Pinterest is essentially a digital scrapbook that allows users to easily “pin” photos and put them into categories — such as events and hobbies — on their own pages. Users can also re-pin the images of their friends or “like” photos. There is also sharing with Facebook and Twitter.
The growth of Pinterest has been staggering: Just last December, it was the No. 10 social network.
A key to Pinterest’s success has been users’ high level of engagement — about 89 minutes per month. Of course, that’s still way behind Facebook’s average of 405 minutes.
So far, it looks as though revenues are minimal. Yet, as seen with Facebook’s $1 billion acquisition of Instagram — which has zero revenues — that may not be a big deal.