1 00:00:00,080 --> 00:00:03,240 Speaker 1: Airbnb out with a redesign app that puts a great 2 00:00:03,320 --> 00:00:06,080 Speaker 1: emphasis on services, on one of the kind experiences. But 3 00:00:06,160 --> 00:00:08,680 Speaker 1: this is as of course, anxiety remains about consumer sentiment, 4 00:00:08,720 --> 00:00:11,760 Speaker 1: about our desire to travel abroad. Right now, let's get 5 00:00:11,760 --> 00:00:14,520 Speaker 1: through all of that with Airbnb's plans. We're John by CEO, 6 00:00:14,560 --> 00:00:18,840 Speaker 1: Brian Chesky, Brian Welcome and airbmb more than a home. 7 00:00:19,200 --> 00:00:21,480 Speaker 1: You want to be sort of an Airbnb for the 8 00:00:21,520 --> 00:00:23,480 Speaker 1: world and for services. 9 00:00:23,600 --> 00:00:25,200 Speaker 2: Tell us the revenue drivers here. 10 00:00:25,360 --> 00:00:28,159 Speaker 1: Why is more experiences, more services going to lead to 11 00:00:28,200 --> 00:00:30,360 Speaker 1: a bigger business and investable opportunity. 12 00:00:30,600 --> 00:00:32,519 Speaker 3: Well, I mean as big as the Verbnb is, and 13 00:00:32,560 --> 00:00:35,560 Speaker 3: we do around ninety billion dollars a year in bookings. 14 00:00:35,720 --> 00:00:40,600 Speaker 3: There's so much greater opportunity for people to monetize the biggest. 15 00:00:40,240 --> 00:00:42,280 Speaker 2: Asset in their life. And it's not their home, it's 16 00:00:42,280 --> 00:00:42,800 Speaker 2: their time. 17 00:00:43,200 --> 00:00:45,280 Speaker 3: And so what if all the people's skills, all the 18 00:00:45,280 --> 00:00:49,360 Speaker 3: people's passion, their expertise could be monetized. A huge percent 19 00:00:49,440 --> 00:00:51,120 Speaker 3: of the jobs in the United States around the world 20 00:00:51,200 --> 00:00:55,040 Speaker 3: are becoming essentially services jobs. And there is no Amazon 21 00:00:55,200 --> 00:00:58,680 Speaker 3: for services. You know, people say Amazon's the everything stored 22 00:00:58,680 --> 00:01:00,720 Speaker 3: It's kind of the everything in a cardboard box store. 23 00:01:01,000 --> 00:01:05,119 Speaker 2: But there's this whole other world. It requires trust, It requires. 24 00:01:04,720 --> 00:01:07,520 Speaker 3: Two people to have an exchange between one another. I 25 00:01:07,560 --> 00:01:10,600 Speaker 3: think that's where airbyscore competency is. What we built is 26 00:01:10,600 --> 00:01:13,080 Speaker 3: an extensible platform that's not limited to homes. 27 00:01:13,280 --> 00:01:16,280 Speaker 1: What's interesting is the chefs, the massages, the other key 28 00:01:16,319 --> 00:01:19,280 Speaker 1: at services that you're offering do have to be vetted? Yes, 29 00:01:19,480 --> 00:01:21,280 Speaker 1: that's when you get the scale. How are you going 30 00:01:21,360 --> 00:01:23,520 Speaker 1: to scale that if you're doing this on a person 31 00:01:23,560 --> 00:01:26,039 Speaker 1: to person basis, How much does mL then take over? 32 00:01:26,160 --> 00:01:26,319 Speaker 2: Yeah? 33 00:01:26,360 --> 00:01:28,280 Speaker 3: I mean, I mean a lot of what we do, 34 00:01:28,319 --> 00:01:30,320 Speaker 3: and I think a lot of what everyone in technology 35 00:01:30,360 --> 00:01:33,120 Speaker 3: does is you start things by hand, You learn the rules, 36 00:01:33,160 --> 00:01:35,800 Speaker 3: and you train the technology, and the technology takes over 37 00:01:35,880 --> 00:01:38,000 Speaker 3: either does it or augments the people. 38 00:01:38,040 --> 00:01:39,600 Speaker 2: And that's exactly what it was like here. 39 00:01:39,640 --> 00:01:41,880 Speaker 3: We start very much by hand, and then we build 40 00:01:41,920 --> 00:01:44,039 Speaker 3: tools to automate the task that people are doing. 41 00:01:45,160 --> 00:01:49,240 Speaker 4: Brian, I started using Airbnb in the UK around twenty 42 00:01:49,280 --> 00:01:52,160 Speaker 4: ten eleven when I went to college, right, and that 43 00:01:52,320 --> 00:01:55,880 Speaker 4: was before Uber even launched in the UK. And when 44 00:01:55,880 --> 00:01:58,880 Speaker 4: I think about the development of platforms and app technologies 45 00:01:58,920 --> 00:02:02,840 Speaker 4: like yours, one point of difference than Airbnb has versus 46 00:02:02,880 --> 00:02:06,400 Speaker 4: n Uber is that you don't yet have advertising, whereas 47 00:02:06,440 --> 00:02:09,360 Speaker 4: you look at Uber's ad growth now for them on 48 00:02:09,400 --> 00:02:11,359 Speaker 4: the investor side, it's a really big thing. 49 00:02:11,720 --> 00:02:13,800 Speaker 3: How do you think about that? I think it's a 50 00:02:13,840 --> 00:02:17,560 Speaker 3: huge opportunity. You know, one of the frameworks I really 51 00:02:17,639 --> 00:02:20,880 Speaker 3: like around how to invest is you want to invest 52 00:02:20,919 --> 00:02:24,040 Speaker 3: in the most perishable opportunities first, and so we think 53 00:02:24,080 --> 00:02:29,280 Speaker 3: a really perishable opportunity is, you know, launching services and experiences. 54 00:02:29,320 --> 00:02:30,359 Speaker 2: The timing is right. 55 00:02:31,160 --> 00:02:34,519 Speaker 3: We think advertising is a huge opportunity for us. It's 56 00:02:34,560 --> 00:02:36,880 Speaker 3: an inevitable opportunity for us, but we don't think it's 57 00:02:36,880 --> 00:02:39,200 Speaker 3: the most parishal opportunity, so it hasn't been something we've 58 00:02:39,240 --> 00:02:42,440 Speaker 3: prioritized in our near term roadmap. I also think it's 59 00:02:42,560 --> 00:02:48,040 Speaker 3: really good to first extend our platform from homes to services, experiences. 60 00:02:47,440 --> 00:02:50,040 Speaker 2: In beyond, so when we build things, we can build. 61 00:02:49,840 --> 00:02:53,640 Speaker 3: Them as a horizontal platform inevitable. 62 00:02:53,720 --> 00:02:56,320 Speaker 4: That's that's really interesting. You've got a lot of credit 63 00:02:56,360 --> 00:02:58,880 Speaker 4: this week for the relaunch of the app and its 64 00:02:59,120 --> 00:03:01,880 Speaker 4: ability to give you some long term growth. I'd just 65 00:03:02,080 --> 00:03:04,400 Speaker 4: be grateful to hear how you think it will drive 66 00:03:04,480 --> 00:03:07,040 Speaker 4: long term growth. I think from the streets perspective, that's 67 00:03:07,080 --> 00:03:10,920 Speaker 4: more about revenue growth and profit, but maybe scale of 68 00:03:10,960 --> 00:03:11,960 Speaker 4: the platform as well. 69 00:03:12,400 --> 00:03:13,919 Speaker 2: I think there's three things. 70 00:03:14,600 --> 00:03:16,919 Speaker 3: Number one, there's a whole bunch of people who don't 71 00:03:16,960 --> 00:03:19,440 Speaker 3: book Airbnbs because they don't come with services. 72 00:03:19,440 --> 00:03:20,360 Speaker 2: They go to hotels. 73 00:03:20,600 --> 00:03:22,840 Speaker 3: So what if you get affer all the services of 74 00:03:22,880 --> 00:03:25,760 Speaker 3: a hotel and more in a Airbnb. So that's one 75 00:03:25,800 --> 00:03:27,840 Speaker 3: way we actually could grow is to get a lot 76 00:03:27,880 --> 00:03:30,800 Speaker 3: more customers. The second way we can grow is a 77 00:03:30,800 --> 00:03:33,239 Speaker 3: lot of people use Airbnb, but the only book one 78 00:03:33,280 --> 00:03:35,720 Speaker 3: thing on the reservation home, so we can essentially get 79 00:03:35,720 --> 00:03:38,200 Speaker 3: a greater share of wallet on the trip. The third 80 00:03:38,320 --> 00:03:41,480 Speaker 3: and the longest term opportunity is local demand. We think 81 00:03:41,560 --> 00:03:44,120 Speaker 3: a lot of these services and experiences that we're initially 82 00:03:44,120 --> 00:03:47,280 Speaker 3: building out for travel consumers are eventually going to be things. 83 00:03:47,320 --> 00:03:48,920 Speaker 3: Are going to want a book in your own city, 84 00:03:49,000 --> 00:03:51,480 Speaker 3: and that is an even significantly greater market. So there's 85 00:03:51,520 --> 00:03:53,320 Speaker 3: really these three types of horizons. 86 00:03:54,360 --> 00:03:59,200 Speaker 1: Coast playing with Megandee Stallion, learning volleyball within Olympian in Rio. 87 00:03:59,360 --> 00:04:01,560 Speaker 1: How did you get these one off experiences? I mean, 88 00:04:01,640 --> 00:04:02,760 Speaker 1: is this making some phone calls? 89 00:04:02,840 --> 00:04:03,040 Speaker 2: Yeah? 90 00:04:03,040 --> 00:04:05,400 Speaker 3: I mean like, well a year ago we launched icons 91 00:04:05,440 --> 00:04:08,440 Speaker 3: We're sure these extraordinary experiences hosted by the biggest names 92 00:04:08,480 --> 00:04:11,200 Speaker 3: and culture we had. You know, we've made the uphouse 93 00:04:11,240 --> 00:04:12,840 Speaker 3: float in the sky, and we did all these really 94 00:04:12,920 --> 00:04:15,640 Speaker 3: cool experiences, and then we started thinking to ourselves, how 95 00:04:15,640 --> 00:04:18,480 Speaker 3: do we bring that magic to experiences? And we built 96 00:04:18,520 --> 00:04:21,840 Speaker 3: this network of really interesting celebrities and global icons. And 97 00:04:21,839 --> 00:04:23,680 Speaker 3: one of the things that we found is they a 98 00:04:23,720 --> 00:04:25,400 Speaker 3: lot of them heard about what we're doing. 99 00:04:25,440 --> 00:04:26,400 Speaker 2: They reached out to us. 100 00:04:26,800 --> 00:04:29,480 Speaker 3: I think a lot of these global celebrities want to 101 00:04:29,520 --> 00:04:31,560 Speaker 3: connect direct with their fans. They don't just want to 102 00:04:31,600 --> 00:04:34,760 Speaker 3: have a parasocial relationship on social media. And I think 103 00:04:35,279 --> 00:04:37,960 Speaker 3: the more we talk about AI, the more we start 104 00:04:38,000 --> 00:04:40,719 Speaker 3: to realize that we are accelerating our life living in 105 00:04:40,760 --> 00:04:43,240 Speaker 3: a digital realm. We're spending more and more time on devices, 106 00:04:43,560 --> 00:04:44,880 Speaker 3: and we want to be the kind of company they're 107 00:04:44,880 --> 00:04:47,760 Speaker 3: getting people off devices into the real world just as 108 00:04:47,760 --> 00:04:49,200 Speaker 3: a balance, and I think that could be a very 109 00:04:49,240 --> 00:04:50,600 Speaker 3: exciting proposition for the future. 110 00:04:50,680 --> 00:04:52,920 Speaker 1: As you can imagine, this show's been talking about AI 111 00:04:53,000 --> 00:04:55,800 Speaker 1: relentlessly for the last three years, but we took a pause, 112 00:04:56,040 --> 00:04:59,520 Speaker 1: started talking about taris and the economy relentlessly. You said, 113 00:04:59,600 --> 00:05:02,040 Speaker 1: now it's the perfect moment to be launching these services 114 00:05:02,080 --> 00:05:05,480 Speaker 1: and experiences. Why in this environment where you saw consumer 115 00:05:05,800 --> 00:05:07,440 Speaker 1: sentiment today is woefully low. 116 00:05:07,920 --> 00:05:12,360 Speaker 3: I mean, well, number one, we reported really really good 117 00:05:12,440 --> 00:05:14,880 Speaker 3: growth within travel, So I think people are still traveling, 118 00:05:15,200 --> 00:05:17,560 Speaker 3: and I think when the consumer sentiment is and steady, 119 00:05:17,760 --> 00:05:19,599 Speaker 3: they still want to travel, but they often want to 120 00:05:19,640 --> 00:05:21,000 Speaker 3: find more affordable options. 121 00:05:21,080 --> 00:05:22,400 Speaker 2: Airbombs a great way to do that. 122 00:05:22,800 --> 00:05:25,560 Speaker 3: But beyond that, this is a very long term bet 123 00:05:25,560 --> 00:05:27,479 Speaker 3: that we're making over the next five years, and I 124 00:05:27,520 --> 00:05:30,400 Speaker 3: think this will endure across any kind of economy. 125 00:05:30,400 --> 00:05:31,520 Speaker 2: It's just good to remind people. 126 00:05:31,720 --> 00:05:34,360 Speaker 3: Airboby started during the Great recession of two thousand and eight, 127 00:05:34,680 --> 00:05:36,320 Speaker 3: and so I think a lot of the great businesses 128 00:05:36,360 --> 00:05:39,440 Speaker 3: are starting during you know, kind of a weekend economy. 129 00:05:40,640 --> 00:05:45,240 Speaker 4: Brian, you're pivoting to founder mode, right, Yeah, how's that 130 00:05:45,279 --> 00:05:47,920 Speaker 4: going to help Airbnb navigate the world that it's in 131 00:05:48,000 --> 00:05:48,479 Speaker 4: right now? 132 00:05:49,000 --> 00:05:51,920 Speaker 3: I think founder mode basically just means like running a 133 00:05:52,000 --> 00:05:56,040 Speaker 3: large company with the hands on approach, where you're in 134 00:05:56,080 --> 00:06:00,799 Speaker 3: the details, your leaders in the details, and everyone's rolling 135 00:06:00,800 --> 00:06:03,880 Speaker 3: in the same direction like a startup. I think those 136 00:06:03,960 --> 00:06:07,080 Speaker 3: principles are more important now than ever with this new 137 00:06:07,080 --> 00:06:08,280 Speaker 3: technological revolution. 138 00:06:08,400 --> 00:06:09,320 Speaker 2: That's in front of us. 139 00:06:09,360 --> 00:06:12,120 Speaker 3: You need people that are able to basically have their 140 00:06:12,160 --> 00:06:15,440 Speaker 3: hands on the steering wheel and not be in essentially 141 00:06:15,520 --> 00:06:17,880 Speaker 3: a self driving car, which is you know how more 142 00:06:17,880 --> 00:06:20,520 Speaker 3: professional managers typically run things. So I think this is 143 00:06:20,560 --> 00:06:23,400 Speaker 3: the perfect time to lean into the future, to put 144 00:06:23,400 --> 00:06:25,560 Speaker 3: the pederal the metal, put your hand in the steering wheel, 145 00:06:25,760 --> 00:06:28,360 Speaker 3: and really drive transformation. And I think a lot of 146 00:06:28,400 --> 00:06:30,560 Speaker 3: the great companies in history have been led that way. 147 00:06:31,600 --> 00:06:32,520 Speaker 2: With that in mind. 148 00:06:33,920 --> 00:06:38,040 Speaker 4: Airbnb the technology company, what's its call competency? What are 149 00:06:38,080 --> 00:06:41,240 Speaker 4: your people really good at that other companies are not? 150 00:06:41,920 --> 00:06:45,080 Speaker 3: I think a few things all probably a few, but 151 00:06:45,120 --> 00:06:47,240 Speaker 3: I'll highlight just two on the right now. 152 00:06:48,000 --> 00:06:49,400 Speaker 2: The first is our application. 153 00:06:49,480 --> 00:06:51,440 Speaker 3: I think we have one of the most beautifully well 154 00:06:51,480 --> 00:06:53,839 Speaker 3: designed and build apps in the world. We're able to 155 00:06:53,880 --> 00:06:56,680 Speaker 3: show it is incredibly intuitive. I know we I believe 156 00:06:56,720 --> 00:06:58,279 Speaker 3: we're one of the best design teams in the world. 157 00:06:58,560 --> 00:07:02,680 Speaker 3: So we have really rate applications and so take AI. 158 00:07:03,000 --> 00:07:05,280 Speaker 3: There's a lot of development on the application, the on 159 00:07:05,320 --> 00:07:09,360 Speaker 3: the large language model layer, but the applications haven't seen 160 00:07:09,400 --> 00:07:11,440 Speaker 3: a lot of development. If you pick up your phone, 161 00:07:11,680 --> 00:07:14,920 Speaker 3: almost every app looks exactly like it did before. Generative 162 00:07:14,960 --> 00:07:16,960 Speaker 3: AI came on the scene. So that's the first thing. 163 00:07:17,320 --> 00:07:21,440 Speaker 3: The second is probably even more important the offline world. 164 00:07:21,560 --> 00:07:23,440 Speaker 3: We're really good at building apps, but I think we're 165 00:07:23,480 --> 00:07:26,560 Speaker 3: even better at designing the system of trust between two 166 00:07:26,560 --> 00:07:29,480 Speaker 3: strangers to live together. I mean, nearly four million people 167 00:07:29,520 --> 00:07:32,440 Speaker 3: a day live together in Airbnb and nearly every country 168 00:07:32,440 --> 00:07:34,840 Speaker 3: in the world. Think about all the ways you need 169 00:07:34,840 --> 00:07:38,360 Speaker 3: to keep people safe, handle their issues, match supply and demand, 170 00:07:38,520 --> 00:07:42,760 Speaker 3: facilitate money, you know, make sure they're having great experiences. 171 00:07:43,320 --> 00:07:46,600 Speaker 3: There's so much more the offline world the Airbnb. When 172 00:07:46,600 --> 00:07:49,000 Speaker 3: people Seebnb, they see an app, and the app is 173 00:07:49,120 --> 00:07:51,040 Speaker 3: just to scratch the surface of our community. 174 00:07:51,240 --> 00:07:51,960 Speaker 2: I love that you're. 175 00:07:51,800 --> 00:07:55,600 Speaker 1: Talking online and offline. Briefly, when you're thinking about Karna, 176 00:07:55,720 --> 00:07:58,320 Speaker 1: having to decide that actually, all the AI focus has 177 00:07:58,360 --> 00:07:59,360 Speaker 1: to be unwound a little bit. 178 00:07:59,400 --> 00:08:00,080 Speaker 2: Customers of this. 179 00:08:00,200 --> 00:08:02,119 Speaker 1: Is not working as they want to bring people back. 180 00:08:02,440 --> 00:08:05,080 Speaker 1: You're bringing AI to customer service. How's that going? And 181 00:08:05,120 --> 00:08:07,000 Speaker 1: how much do you have to rely on people's stuff. 182 00:08:07,280 --> 00:08:08,960 Speaker 2: We still have to rely a lot on people. 183 00:08:09,440 --> 00:08:12,640 Speaker 3: I think it's going incredibly well. We launched a customer 184 00:08:12,680 --> 00:08:15,520 Speaker 3: service agent in the United States to all English speaking users. 185 00:08:15,600 --> 00:08:17,880 Speaker 3: Where now if you need help, you can reach out 186 00:08:17,880 --> 00:08:19,440 Speaker 3: to an AI customer service agent. 187 00:08:19,480 --> 00:08:20,440 Speaker 2: It's a front line. 188 00:08:20,600 --> 00:08:23,800 Speaker 3: It's been trained on, you know, hundreds of millions of 189 00:08:23,880 --> 00:08:26,840 Speaker 3: customer trips to be able to be twenty four to 190 00:08:26,840 --> 00:08:30,000 Speaker 3: seven and be an escalation point to humans or. 191 00:08:29,960 --> 00:08:31,400 Speaker 2: Be able to answer the question themselves. 192 00:08:31,840 --> 00:08:34,080 Speaker 3: But I think the key lesson here is you don't 193 00:08:34,080 --> 00:08:36,040 Speaker 3: want to rush into a trend. I think that people 194 00:08:36,080 --> 00:08:39,160 Speaker 3: got really really excited AI be invitably thought it's the future. 195 00:08:39,200 --> 00:08:40,840 Speaker 3: It's going to do all these tasks in the future. 196 00:08:40,880 --> 00:08:44,080 Speaker 3: All that's true, but you can't skip steps and people 197 00:08:44,120 --> 00:08:46,440 Speaker 3: want things to work, and so, you know, we didn't 198 00:08:46,440 --> 00:08:48,200 Speaker 3: want it to be an AI lab. We wanted to 199 00:08:48,200 --> 00:08:50,640 Speaker 3: be something people could trust, and so we've been very 200 00:08:50,720 --> 00:08:54,480 Speaker 3: very careful about focusing on solving real problems responsibly with 201 00:08:54,520 --> 00:08:55,800 Speaker 3: a model that doesn't hallucinate. 202 00:08:55,840 --> 00:08:56,880 Speaker 2: And I think that's what we're doing 203 00:08:58,720 --> 00:09:01,680 Speaker 4: At BNBC, you know, and co founder Branchester, it's great 204 00:09:01,679 --> 00:09:03,240 Speaker 4: to have you back on Bloombog technology.