Airbnb CEO Brian Chesky announced on Tuesday’s Q2 earnings call that the company will expand its services beyond short-term rentals to include co-hosting, relaunching its “experiences,” guest services, and more.
These initiatives are part of Airbnb’s strategy to grow its revenue by offering more than just short-term vacation rentals.
Chesky emphasized the need for Airbnb to venture into multiple new offerings. He outlined that co-hosting will launch later this fall, allowing homeowners without time to manage their listings to connect with individuals who can manage but lack a property. This initiative aims to increase inventory on the platform.
Airbnb also plans to relaunch its “experiences” feature, which had previously allowed guests to book activities such as outings and tours near their stay. This feature was paused last year as Airbnb refocused on its core offerings. Scheduled for next year, the revamped experiences will be more affordable and unique to Airbnb, based on learnings from past implementations.
Earlier this month, Airbnb shared with Bloomberg that it is considering in-home experiences like personal chefs, massages, and mid-stay cleanings. These offerings aim to provide additional services that could attract customers away from hotels.
Chesky emphasized that these new offerings would help Airbnb become known for more than just short-term rentals. He stated, “[Airbnb is] going to be about long-term stays, it’s going to be about guest services, host services and many new offerings. And you’ll begin to see that next year.”
The earnings call also highlighted a challenging second quarter for Airbnb, with profits falling by 15% due to reduced demand from U.S. travelers and shorter booking lead times. This led to a 16% drop in the stock during after-market trading.
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