Pinterest facts and history

Pinterest facts and history

Pinterest facts and history

Facts and history about super-successful American tech company Pinterest. In December 2009 Ben Silbermann Evan sharp and Paul sayonara started working on their idea for a site that would allow users to make collections of images that reflect their preferences and the products they love Silverman's girlfriend came up with the name of Pinterest and the site launched first as a closed beta in March of 2010 they then opened the site up to an invitation-only basis the users are given the ability to save pictures organize them on different boards purchase products and follow other boards of people with similar preferences in 2011 Pinterest was listed among Time Magazine's 50 best websites it now brings in hundreds of millions in revenue per year and it's one of the most successful private tech companies in the world. We want to learn some more about Pinterest because it's one of the top tech companies worldwide and has achieved massive success in terms of user engagement revenue user growth and referral traffic.

1. Pinterest was inspired by a failed app

Before helping to co-found Pinterest Paul Sierra and Ben Silbermann were solely focused on creating an app called tote the idea behind the app was that users could search for one item and get an instant personalized catalog that combined items from a variety of websites and retailers they were able to secure funding and launch the app with high hopes but it never quite made it off the ground at the time in 2008 people weren't really embracing apps as an avenue for shopping one thing the developers did notice was that people were saving the pictures of the products they liked forming collections of their preferences this gave them an idea for a website that would allow people to make collections of things they liked and soon after Pinterest was born. 

2. It's the tenth most valuable private tech company in the world

When it comes to private tech companies uber is king with a valuation of $69.9 billion a little further down the list is Pinterest which comes in at number 10 was a valuation that is slightly more than $12 billion it comes right behind Chinese discount platform pin duo duo within that worth of $15 billion and slightly ahead of ride-sharing company Lyft with a valuation of$11.7 billion other tech companies in the top ten includes SpaceX we work and Airbnb.

3. It only had 10,000 in 9 months after the launch

Silberman was not pleased with a slow rate of growth after the launch of Pinterest both Instagram and Pinterest was launched in 2010 and Instagram got 1 million users in just four months time while Pinterest only gained a few thousand in the same time period after nine months the site only had 10,000 users however thankfully the slow growth didn't last and the very next year Pinterest was listed as one of the top ten largest social network services with 11 million total hits per week.

4. Visits to the Pinterest website increased 4,000 percent in 6 months

Pinterest started out as a slow burn but eventually, the popularity of the site ignited and Pinterest was on fire in June 2011 Pinterest was getting about 2,075 visitors per week but just 6 months later Pinterest was pulling in a total of 11 million visitors every single week a 4,000 percent increase in just 6 months time it was also bringing retailers more referral traffic than YouTube, LinkedIn, and Google+ a big turning point in the company was when Andres has seen Horowitz a four billion dollar venture capital firm made a$27 billion investment in the company at a$200 million valuations in 2011 this gave them the funding necessary to establish a proper office in Palo Alto California.   

5. Pinterest was valued at $12.3 billion back in 2017

As we just mentioned Pinterest received investment at a two hundred million dollar valuation in 2011 in 2014 it was valued at $5 billion this figure jumped significantly by 2015 when the company raised $367 billion in financing at an $11 billion valuation in 2017 an additional 150 million dollars in the capital was raised at a $12.3 billion valuation in total the company has been given more than $1.4 billion in capital investments.

6. A study found that many moms suffer from "Pinterest stress"

A 2015 survey of moms across the United States found that 42% had experienced what was termed as Pinterest stress this was defined as feeling that they weren't crafty or creative enough compared to other moms mothers and people, in general, are more likely to feel increased pressure to achieve perfection when they spend a considerable amount of time on the site and this phenomenon expands beyond Pinterest as the idealized photos on Instagram and the constant comparing of statuses on Facebook has also led to increased stress in the social media age.

7. Their Terms of Use used to state that everything posted on the site belonged to Pinterest

Nobody likes to read the full terms and conditions before signing on to a new site so some strong language in the original Pinterest Terms & Conditions went largely unnoticed until a 2012 article in the magazine Scientific American the article revealed the language that Pinterest used to state that when anything was pinned to the site it would give the company a never-ending royalty-free license to use sell transfer publicize or otherwise exploit the content any way they saw fit this revelation caused outrage and public relations nightmare for the company just a few days later Pinterest responded with a new set of terms and conditions which did not give them any such rights.

8. China decided to ban Pinterest in 2017

China is notorious for banning websites for a wide range of reasons more than 8,000 web sites have been blocked due to their internet censorship policy as of May 2018 some of the websites that are banned in China include Gmail, Google, Facebook, YouTube, Twitter, and Instagram and as of March 2017 you can add Pinterest to the list of sites that won't make it past China's firewall it's speculated that the ban was a result of the Chinese government wanting to eliminate outside competition to their domestic businesses.

9. Pinterest did not bring in any revenue until 2014

For the first four years of operation the Pinterest execs were not very concerned about monetizing the site they were able to secure enough capital through investors to keep the site going and they had a fairly small operation of only eight employees at the time the site finally started bringing in revenue in 2014 when they started allowing ads on the platform charging advertisers to gain access to their millions of engaged users.

10. CEO and co-founder Ben Silbermann has a net worth of $1.57 billion

Ben Silbermann co-founded Pinterest when he was only 27 he went to Yale and initially planned on becoming a doctor but decided to switch to business instead he worked for Google for a while before pursuing his own business ideas he became the CEO of Pinterest and built it up to become a unicorn of the startup market a company worth over 1 billion dollars then has become a member of the three comma Club himself with a net worth of 1.57 billion almost completely due to his stake in Pinterest.

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