Airbnb emerged as a lodging alternative for professional and leisure travelers that has outsmarted the traditional competitors in hotel and hospitality business. The ground reality is that Airbnb has already managed to capture a fair share of hotel industry. This startup served as the pioneer of peer to peer market that has never been spotted before. In fact, it won’t be wrong to quote that Airbnb business model contributed to market diversification.
The company stands at a current value of $20 billion, twice the valuation of Hyatt and roughly equal to Marriott which speaks volumes about the company’s success index. It offers a place to Book homes from local hosts in 191+ countries and experience a place like you live there. They have seen an exponential growth but it was not always sunshine and butterflies for the startup. Airbnb emerged as a market leader with a strong foothold after their re-launch as Belong everywhere.
This was the first time that Airbnb used music to communicate the brand message. After the company rebranded itself in 2015, more than 50,000 employees from 5,000 companies have completed their bookings.
Business travel is one of three primary growth markets for Airbnb moving forward, along with Chinese travelers on the buyer side, and non-urban destinations on the supply side. Now Airbnb is taking this step to make the hosts aware about all possible requirements of business travelers.
“Businesses have clearly been longing for a better way to manage their employees’ travel needs and business travelers seem eager for change from the traditional business travel accommodations,”
Chip Conley, Airbnb’s head of global hospitality and strategy
Airbnb is the top pioneer of sharing economy by providing a platform for scalable travel accommodations. Peer-to-peer market offers a decentralized model where any two people can interact to buy or sell goods or services without the intervention of any company. This new idea of shared economy is gaining momentum and is viewed as a direct alternative to traditional capitalism. Ideally, the peer-to-peer markets serve the interests of service industry in a better way than products.