Pinterest is gaining a larger piece of the social media market and is growing as a holiday destination for e-commerce, two new studies show, while established player Facebook is starting to lose ground to the young company.
Pinterest, founded in 2010, still does not generate revenue. But in October, the company was valued at $3.8 billion following a round of venture capital financing by Fidelity Investments.
A new study of social media sharing published Monday by consumer management firm Gigya shows Pinterest took some of Facebook's market presence during the quarter between July and September. The study measures shares to different social networks from sites and apps that use Gigya's social media management products, including Gannett and Hearst media outlets. A "social share" means that a user clicked the "share" button on a Web post. Pinterest's presence of social media shares climbed 4 percent during the third quarter of 2013 to 20 percent, while Facebook saw its presence drop 9 percent to 41 percent, according to Gigya. Facebook still leads the market in social sharing preferences, with Twitter in second place at 30 percent, but Twitter also increased its market share by 6 percent during the third quarter. David Ebersman, Facebook's chief financial officer, said during an earnings report in October that daily use of the social network is decreasing, "specifically among younger teens."
Pinterest also ispoised to enjoy a boost in traffic during the holiday shopping season as consumers browse images of clothes and other items for gift ideas, and scan for holiday recipes. A study of 500 Pinterest users shows that 54 percent use the website more often during the holidays and 94 percent say it has changed how they plan for the holiday, according to a study published on Dec. 3 by market research firm Lab42. Approximately 42 percent of the users surveyed have a holiday-themed pin board.