Founded in 2008, Airbnb defines itself as a community based on belonging and connection. The world’s most popular travel accommodation marketplace started when two hosts welcomed three guests to their San Francisco home.
Since then, the network has grown to four million hosts, who have welcomed 800 million guests to around 100,000 cities from all over the world. Airbnb’s host community are all ordinary people, who open and share their property with guests and make them feel at home.
As of September 30, 2020, the company had 5.6 million active listings worldwide. They offer 24,000 homes, 3,500 castles, 90,000 cabins, 40,000 farms, 2,600 treehouses, 1,600 private island stays, 140 igloos and 300 lighthouses.
According to Airbnb’s most recent statistics, the average annual earnings per host (as of September 2020) was $7,900. Throughout the history of the company’s existence hosts earned more than $110bn.
According to the company’s CEO Brian Chesky, Airbnb is growing its business beyond travel accommodation service. The “Experiences” segment offers travellers more than 25,000 local activities. In 2019 it was planning to launch a studio for streaming original travel content.
By 2022, the company’s new activities, including transportation and experiences, can take a significant part of Airbnb’s business. However, home-rental services will always be the core of the business.
Airbnb shares (ABNB) floated on the Nasdaq stock exchange on December 10, 2020, during one of the most anticipated initial public offerings of the year. The home-sharing giant sold 51,551,723 Class A shares at $68 per share. The IPO ended up raising $3.5bn.
The Airbnb share value of $68 appeared to be above the $56-$60 price range, set by the company before the IPO. According to Dealogic, Airbnb's offering is ranked the third largest IPO of the year.
The Airbnb stock chart skyrocketed 112 per cent right after its public debut. ABNB shares started trading at $146, which is more than twice the initial IPO price of $68.
Despite that, Airbnb went public at a time when the travel sector was severely hit by travel bans and coronavirus lockdowns, the Airbnb stock price showed monster gains in the first day of trading.
Commenting on the Airbnb prospects in the post-pandemic world, Brian Chesky mentioned: “Now that people are coming to Airbnb, they don’t even necessarily have a destination in mind or dates, because they’re flexible. We’re all obviously on Zoom, and so people are saying, ‘I want to go anywhere 300 miles around me, what can you show me?’ Now we’re going to be getting a little bit more into the game of inspiration and matching people to the perfect home experience for them.”
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