Product details

The spring of 2020 was a close call for Airbnb, Inc (Airbnb) as the bookings fell by almost 80% during this period due to the adverse impact of the pandemic. Soon, the company under the leadership of Brian Chesky, CEO and co-founder of Airbnb, strategically planned to 'focus on the core' to scale up its business. Airbnb redesigned its platform by adding new features such as categories rather than destinations. The company also focused on the orientation process for new hosts. By focusing on the platform's design and user experience, Airbnb was able to generate a revenue of around USD8.4 billion in 2022, which was 40% higher than in 2021. In 2023, Airbnb announced over 50 updates, designed to improve the customer experience. In 2023, Airbnb was also listed among the top three innovative companies in the world by Fast Company. However, the company was facing tough competition from its rivals. Besides, the new entrants were growing their businesses through acquisitions. Many investors were also investing in the short-term rental market. With stringent regulatory measures, changing consumer behaviour and tough competition in the market, would Airbnb be able to reinvent itself for the new era of travel?