings Review)
In the second quarter of 2021, I wrote a memo suggesting that Pinterest (or PinTok, as I labelled it back then) was undergoing a significant transition that would see the platform lean more aggressively into interactive video and creators as a way to spur engagement and protect their dwindling MAUs.
In Q3 we saw further evidence of those initiatives with the launch of ‘Takes’ (allowing users to post their own spin on someone else’s Idea Pin), a new ‘Watch’ tab to view Idea Pins, a new rewards program to pay creators, and Pinterest TV.
Pinterest TV is exactly what it sounds like. Creators can now “go live”, sharing long-form, shoppable, videos that are recorded and later available to Pinterest users for viewing on-demand. This is all with the LT goal of converting episodic engagement to be more recurring in nature and giving users more reason to come back more often.
As disappointing as the MAU headwinds may be to some onlookers, not a great deal has changed f…