Pinterest, which makes money through advertising, announced that Target’s app will use Pinterest’s “visual search” tool. In essence, it would let users who are out and about take a picture of any product and receive a list of similar items at Target.
Silbermann declined to share Pinterest’s revenue figures (which would be revealed during a public offering). But he said the Target partnership is an example of the kind of deal that supports Pinterest’s massive valuation — pegged at $12.3 billion by CB Insights.
“Target was one of the earliest advertisers on the platform,” Silbermann said. “It means they’ve seen really good results.”
Pinterest’s concept — which allows users to collect and categorize images, the way one might use a corkboard — is often adopted by users planning big events like a wedding or a remodel. But Silbermann said Pinterest’s technology learns users’ tastes, and generates suggestions to keep users hooked.
Earlier this month, Pinterest said it had 200 million monthly users.
Silbermann also said Pinterest’s “safe” and “positive” environment — which tends more toward culture, recipes and fashion and away from politics and “memes” — has been an attraction for advertisers “over the last couple of years.”
“It’s been one of the reasons why we’ve been able to make a lot of progress with our advertisers,” Silbermann said.