Pinterest acquires and shutters Punchfork

The mayfly life of a 2010s start-up.

Pinterest has made its first acquisition: the recipe sharing site Punchfork (think Pinterest for food and you're basically there), which has been taken over for an undisclosed amount.

Punchfork's CEO, Jeff Miller, announced the acquisition in a letter which ends with a depressingly familiar paragraph:

Initially, support for Punchfork will continue, but we will soon be retiring the Punchfork site, API and mobile apps. We believe that a unified destination benefits our users in the long run, and the Punchfork team will focus on contributing to Pinterest as the premier platform for discovering and sharing new recipes and other interests on the web.

It's depressingly familiar because it's a tale that happens again and again. Enough that Maciej Cegłowski, the founder of Pinboard – no relation – called it out over a year ago:

Were you a big Gowalla fan? Did you like Dodgeball? Did you think (gasp!) was better than Pinboard? Did you make a lot of contributions to Nextstop? Do you miss Aardvark and EtherPad? Did "I Want Sandy" change your life? 

These projects are all very different, but the dynamic is the same. Someone builds a cool, free product, it gets popular, and that popularity attracts a buyer. The new owner shuts the product down and the founders issue a glowing press release about how excited they are about synergies going forward. They are never heard from again.

When you've been given a useful service for free, it's hard to complain too much. Unless that service has been built up on the explicit use of your data and the implicit suggestion that that data will continue to be available, of course. Then complain all you want.

The problem is that even Maciej's solution is no longer seemingly viable. He wrote that the answer was to not be a free user:

If every additional user is putting money in the developers' pockets, then you're less likely to see the site disappear overnight. If every new user is costing the developers money, and the site is really taking off, then get ready to read about those synergies.

But that doesn't seem to fly anymore. After all, the developers of Sparrow were acqhired (one of those awful yet annoyingly descriptive Silicon Valley terms) despite the fact that their mail apps – for Mac and iOS – weren't free.

I guess the only thing to shout is godspeed to Punchfork, and all hail our increasingly concentrated media overlords.


Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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How can Britain become a nation of homeowners?

David Cameron must unlock the spirit of his postwar predecessors to get the housing market back on track. 

In the 1955 election, Anthony Eden described turning Britain into a “property-owning democracy” as his – and by extension, the Conservative Party’s – overarching mission.

60 years later, what’s changed? Then, as now, an Old Etonian sits in Downing Street. Then, as now, Labour are badly riven between left and right, with their last stay in government widely believed – by their activists at least – to have been a disappointment. Then as now, few commentators seriously believe the Tories will be out of power any time soon.

But as for a property-owning democracy? That’s going less well.

When Eden won in 1955, around a third of people owned their own homes. By the time the Conservative government gave way to Harold Wilson in 1964, 42 per cent of households were owner-occupiers.

That kicked off a long period – from the mid-50s right until the fall of the Berlin Wall – in which home ownership increased, before staying roughly flat at 70 per cent of the population from 1991 to 2001.

But over the course of the next decade, for the first time in over a hundred years, the proportion of owner-occupiers went to into reverse. Just 64 percent of households were owner-occupier in 2011. No-one seriously believes that number will have gone anywhere other than down by the time of the next census in 2021. Most troublingly, in London – which, for the most part, gives us a fairly accurate idea of what the demographics of Britain as a whole will be in 30 years’ time – more than half of households are now renters.

What’s gone wrong?

In short, property prices have shot out of reach of increasing numbers of people. The British housing market increasingly gets a failing grade at “Social Contract 101”: could someone, without a backstop of parental or family capital, entering the workforce today, working full-time, seriously hope to retire in 50 years in their own home with their mortgage paid off?

It’s useful to compare and contrast the policy levers of those two Old Etonians, Eden and Cameron. Cameron, so far, has favoured demand-side solutions: Help to Buy and the new Help to Buy ISA.

To take the second, newer of those two policy innovations first: the Help to Buy ISA. Does it work?

Well, if you are a pre-existing saver – you can’t use the Help to Buy ISA for another tax year. And you have to stop putting money into any existing ISAs. So anyone putting a little aside at the moment – not going to feel the benefit of a Help to Buy ISA.

And anyone solely reliant on a Help to Buy ISA – the most you can benefit from, if you are single, it is an extra three grand from the government. This is not going to shift any houses any time soon.

What it is is a bung for the only working-age demographic to have done well out of the Coalition: dual-earner couples with no children earning above average income.

What about Help to Buy itself? At the margins, Help to Buy is helping some people achieve completions – while driving up the big disincentive to home ownership in the shape of prices – and creating sub-prime style risks for the taxpayer in future.

Eden, in contrast, preferred supply-side policies: his government, like every peacetime government from Baldwin until Thatcher’s it was a housebuilding government.

Why are house prices so high? Because there aren’t enough of them. The sector is over-regulated, underprovided, there isn’t enough housing either for social lets or for buyers. And until today’s Conservatives rediscover the spirit of Eden, that is unlikely to change.

I was at a Conservative party fringe (I was on the far left, both in terms of seating and politics).This is what I said, minus the ums, the ahs, and the moment my screensaver kicked in.

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.