• Airbnb, Inc. is an American San Francisco-based company that provides an online marketplace for short or long-term homestays.
• The name “Airbnb” stands for “Air Bed and Breakfast”. It acts as a broker and charges a commission from each booking.
• The company was founded in 2008 by Brian Chesky, Nathan Blecharczyk, and Joe Gebbia.
COVID came up as an unexpected boom. It shut down many nascent businesses and created an economic crisis. The case for Airbnb, by CEO Brian Chesky, was no different, established in 2007 in San Francisco, California, United States.
When COVID-19 began in 2020, he was concerned for his business, as he lost 80% of his company at the start of 2020, as the travel industry came to a pause because of the unexpected outbreak of the pandemic, leading to lockdowns.
To survive the epidemic, Airbnb primarily focused on essential areas for long-term growth. They sold non-essential parts of the business like transportation and a magazine.
They prioritized hosting, lodging, and experiences. The company's headcount grew by 40% in 2019, but due to the pandemic, it had to cut 25% of its workforce in 2020.
Throughout 30 rounds, Airbnb has raised a total of $6.4 billion in investment. On June 3, 2020, they received their most recent round of money from the secondary market.
Chesky talked about ways to make his Airbnb trip better. He said they were almost done and have made over 50 changes in May and have five more extensive changes. There will be more changes in November than one can expect. It is evident that this year, they are aiming to make their leading service better.
Soon, Airbnb will be back with its complete swing and ready to provide the best service as it used to do. So when you are next time in San Francisco, book your stay with Airbnb.
Edited by Shruti Thapa