When Airbnb was originally founded, the product helped customers book air mattresses on people's apartment floors. Since then, Airbnb has had over a billion customers hosted through its platform. With more than 4 million registered hosts worldwide, it has grown into a major player in the hospitality sector.
Airbnb has been successful in disrupting the traditional holiday lettings sector. Before it existed accommodation was limited to hotels and bed and breakfasts, but Airbnb has mainstreamed the idea of renting out spare rooms or even entire homes. It has created a new sector of hosts purchasing properties to rent out on the platform and provides a level of flexibility and a range of offerings not previously possible for travelers.
Perhaps a victim of its own success, by 2022 supply of Airbnb-listed properties began to outstrip demand in some markets, as hosts overestimated the appetite for domestic travel. However, the company is still posting strong financials and has unveiled new tools to support its hosts in a tougher rental market. With a healthy bottom line and a huge user base, Airbnb is very likely to overcome the current market turbulence and continue its growth.
Kirsty
Company Specialist at Welcome to the Jungle
