Bill Ready: Great. Thanks Colin. So, on the shift from episodic to more frequent usage, I think you’re seeing some of that reflected already. The progress we’ve made, as Todd and I both mentioned, around greater personalization, giving you just more reasons to come back, I think that’s part of why we’re seeing engagement grow much faster than MAUs overall. You asked about a timeframe for MAUs to move beyond seasonal. Again, I would point to focus more towards the overall engagement and the revenue per user rather than MAUs. As I mentioned in my prepared remarks, we have hundreds of millions of users that come to Pinterest that are not in our MAU count that come to us on an episodic basis. And so we’re much more focused on how do we drive deeper engagement with the users we have.
You can imagine we have a very good view as to where those other users are, which ones monetize well. If we wanted to chase MAUs as a vanity metric, we will chase it as a vanity metric, but they may not be the users that would monetize the best or where we need to go defend our platform the most. And so we’re much more focused on deepening the engagement with the users that are in places where we know we need to compete most and where we also have the best monetization opportunity. And so I’d point your attention more towards the accelerating engagement and the accelerating revenue per user on where we go there. And on video, and especially the monetization around video, I think this is a place — it’s one of the most exciting things that I’ve seen in our work here is that — prior to my joining Pinterest, a — I think a commonly held viewpoint on short-form video that I held as well was that the engagement is fantastic.
But do the unit economics actually work? Can you make money off of it in a way that more than outstrips the significant increase in the expense was very much an open question? And to say that we have more than 10% of our engagement on video, but more than 30% of our revenue on video, I think, just puts us in a very different place than many others in terms of having found that right balance of how to monetize short-form video and make sure that’s driving both engagement and monetization. And we think there’s a lot more we can do there. Because we’re a lean-forward platform rather than an entertainment platform, the lean-forward nature of our platform, we think we have a lot of license from users to do much more with short-form video. So a question I’ve been posing to the team is in the same way that images existed on the web before Pinterest, that Pinterest brought new utilities to those images, short-form video has existed independent of Pinterest.
But we believe we can bring utility to those short-form videos in ways that others may not, and others may not have user license to do because they have the user in a lean-back entertainment mode. We have the user in a lean-forward intent mode, where we think shoppable content and these kinds of things can be much more well received by our users. And so that’s a big part of what comes next for us is that we’re looking at how we make video shoppable. We have a really great strength in our team on computer vision. There’s lots of talk about AI and how it’s advancing. One of the most exciting areas of the next generation of AI is around computer vision. And that’s a core competency for us. And so we’re using computer vision to make video more shoppable, and some really good early results there.
