Pinterest Pares Back On 'Creator Rewards' Program Amid Macro Slowdown - Pinterest (NYSE:PINS)

Pinterest, Inc PINS shut down its Creator Rewards program that allowed creators to earn money by creating content around monthly prompts and achieving specific engagement goals.
“The Creator Rewards program will end on November 30, 2022. To all the creators who participated, thank you for your partnership. We’re committed to exploring more ways to help you find success on Pinterest, and we’re looking forward to finding more opportunities to work together in 2023,” Pinterest stated.
The rewards program asked participants to create Idea Pins, a video format introduced by the company last year based on a monthly theme to earn cash, TechCrunch reports.
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Pinterest said it is closing this program to focus on other creator programs and features.
Last year, when the company debuted Creator Rewards, it said it planned to invest $20 million in the program.
Separately, the company launched a $500,000 Creator Fund last year and injected an additional $1.2 million this year into the project.
Pinterest continued with programs like the Creator Fund, “shoppable” Idea Pins, and paid partnerships by converting Idea Pins into ads.
In October, Snap Inc SNAP Snapchat reduced its payouts to creators.
In September, Meta Platforms Inc META shared plans to close its Live Shopping program to focus on reels.
Meta also closed its Instagram affiliate program.
Price Action: PINS shares are up by 1.38% at $24.33 on the last check Wednesday.
Photo by TheDigital Artist via Pixabay

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