Like what have you learned since you sort of took over Pinterest? Because I guess we’re all trying to understand, like what are you solving for that ends up leading to a far more engaged user who comes back — I guess I’m sort of curious, like is the goal daily, every few hours, every week? Like what are you trying to solve for? I know that’s a long-winded question.
Bill Ready: Yes. Thanks for the question, Rich. As I mentioned in my remarks earlier, we think there’s a huge opportunity in moving Pinterest users from episodic usage to more frequent usage. And certainly, when you think about something like shopping as a behavior, those become the kinds of use cases that can be more daily-type use cases versus monthly or quarterly use cases. And so a lot of the progress you’ve seen from us over the last multiple quarters has been around using good AI and machine learning to get better recommendations, better personalization and using that to provide better recommendations to our users. And we think there’s a lot more opportunity to use those nudges to the user to help them find new use cases on Pinterest.
And we’ve got some really good early evidence of that. Again, it’s our personalization and the AI capabilities behind that are a lot of what’s been driving our improvements in engagement. But yes, we want to move people from episodic use cases to things that are weekly and daily use cases. And again, we feel like we’re well on our way there. We are by no means done. But to see things like engagement sessions and multiple measures of engagement at 10%-plus, we feel really great about that. I think the other thing that I mentioned this before, underscore gains, I think it’s a big unlock, which is the work that we’ve done around whole page optimization and demonstrating that ads can be valuable content to the user. If you think about the levers of growth in the businesses, yes, we’re going to grow MAUs. But more than that, there’s so much what I would call leaked engagement from the platform, where somebody couldn’t satisfy their intent here and monetization would occur someplace else.
So as we get more and more ability to take action on the things that people are already finding here that’s plugging a lot of leaked engagement, a lot of leaked monetization, but then also give the use of reasons to want to come back to us more and then our ability to monetize that as we’ve made progress with whole page optimization that we launched in Q4. What that’s really showing is that in those commercial context, we can actually serve a lot more ads, a lot more relevant ads in ways that are good for the user, helps them satisfy their intent and very highly monetizable for us. So I think that makes me feel really good about our long-term prospects is that we have multiple levers of growth there, like yes, getting from episodic to more monthly, weekly, daily usage, but then within that, playing a lot of that leaked engagement, playing a lot of that leaked monetization and actually being able to bring much more ad load and much more relevant ad load to the platform than what we’ve had historically.
