Pinterest shuts down its ‘Creator Rewards’ program • TechCrunch

Pinterest has shut down its Creator Rewards program that allowed creators to earn cash by creating content material round month-to-month prompts and reaching sure engagement objectives.

“The Creator Rewards program will finish on November 30, 2022. To all of the creators who participated, thanks to your partnership. We’re dedicated to exploring extra methods that will help you discover success on Pinterest and we’re trying ahead to discovering extra alternatives to work collectively in 2023,” Pinterest stated in a word on its creator rewards assist web page.

The rewards program requested contributors to create Concept Pins — a video format launched by the corporate final yr — primarily based on a month-to-month theme to earn money.

The announcement, first reported by The Data, additionally stated that Pinterest can pay a one-time bonus to creators who participated in at the very least one reward purpose for August, September, or October 2022. The corporate didn’t specify the bonus quantity on the Creator Rewards web page.

Pinterest stated that it’s closing this program “with a purpose to deal with different creator applications and options.” Final yr, when the corporate debuted Creator Rewards, it stated it deliberate to take a position $20 million in this system. Individually, the corporate launched a $500,000 Creator Fund final yr and injected an extra $1.2 million this yr into the mission. The social community created this mission to assist creators from underrepresented communities via money and advert rewards.

Pinterest continues to be persevering with with applications just like the Creator Fund, “shoppable” Concept Pins, and paid partnerships by changing Concept Pins into advertisements.

Social media corporations have been consistently tweaking their creator fee applications in latest occasions. Final month, Snapchat decreased its payouts to creators from hundreds of thousands of {dollars} per week to hundreds of thousands of {dollars} per yr. In September, Meta introduced that it’s closing its Reside Purchasing program to deal with reels. On the identical time, the social media large additionally closed its Instagram associates program, which allowed creators to get a fee if customers bought tagged merchandise from their posts.