Dive Brief:
- Pinterest has added talent from The Hunt and Pext via an acquisition that will close both of the newly-acquired firms.
- The Hunt is a community-powered shopping app and Pext is mobile meme maker that Pinterest expects will help bolster its advertising and commerce through improved organic and promoted searches.
- Pinterest has been lagging behind Facebook, Instagram, Twitter and Snapchat for referrals, according to social analytics firm SimpleReach.
Dive Insight:
Pinterest is banking on its latest acquisitions to help it improve its commerce and ad game. Terms were not disclosed, but Pext’s entire team will be joining Pinterest, while only some of the core production team at The Hunt will be added to Pinterest’s roster. Both acquired companies will be closing shop.
Michael Lopp, Pinterest’s head of engineering, said in a statement, “We welcome the talented teams from The Hunt and Pext to Pinterest. As some of the best minds in mobile shopping, monetization, and image indexing technologies, their contributions will be incredibly valuable as we continue to build a discovery engine that helps people plan their everyday lives.”
According to social analytics firm SimpleReach, Pinterest does have one bright spot in publishers that specialize in DIY content, an indication that Pinterest can focus where it’s strongest in its effort to improve both advertising on the platform as well as commerce.
The digital scrapbooking platform has made moves in the past year to diminish the gap between it and fellow social network rivals, especially as it looks to monetize its main product through offerings such as Buyable Pins. Since their summer debut, Buyable Pins have doubled to 60 million on the platform. It also unveiled a mobile-only "Pinterest Shop" containing all of its Buyable Pins for its more than 100 million users.
