Pinterest is channeling its focus on the Asian growth. For the Southeast Asia and India region, it announced the opening of a new office in Singapore. This is the second time for the firm to open an office in Asia. Previously, it opened the first Asian office in Japan back in 2013.
The office opening is strategic for the firm. Because it has more users outside of America. Also, the number of users in Asia and specifically Southeast Asia has been growing big lately.
In Singapore itself, Pinterest recorded significant growth in some keyword search. Durian recipes grew by 127% the past year. While balcony decor and bridesmaid dresses went 230% and 34% up respectively. Indonesia as travel destination number of search also increased by 65%.
For the Singapore office, it appointed Ayumi Nakajima. She will lead as Country Manager of Southeast Asia and India. Further, Pinterest announced plans on recruiting local talents. And the team will focus on the growth in the region.
Pinterest growth, IPO and new features
Founded in 2009, Pinterest recorded 291 million monthly active users by May 2019. It offers social media services based on pictures, GIFs and video sharing.
Although it has been around for a while, it has only announced the news of an IPO this year. Many are doubting the possibility of a profit. Indeed it has not score any profit since its founding. But it is in a better financial state than the other tech companies such as Lyft and Uber.
The San Francisco-based company announced a huge increase of revenue in 2018. After the 2017 $472.8 million revenue on $130 million losses. By 2018, it went up to $755.0 million in revenue over $62.9 million losses.
To make a more significant growth, Pinterest also announced new features on its site and apps. The new features encourages brands and creators to upload more videos.
It also improved the commerce feature on its app. Making it easier for users to purchase anything within the app.
