Following an announcement of a profit decrease of over 14 percent due to declining demand, the Airbnb stock price dropped by 16 percent in mid-August. During the subsequent investor call, CEO Brian Chesky took a proactive stance.
To overcome the current decline, Airbnb plans to introduce 'experiences' such as excursions, tours, and activities in the local area. These experiences, if successful, could significantly boost Airbnb's revenue. Although this idea has been attempted before and halted, it is now being revived.
Airbnb also intends to offer "in-home experiences" through its app to attract guests and potentially draw them away from hotels. These experiences may include services such as hiring a chef, organizing cleaning, booking a massage for the rented apartment, and providing assistance with transportation.
In the upcoming year, Airbnb will also introduce a 'co-hosting' feature. This feature aims to connect homeowners and apartment owners who need more time to manage their property listings with individuals who are available to assist but do not have properties to offer on the platform. The feature will include a comprehensive vetting process to ensure the quality of co-hosts and the safety of properties.
Additionally, Airbnb intends to broaden its selection of boutique hotel rooms through its metasearch tool, "Hotel Tonight." This move is likely a response to the growing protests against Airbnb in popular tourist destinations, mainly due to concerns about housing shortages. In areas where regulatory actions are being taken against home-sharing services, the expanded hotel options on Hotel Tonight could result in more bookings.
To address concerns about overtourism, Airbnb is introducing a new search filter that assists users in finding accommodations in rural areas, including tranquil villages and lesser-known towns.
It is still being determined whether all of Brian Chesky's announcements will come to fruition. He initially also mentioned a newly developed app based on artificial intelligence, which was supposed to be launched in May 2024. However, he has acknowledged that it would take years to transform Airbnb into a fully AI-controlled application.
Despite the challenges, Chesky remains steadfast in his commitment to Airbnb's long-term vision. He envisions Airbnb as a digital travel concierge, more than just a chatbot, capable of understanding users well enough to offer personalized travel suggestions.