Fresh off its latest $11 billion valuation in March, Pinterest is unveiling even more advertising options to attract marketer dollars.
"I think that because we have these comprehensive set of solutions, we can compete for any marketing dollars out there," said Tim Kendall, head of product management. Pinterest is a social media site where people share links to items they like, admire or want by"pinning" photos on their profile page.
The privately held digital pin board is the third-most-used social media site by U.S. adults 18 and older, according to the Pew Research Center. Its main competitors, Facebook, LinkedIn and Twitter, began offering advertising on their platforms way before the female-leaning social sharing site did.
The company only began offering advertising in April 2014, when it launched a beta program for its Promoted Pins, the name it uses for sponsored posts. The program became official in January. Kendall said the company has always been set up for marketing, with its main functions of encouraging users to "discover, save and do" lining up with brand goals of raising awareness, driving intent and calling consumers to action.
Pinterest declines to reveal it ad revenues.
Pinterest unveiled on Tuesday plans for new ad types, which included cinematic pins, animated GIF-style images that are controlled by scrolling through the mobile app. Gap, Old Navy and Banana Republic, L'Oreal (Feria, Garnier, L'Oreal Paris and Maybelline), Nestle (Outshine, Buitoni, Dreyer's), STX Entertainment's new movie "The Gift," Target, Unilever (Suave), Visa Checkout, Walgreens and Wendy's are already on board.