Pinterest is reportedly in talks to raise financing that would value the social network at between $2 and $2.5 billion.
The Wall Street Journal says that no funding deal has been secured but that investors are attracted to the company’s continued growth and business potential, despite the fact that, like most social media players, it has little or no revenue and is unprofitable.
The company has often struggled to keep pace with the growing interest from users, but has recently increased its workforce with recruits from the likes of Facebook, Google and Amazon and has moved into larger offices in San Francisco.
Now it wants to grow its revenue streams through advertising and sales commissions. Pinterest hopes to build relationships with businesses so that it can take a cut from sales of goods sold through referrals from the site. It has a dedicated team of four people whose job is to interact daily with potential partners.
Data analytics tools will also be introduced so that companies can keep track of their traffic from Pinterest and how users are interacting with the content. One advantage of Pinterest is that content has a longer lifecycle than it does on other social networks like Facebook and Twitter.
Are you an expert on social networks? Take our quiz
Rights group argues ChatGPT tendency to generate false information on individuals violates GDPR data protection…
European Commission says Apple's iPadOS is 'gatekeeper' due to large number of businesses 'locked in'…
As the cloud continues to be an essential asset for all businesses, developing and maintaining…
Internatinal conference in Vienna calls for controls on AI-powered autonomous weapons to ensure humans remain…
Major Taiwan chip assembly and test firm KYEC to sell Jiangsu subsidiary, exit mainland China…
As deepfake technology continues to blur the lines between reality and deception, businesses and individuals…