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At a Glance
Pinterest, the globally used social media service that focuses highly on the sharing of images and not so much on the social media aspect of it, per se, has reportedly expressed interest and held talks in pursuance of buying VSCO. VSCO is a similar app that heavily focuses on sharing photography and video editing tools for professional and amateur photographers alike.
As of now, the comprehensive details about this buy-out are being kept under wraps. Ergo, no monetary offers can be shared at this moment. However, it is worth noting that VSCO is currently valued at a staggering $550 million after having raised $90 million and Pinterest, being the giant that it is, is worth near $49 billion. As reported in The Economic Times, company officials, who wish to retain their anonymity due to the current discussion’s speculative nature, said that the acquisition might not materialize.
As almost everybody knows, Pinterest is essentially an image sharing website where people can not only share various types of images but also save them for future endeavors for specific designs and the likes of such. VSCO, much like Pinterest, is an app specifically made for users to share and edit their photos and videos. Since its inception 10 years ago, this app briefly went viral in 2019 due to a fad that goes to the credit of a group called “VSCO girls” who wore crocs and carried water flasks. Following the fad came a slew of comic content, memes, and so on that began circulating widely using the app. The fad has settled since then. Unlike Pinterest and many other social media apps, VSCO prefers charging its users for premium features instead of relying on advertising.
However, the fad essentially points to the popularity the app gained among its teenage and millennial fanbase. It is this potential that Pinterest might want to tap into by acquiring VSCO. It also offers quality image and video editing tools that will be a factor that adds to the existing quality of Pinterest’s essence.
It is worth mentioning that while many companies have faced economic hardships owing to the pandemic, Pinterest has cruised through it by the addition of new users that bring its tally of monthly active users to 450 million. However, despite the increase in revenue, the recently public company, per economic experts, will not be a consistently profitable company until 2022.
It has not all been easy for Pinterest over the past year, though. Having paid a settlement amount of $22.5 million towards a gender discrimination suit initiated by their ex-Chief Operating Officer, Pinterest is facing a series of gender and racial discrimination allegations. Following the notably sizeable settlement, two female employees of color went public with information about the prevalent gender and racially discriminatory behavior that consists of verbal harassment and a pay gap.