3 Reasons Facebook’s Pinterest Clone Died a Quiet Death
Facebook (NASDAQ: FB) launched Hobbi, an app for curating interests and activities, to challenge Pinterest (NYSE: PINS) back in February. However, the app was only downloaded about 7,000 times in the U.S., according to Sensor Tower, and Facebook quietly killed it off on July 10.
Facebook's attempt to clone Pinterest wasn't surprising since the latter has carved out a defensible niche in the social networking market with its virtual pinboards. Pinterest's monthly active users (MAUs) grew 26% annually to 367 million last quarter as its total revenue rose 35%, indicating it still has plenty of room to run.
Let's examine the three main reasons Facebook's Hobbi failed to gain any ground against Pinterest, and what its failure might mean for Pinterest's future.
Source Fool.com
