Really solid breakdown of the ARPU arbitrage opportunity here. That $0.21 ROW ARPU vs $7.64 US/Canada gap is massive, but honestly I dunno if closing it is as straightforwad as it looks. The real challenge isn't just turning on ad units internationally, its that Pinterest's "high-intent shopping" thesis kinda depends on mature e-commerce infrastructure and payment rails that just dont exist in most fast-growing markets yet. Europe's 31% ARPU growth is probly the better leading indicator since the infrastructure is already there.
Yep, ROW has structural friction, but that’s why Europe’s ARPU acceleration matters: it proves the model scales in markets with mature commerce rails. Pinterest doesn't need the full ARPU convergence, even partial lift in ROW changes the long-term math.
Really solid breakdown of the ARPU arbitrage opportunity here. That $0.21 ROW ARPU vs $7.64 US/Canada gap is massive, but honestly I dunno if closing it is as straightforwad as it looks. The real challenge isn't just turning on ad units internationally, its that Pinterest's "high-intent shopping" thesis kinda depends on mature e-commerce infrastructure and payment rails that just dont exist in most fast-growing markets yet. Europe's 31% ARPU growth is probly the better leading indicator since the infrastructure is already there.
Yep, ROW has structural friction, but that’s why Europe’s ARPU acceleration matters: it proves the model scales in markets with mature commerce rails. Pinterest doesn't need the full ARPU convergence, even partial lift in ROW changes the long-term math.