Pinterest is updating its platform so that the influencers on the platform can generate money on the platform itself. In the recent update, the company has introduced its first set of monetization tools.
Product Pins can be added by retailers on the platform which when can be clicked by users to buy those products. Now there will be an option for users to tag Idea Pins with the existing Product Pins. The Idea Pins will be similar to Stories on other platforms like Instagram.
The company is confident that people will be likely to buy the products on Idea Pins rather than the ones on Product Pins. This may be because they get a feeling that they will be using the same products as their favourite creators. Therefore, creators can influence their followers. They can use affiliate links to earn from the sales generated out of their Idea Pins. There is also a label for ‘paid partnerships’ for sharing branded content. The companies can be tagged by the influencers when they share its product on Idea Pins. When the company accepts the tag, the Idea Pin will be given the label. This will improve the transparency of these partnerships and will easily disclose paid ones.
The head of content and creator partnership of Pinterest Aya Kanai has said that the “creators deserve to be rewarded for the inspiration they deliver to their followers, and the sales they drive for brands” and hence the update.
The update will initially be rolled out to business accounts in the US and UK. Soon it will be available in other countries too.