01:53:39 · Brian Chesky, Jordi Hays, John Coogan
[01:53:39] S8: With regards to experiences, we're seeing a couple of things. Number one, no surprise landmarks. People the first time you go to a city, you want to see a landmark. But the thing we learned is the second time you go to a city, you don't want to see a landmark. You want to experience food. And the third time you experience a city, now you want to get inside access. So a big thing we learned is, is this your first, second or third time to the city? Or do you live there? And depending upon the answer to the question depends on the type of experience we offer you. This is a nuance that we didn't really appreciate the first time around, and now we do. And I think my prediction is the thing that will make service experiences really big is people will start booking them in their own city. That's when the TAM goes by a factor of 10. And not to say it'll be every day, but it just makes it a lot bigger TAM. [01:54:21] S1: Yeah. Yeah. Just just clicked for me that, you know, one of the challenges of all the marketplaces like photography, chef marketplaces, massage, all of them I can't even really think of their names even though there was like venture funded companies in those categories because the second you hire a chef, they're literally preparing you food. You immediately develop like trust and a relationship. And so in if you book find a chef in your hometown [01:54:49] S0: You're talking about disintermediation. [01:54:50] S1: You're gonna have this massive disintermediation
01:54:50 · Jordi Hays, John Coogan
[01:54:50] S1: You're gonna have this massive disintermediation [01:54:52] S0: also, like economies of scale, if you're just the private chef booking company, very hard to support Yeah. The entire operation, the back office. But Airbnb is a big company. This can be one of many features and the Yeah. [01:55:07] S1: It's like, yeah, want a photographer here. Yeah. I want a chef here. [01:55:09] S0: Yeah. Yeah.
01:55:10 · Brian Chesky
[01:55:10] S8: You bring up two points. I'll I'll bring up both points. So one thing is most services, there's not even one app in the world. Yeah. So if you want to get a massage in The United States, you might use an app like Zeel. But if you want to get a massage in Korea, I don't even know the app. It's probably a Korean company. And if you want to go to Brazil, it's gonna be a different company. Mhmm. So it's not even possible for most people to know which app to use in which country. And so being able to aggregate all that demand is great. And these apps, these developers love it because we basically are their international expansion strategy. Another most of these companies, the hardest challenge they have is growing internationally. And we say, well, we can introduce your brand to a global audience. Well, now let's talk about locals. Yes. I don't if you're going to do a repeat service, we don't want to charge 15%, 20%. Mhmm. We're going to have to decide a business model. And maybe there is no commission or it's a very, very low commission. And maybe the value there is this, we make your life easier. And I don't I think this brings up a larger point, is we don't need to monetize every experience on Airbnb. The best thing is to have a great relationship, add value, and know that there's enough high value assets we can make money on, and we don't need to try to get every last dollar. We just really want people to love our service. And as you know, we generate quite a bit of free cash flow. We're one of the more profitable companies as free cash flow standpoint. So we are able to pass a lot of value on to customers.
01:56:32 · Jordi Hays, Brian Chesky, John Coogan
[01:56:32] S1: Yeah. I think I think, you know, that that framing as like a concierge for the world where like if you're staying if you're staying at a hotel, like the concierge is not always thinking like, okay, this person wants something to do today. How do I get the maximum amount of value out of them in this moment? Right? Because then you'd always send them to, well, why don't you eat at this restaurant on the property? Or why don't you do this thing on the property? But just like actually taking a a positive sum view and just know that like you wanna be core to someone's experience wherever they are in the world, think is [01:57:04] S8: I like concierge for the world by the way. That's like a very good slogan actually. [01:57:08] S0: Coinage. I love it. [01:57:10] S1: It's all yours. It's [01:57:11] S0: all So maybe this is a random pivot but the total solar eclipse is happening 08/12/2026. Oh. I wanna know it feels like it's driving a lot of travel broadly. And I wanna know like do these special events [01:57:26] S1: First of all, like I feel like every time there's like one of these things Yeah. It's like this will never happen again for for six hundred years and then it happens in like two years. [01:57:36] S0: No. No. No. No. It's a very specific [01:57:38] S8: happens every two years, [01:57:39] S0: but there's a [01:57:39] S8: lot of things.
01:57:39 · Brian Chesky, John Coogan
[01:57:39] S8: lot of things. [01:57:40] S0: Yeah. So a couple of years ago, it happened in Texas. And and this time, it's happening in Greenland, Iceland, Portugal, and Spain. And so there is a lot of travel, I've heard stats from other companies. And I'm just wondering about these, like, big events. First, like how much do they show up in the data? How much do you see them? And then second, like what are you doing to like amplify and get the most out of these, let your customers know? Because you frame this as like sometimes the best experience is like when you know it's the first time visiting a place, second time, third time. But at the same time as a user, there's this tension between I love it when a company knows something about me before I have to fill out a form, But also it gets a little creepy if they know too much about me and this like this weird tension where I want you to know but I don't want you to tell me that you know and I don't want to fill out the form but I don't want you to spy on me but I sort of do want you to spy on me. So walk me through all of that. [01:58:31] S8: Okay. So yeah. Two parts. I'll do the solar eclipse and then we'll talk about Sure. Essentially personalization without being creepy maybe is the point. [01:58:37] S0: Yeah.
01:58:37 · John Coogan, Brian Chesky
[01:58:37] S0: Yeah. [01:58:38] S8: Okay. So on the solar eclipse, in 2024, I think it was the spring or I don't know when it was in 2020 we were able to see a heat map. So, yes, you saw in the data and we're able to see a heat map of the exact path of the solar eclipse and you could look at a heat map of all of our bookings and anyone that was in that line of the eclipse, you saw a massive increase in bookings. Mhmm. When the Taylor Swift Era's tour came out [01:59:00] S0: Oh, yeah. [01:59:00] S8: You could literally follow the tour from the data on Airbnb. Mhmm. When the World Cup came in Paris I'm sorry. The Olympics came in Paris, 700,000 people stayed in Airbnb. That's like eight, nine Olympic stadiums worth of people. In Milan, 200,000 people stayed in Milan and Cortino for the Olympics earlier this year. The World Cup's coming up in Mexico, US, Canada. We're expecting that to be the biggest event in Airbnb history. You're actually hitting on a really key point. The only maybe the reason Airbnb exists is this weird phenomenon where people list their homes for an event. Most people have only intention of listing one time, but about 50% of the people continue hosting. Yeah. And so it's kind of a hook. And a lot of people are like, don't want to host, but they do it once. They make a bunch of money. They realize it's not weird and they keep doing it. If it wasn't for this phenomenon, there may not have been an Airbnb. We used events to grow. So that is basically a core part of our strategy or Lollapalooza.