Exclusive: Pinterest and Tastemade strike multimillion content deal
Pinterest has struck one of its largest content deals ever — a multimillion-dollar, multiyear deal with Tastemade that will result in 50 new TV shows, live videos and events, the companies tell Axios.
Why it matters: "This is the most significant partnership I'm announcing as part of my time and tenure with the company," says Malik Ducard, who joined Pinterest as chief content officer in October.
- Tastemade is one of the most highly trafficked video programming companies on social media.
Details: Tastemade will produce 50 new shows on Pinterest that will have about 20 episodes each, Tastemade CEO Larry Fitzgibbon says, produced in at least eight languages. The companies declined to disclose financial details.
- Tastemade will produce hundreds of hours of livestreaming programming for Pinterest TV. In-person events for creators will be held at Tastemade studios including Los Angeles; Jakarta, Indonesia; and São Paulo.
Be smart: Tastemade was already one of the largest video providers for Pinterest globally.
- "When you look at the content that Tastemade has on Pinterest, it does 200% above the average pin in terms of the save rate that content generates," Pinterest's Ducard says.
- Tastemade has inked deals across social platforms and streaming networks. It's raised about $115 million in total funding, most recently closing a $35 million Series E round in 2018.
The big picture: Pinterest, like other social media companies, has seen its stock collapse this year amid economic pressures.
- PayPal was exploring an acquisition of Pinterest but talks fell through, per the Wall Street Journal.
- Pinterest is still investing. Earlier this month, it acquired The Yes, a personalized shopping tool, which it plans to sunset and merge into its own platform.
- Ducard says investments in Pinterest's creator ecosystem are becoming especially important given how much creators are increasingly influencing purchasing decisions.
What's next: Pinterest's initial programming slate with Tastemade will launch at the end of 2022 and throughout 2023. Fitzgibbon declined to comment on his company's own plans for a sale or an IPO.