1 00:00:02,640 --> 00:00:06,439 Speaker 1: Hi. I'm Andy Brown, the editorial director of the Bloomberg 2 00:00:06,640 --> 00:00:09,680 Speaker 1: New Economy. I'll be with you for the next few weeks, 3 00:00:09,760 --> 00:00:13,800 Speaker 1: sharing highlights of my video broadcast called on the front Lines, 4 00:00:13,920 --> 00:00:16,320 Speaker 1: in which I talked with c e O s about 5 00:00:16,360 --> 00:00:20,360 Speaker 1: how they're coping with the COVID nineteen crisis. When I 6 00:00:20,400 --> 00:00:23,320 Speaker 1: spoke with Brian Chesky, the chief executive of air B 7 00:00:23,480 --> 00:00:26,200 Speaker 1: and B, a few months ago, he'd recently laid off 8 00:00:26,200 --> 00:00:29,400 Speaker 1: a quarter of his staff, but the business has since 9 00:00:29,440 --> 00:00:33,000 Speaker 1: staged a remarkable comeback. Air B and B is now 10 00:00:33,080 --> 00:00:36,320 Speaker 1: said to be planning a stock market listing. All those 11 00:00:36,320 --> 00:00:40,120 Speaker 1: city folks vacationing close to home have clearly rescued the 12 00:00:40,159 --> 00:00:43,920 Speaker 1: fortunes of the home sharing giant. I hope you enjoyed 13 00:00:43,960 --> 00:00:47,680 Speaker 1: this and other interviews on how the coronavirus is transforming 14 00:00:47,680 --> 00:00:50,960 Speaker 1: the business world. You can find them all on Bloomberg 15 00:00:51,000 --> 00:00:53,840 Speaker 1: dot com. And thanks to Stephanie Flanders for letting me 16 00:00:53,920 --> 00:01:02,680 Speaker 1: hijack her feed. Bryan, thanks for joining us, well, thank 17 00:01:02,720 --> 00:01:05,920 Speaker 1: you for having me today. So you said in an 18 00:01:05,959 --> 00:01:11,320 Speaker 1: interview last week that travel as we knew it is over. 19 00:01:11,800 --> 00:01:15,800 Speaker 1: It's never coming back. Really, What what do you mean 20 00:01:15,840 --> 00:01:20,400 Speaker 1: by that? Exactly. Yeah, well, um, I think that there's 21 00:01:20,600 --> 00:01:23,840 Speaker 1: been no moment in the history of travel, or at 22 00:01:23,920 --> 00:01:26,240 Speaker 1: least not for the last probably fifty years, that has 23 00:01:26,319 --> 00:01:29,360 Speaker 1: impacted the industry quite like today. And what I mean 24 00:01:29,440 --> 00:01:33,240 Speaker 1: by that is, and I think maybe that's uh, is 25 00:01:33,280 --> 00:01:37,000 Speaker 1: the following. Right now, what we're seeing is a mass 26 00:01:37,080 --> 00:01:39,920 Speaker 1: adoption of a different way to travel. Right now, people 27 00:01:39,920 --> 00:01:44,400 Speaker 1: are not comfortable, um large, getting on airplanes, crossing borders, 28 00:01:44,880 --> 00:01:48,040 Speaker 1: being in crowds and lines. And what's going to happen 29 00:01:48,320 --> 00:01:51,560 Speaker 1: is what people are saying is they're comfortable getting in 30 00:01:51,560 --> 00:01:55,800 Speaker 1: a car, traveling like as much as two miles, staying 31 00:01:56,000 --> 00:01:58,880 Speaker 1: in small communities. And so what I think this is 32 00:01:58,920 --> 00:02:01,960 Speaker 1: going to be is a new chapter for travel that's 33 00:02:02,000 --> 00:02:04,520 Speaker 1: going to be a little more intimate, a little more local. 34 00:02:04,720 --> 00:02:07,840 Speaker 1: And I think you're gonna see travel getting more distributed 35 00:02:07,880 --> 00:02:10,680 Speaker 1: to more communities because when you travel locally, by definition, 36 00:02:10,720 --> 00:02:13,680 Speaker 1: you travel to more small communities. Now doesn't mean that 37 00:02:14,080 --> 00:02:16,960 Speaker 1: the travel as we knew it like all that won't exist, 38 00:02:17,040 --> 00:02:19,880 Speaker 1: of course it will. It's just that once people experience 39 00:02:19,960 --> 00:02:22,520 Speaker 1: some other types of experience of small communities, you can 40 00:02:22,520 --> 00:02:26,080 Speaker 1: never undo that. It's always gonna now move towards a 41 00:02:26,120 --> 00:02:29,120 Speaker 1: more intimate way. And this is something that frankly everyone 42 00:02:29,120 --> 00:02:31,920 Speaker 1: industry can participate, and I think it's actually gonna be 43 00:02:32,320 --> 00:02:34,680 Speaker 1: there's a silver lining here, although it's gonna be painful. 44 00:02:35,080 --> 00:02:37,200 Speaker 1: I do think out of this is going to be 45 00:02:37,240 --> 00:02:42,160 Speaker 1: a new, a new growth opportunity for travel. So destinations 46 00:02:42,280 --> 00:02:44,040 Speaker 1: will change, as you say, people want to go to 47 00:02:44,560 --> 00:02:49,120 Speaker 1: communities or experience will be more of a democratization. So 48 00:02:49,840 --> 00:02:53,600 Speaker 1: the the destinations that we're winning before, I think they'll 49 00:02:53,639 --> 00:02:56,959 Speaker 1: all recover. What's going to happen is people are gonna 50 00:02:57,240 --> 00:02:59,280 Speaker 1: realize that you don't just have to go to like 51 00:02:59,560 --> 00:03:03,200 Speaker 1: twenty cities, go to the tourist district those cities and 52 00:03:03,240 --> 00:03:05,560 Speaker 1: get in lines and double decker buses, stand in front 53 00:03:05,600 --> 00:03:08,600 Speaker 1: of landmarks and selfies. That that's not going away as 54 00:03:08,720 --> 00:03:11,240 Speaker 1: much as that will be supplemented with an entire new 55 00:03:11,240 --> 00:03:15,440 Speaker 1: way of traveling to small communities. That is pretty clear. Well, 56 00:03:15,520 --> 00:03:20,560 Speaker 1: will people view home sharing differently? Yeah, I I do 57 00:03:20,680 --> 00:03:25,919 Speaker 1: think that. Um you think you know, it's like this 58 00:03:26,080 --> 00:03:30,000 Speaker 1: is all what's gonna happen in the future. People are 59 00:03:30,760 --> 00:03:33,720 Speaker 1: spending months in their home, They're saying they want to 60 00:03:33,760 --> 00:03:35,880 Speaker 1: get out of their home. They want to go somewhere, 61 00:03:35,920 --> 00:03:38,440 Speaker 1: they want on a plane. And so what's happening is 62 00:03:38,480 --> 00:03:42,400 Speaker 1: because there's not as many hotels and small communities, and 63 00:03:42,480 --> 00:03:44,800 Speaker 1: because the hotels really don't want to operate without a 64 00:03:44,840 --> 00:03:47,800 Speaker 1: reasonable occupancy. I think a lot of people, a new 65 00:03:47,840 --> 00:03:50,640 Speaker 1: generation travelers, are going to discover staying at a home, 66 00:03:50,960 --> 00:03:53,000 Speaker 1: and I think they'll find that as an appealing option 67 00:03:53,080 --> 00:03:54,880 Speaker 1: for them. So I do think this is going to 68 00:03:55,040 --> 00:03:57,120 Speaker 1: lead to a lot of people trying it, and I 69 00:03:57,160 --> 00:03:59,880 Speaker 1: think that people are gonna want for a while travel 70 00:04:00,000 --> 00:04:02,320 Speaker 1: it's a little more intimate, and again I think you 71 00:04:02,360 --> 00:04:05,040 Speaker 1: will still see recovery of the old way of traveling. 72 00:04:05,240 --> 00:04:08,040 Speaker 1: But I think even all the traditional travel companies are 73 00:04:08,040 --> 00:04:10,320 Speaker 1: going to continue to evolve to a more intimate way 74 00:04:10,360 --> 00:04:12,600 Speaker 1: of traveling, and you're gonna see them participate in more 75 00:04:12,640 --> 00:04:14,960 Speaker 1: communities all over the world. So what this really means 76 00:04:15,520 --> 00:04:19,280 Speaker 1: is that thousands of communities can now I think, participate 77 00:04:19,279 --> 00:04:22,520 Speaker 1: in travel. We call this kind of travel redistribution, and 78 00:04:22,600 --> 00:04:26,080 Speaker 1: ultimately even very large cities may welcome some of this. 79 00:04:26,240 --> 00:04:28,920 Speaker 1: You know, I spent time in France, and I remember 80 00:04:28,960 --> 00:04:31,320 Speaker 1: one time I met with the Minister of the Economy 81 00:04:31,320 --> 00:04:33,600 Speaker 1: and Tourism and they told me one of the things 82 00:04:33,640 --> 00:04:36,280 Speaker 1: that were interested in wasn't necessarily just getting more people 83 00:04:36,279 --> 00:04:38,279 Speaker 1: to travel to Paris, but they wanted more people to 84 00:04:38,279 --> 00:04:40,640 Speaker 1: go to Provence where the countryside or other parts of 85 00:04:40,640 --> 00:04:43,280 Speaker 1: France UM and parts of the United States people are 86 00:04:43,320 --> 00:04:46,760 Speaker 1: saying a lot of governors saying they want um people 87 00:04:46,760 --> 00:04:50,160 Speaker 1: to visit more rural communities. We worked with the state 88 00:04:50,160 --> 00:04:54,360 Speaker 1: of North Carolina to promote travel throughout North Carolina outside 89 00:04:54,360 --> 00:04:57,359 Speaker 1: of cities national parks. I think you're gonna see a 90 00:04:57,360 --> 00:05:00,279 Speaker 1: lot of outdoor travel, a lot of small community these 91 00:05:00,440 --> 00:05:03,000 Speaker 1: and once you discover it and you realize how fun 92 00:05:03,040 --> 00:05:06,440 Speaker 1: it is, it's really never the same after that. So 93 00:05:06,480 --> 00:05:10,880 Speaker 1: you've talked about about France UM, some city governments are 94 00:05:10,920 --> 00:05:13,520 Speaker 1: complaining that A B and B forces uprants, changing is 95 00:05:13,560 --> 00:05:16,840 Speaker 1: the character of downtown areas. Ian Brossat, who's the Paris 96 00:05:16,839 --> 00:05:20,320 Speaker 1: deputy marriage charge of housing, said we intend to take 97 00:05:20,320 --> 00:05:23,800 Speaker 1: the opportunity to regain control. He was talking about the coronavirus. 98 00:05:24,240 --> 00:05:26,640 Speaker 1: Do you worry about this kind of backlash? Oh, what 99 00:05:26,760 --> 00:05:28,800 Speaker 1: does the kind of travel that you've been talking about them, 100 00:05:28,800 --> 00:05:32,599 Speaker 1: what discussed democratic kind of travel less than that type 101 00:05:32,640 --> 00:05:35,160 Speaker 1: of criticism. Do you think well, yeah, I mean I 102 00:05:35,400 --> 00:05:37,800 Speaker 1: think number one, we want to be really good partners 103 00:05:37,800 --> 00:05:41,400 Speaker 1: to cities, including Paris, and there's many stakeholders, but we 104 00:05:41,440 --> 00:05:44,600 Speaker 1: want to be a company of strengthen the community in Paris. 105 00:05:44,880 --> 00:05:47,240 Speaker 1: And I also think that like travel is going to 106 00:05:47,320 --> 00:05:49,720 Speaker 1: probably be a little more distributed for a period of time. 107 00:05:50,040 --> 00:05:52,039 Speaker 1: And one of the things we're trying to do is 108 00:05:52,120 --> 00:05:57,320 Speaker 1: work with DMS destination market organizations governments that want travel, 109 00:05:57,600 --> 00:05:59,839 Speaker 1: and so we want to basically partner with them and 110 00:06:00,000 --> 00:06:02,440 Speaker 1: and if people say they want more travel, we would 111 00:06:02,440 --> 00:06:04,920 Speaker 1: love to be able to help market those destinations. So 112 00:06:05,240 --> 00:06:07,000 Speaker 1: and the vision would be, and I think this is 113 00:06:07,000 --> 00:06:09,920 Speaker 1: a vision for all travel companies is communities that want 114 00:06:09,920 --> 00:06:13,800 Speaker 1: more travel, we can help um promote their destinations and 115 00:06:13,880 --> 00:06:16,400 Speaker 1: that really that would be ultimately a place to get 116 00:06:16,440 --> 00:06:20,440 Speaker 1: to do you think the trends in work from home 117 00:06:20,800 --> 00:06:23,359 Speaker 1: here to stay? And if they're permanent, how will you 118 00:06:23,400 --> 00:06:26,080 Speaker 1: adapt your business to meet the demands of this new 119 00:06:26,560 --> 00:06:29,920 Speaker 1: nomadic workforce that can operate from anywhere in the world. 120 00:06:29,960 --> 00:06:31,840 Speaker 1: And that's a big part of your business now, right, Yeah, 121 00:06:32,080 --> 00:06:35,560 Speaker 1: it's permanent, absolutely, But again it's like a pendulum. If 122 00:06:35,560 --> 00:06:37,880 Speaker 1: the pendulum was here and it's now all the way here. 123 00:06:37,960 --> 00:06:40,400 Speaker 1: It's not staying here. It's gonna come back, but it's 124 00:06:40,400 --> 00:06:42,120 Speaker 1: not going back to where it was. Maybe that's another 125 00:06:42,120 --> 00:06:45,800 Speaker 1: way saying travel. Once people realize and we have collectively 126 00:06:45,839 --> 00:06:49,840 Speaker 1: realized you can work from zoom remotely new work from 127 00:06:49,839 --> 00:06:52,560 Speaker 1: a home, not every person is going to go back 128 00:06:52,560 --> 00:06:54,440 Speaker 1: to the office all of the time. There's gonna be 129 00:06:54,520 --> 00:06:57,120 Speaker 1: much more flexibility. Companies are gonna realize they can open 130 00:06:57,160 --> 00:06:59,840 Speaker 1: the talent pole to communities all over the world. And 131 00:07:00,040 --> 00:07:03,640 Speaker 1: what's also gonna happen is, I think work from home 132 00:07:04,600 --> 00:07:07,240 Speaker 1: is going to become really like work from any home, 133 00:07:07,520 --> 00:07:10,440 Speaker 1: and people can start living different places month to month, 134 00:07:10,800 --> 00:07:14,040 Speaker 1: because if you don't actually need to go into the office, 135 00:07:14,400 --> 00:07:16,400 Speaker 1: then you don't necessarily need to live in that place. 136 00:07:16,680 --> 00:07:19,080 Speaker 1: And the place you were living may have been more expensive, 137 00:07:19,120 --> 00:07:21,280 Speaker 1: and maybe you live there for your job, and now 138 00:07:21,320 --> 00:07:23,200 Speaker 1: you'll have to make a choice to live there, And 139 00:07:23,200 --> 00:07:25,840 Speaker 1: some people will choose maybe to live elsewhere, maybe they're 140 00:07:25,880 --> 00:07:28,240 Speaker 1: from another part of the world, maybe they want to 141 00:07:28,280 --> 00:07:30,840 Speaker 1: be closer family, maybe they want more space. So this 142 00:07:30,920 --> 00:07:33,280 Speaker 1: is also going to lead to I think a little 143 00:07:33,280 --> 00:07:37,480 Speaker 1: bit of at least a temporary population redistribution from mega 144 00:07:37,520 --> 00:07:40,880 Speaker 1: metropolisis towards perimeters. I think we're already seeing it. This 145 00:07:40,960 --> 00:07:42,880 Speaker 1: is not the end of cities, but it is like 146 00:07:42,920 --> 00:07:44,720 Speaker 1: a pendulum. It's not going to go all the way 147 00:07:44,760 --> 00:07:47,160 Speaker 1: back right away to where we were because once people 148 00:07:47,200 --> 00:07:49,840 Speaker 1: try something they like it, they don't go completely back 149 00:07:49,880 --> 00:07:52,080 Speaker 1: to where they were. They we kind of move forward. 150 00:07:52,160 --> 00:07:55,040 Speaker 1: We don't. We don't go backwards like we go forwards. 151 00:07:55,080 --> 00:07:57,200 Speaker 1: And you know that's how things are gonna be. So 152 00:07:57,240 --> 00:08:00,880 Speaker 1: how does this change the AMB and B business? Maude? Well, 153 00:08:00,920 --> 00:08:04,600 Speaker 1: I mean, you know, it does change in the business model. 154 00:08:04,640 --> 00:08:07,440 Speaker 1: But it's not just the travel trends. It's also the 155 00:08:07,480 --> 00:08:11,800 Speaker 1: constraints we have. You know, we are like every other company, 156 00:08:11,800 --> 00:08:15,240 Speaker 1: and Travel were hit hard by COVID nineteen, really hard. 157 00:08:16,320 --> 00:08:19,400 Speaker 1: We were hit so hard that, um, we had to 158 00:08:19,400 --> 00:08:24,160 Speaker 1: go through a very painful layoff. And when we had 159 00:08:24,160 --> 00:08:27,600 Speaker 1: to do that layoff, we had to m confront a 160 00:08:27,720 --> 00:08:30,480 Speaker 1: very hard truth. And the hard truth is we can't 161 00:08:30,720 --> 00:08:33,360 Speaker 1: do all the things we used to do. And you know, 162 00:08:33,440 --> 00:08:37,040 Speaker 1: a crisis has a way of um it has a 163 00:08:37,080 --> 00:08:40,320 Speaker 1: way of giving you clarity and you ask yourself, you know, 164 00:08:40,960 --> 00:08:44,000 Speaker 1: you know, I remember in the depth of the crisis, UM, 165 00:08:44,000 --> 00:08:45,920 Speaker 1: I got a lot of We've got a lot of 166 00:08:45,920 --> 00:08:48,840 Speaker 1: support from people, and people said, like, we want everybody 167 00:08:48,920 --> 00:08:51,720 Speaker 1: to pull through, we want everyone to to kind of thrive, 168 00:08:52,280 --> 00:08:54,199 Speaker 1: and I remember asking people, look, why do you want 169 00:08:54,280 --> 00:08:56,040 Speaker 1: us to survive? And like why do you want us 170 00:08:56,040 --> 00:08:59,120 Speaker 1: to throw like to exist in the future. And the 171 00:08:59,120 --> 00:09:02,120 Speaker 1: answers that came up over and over again where that 172 00:09:02,200 --> 00:09:05,760 Speaker 1: the part that was most special about Airbnb was really 173 00:09:06,120 --> 00:09:09,400 Speaker 1: the reason we started Airbnb. Because we started Airbnb, it 174 00:09:09,440 --> 00:09:12,920 Speaker 1: really wasn't about travel per se and intend to chart 175 00:09:12,920 --> 00:09:15,120 Speaker 1: to quote travel company in real estate, was really about 176 00:09:15,400 --> 00:09:20,280 Speaker 1: connecting people and belonging and that was really offered consistently, 177 00:09:20,720 --> 00:09:24,240 Speaker 1: most consistently by everyday people that we all hosts to 178 00:09:24,400 --> 00:09:27,360 Speaker 1: offer their homes or share experiences, and that's the roots 179 00:09:27,360 --> 00:09:30,120 Speaker 1: of Airbnb. And so we're gonna go back to basics. 180 00:09:30,160 --> 00:09:32,840 Speaker 1: We want to get back to the roots, back to belonging, 181 00:09:32,880 --> 00:09:35,680 Speaker 1: back to connection, and that is where we're focused. And 182 00:09:35,679 --> 00:09:39,280 Speaker 1: it just so happens that communities around the world have 183 00:09:39,360 --> 00:09:42,200 Speaker 1: host everywhere and so it kind of does work with 184 00:09:42,320 --> 00:09:45,600 Speaker 1: the travel trends. But that's what we're focused on right now. 185 00:09:46,000 --> 00:09:51,280 Speaker 1: Let's talk about practicalities. Um, it was a subt conducted 186 00:09:51,320 --> 00:09:54,600 Speaker 1: by p WC in May. Travels were aust about the 187 00:09:54,760 --> 00:09:58,080 Speaker 1: proceed of the paced risk of certain types of travel 188 00:09:58,400 --> 00:10:02,560 Speaker 1: fifty full percent. So they thought saying the short term 189 00:10:02,640 --> 00:10:06,120 Speaker 1: random like an am by be was risky. How do 190 00:10:06,160 --> 00:10:10,760 Speaker 1: you make the case now that it is safe for tropics, Well, 191 00:10:11,040 --> 00:10:14,760 Speaker 1: you know, we've seen a quite different travel pattern. Um, 192 00:10:14,800 --> 00:10:17,800 Speaker 1: if you search Airbnb and Google trends, and you search 193 00:10:17,960 --> 00:10:20,080 Speaker 1: other brands of Google trends, I think the data is 194 00:10:20,280 --> 00:10:22,719 Speaker 1: pretty public. You can just do the research yourself. I 195 00:10:22,760 --> 00:10:26,120 Speaker 1: think we're gonna find is that right now travelers, what 196 00:10:26,160 --> 00:10:28,440 Speaker 1: they're saying is that they don't want to be in crowds, 197 00:10:28,600 --> 00:10:30,360 Speaker 1: they don't want to be in public spaces, they don't 198 00:10:30,360 --> 00:10:32,920 Speaker 1: want to be in lines. And whatever being B provides 199 00:10:33,120 --> 00:10:36,680 Speaker 1: is privacy. Whatever and B provides is intimacy. That you're 200 00:10:36,679 --> 00:10:39,320 Speaker 1: not sharing space with other people. You get a space 201 00:10:39,440 --> 00:10:41,800 Speaker 1: all to yourself, and you can get it not just 202 00:10:41,840 --> 00:10:43,680 Speaker 1: in a big urban area. You can get it in 203 00:10:43,679 --> 00:10:45,640 Speaker 1: a small community. And you don't have to get on 204 00:10:45,679 --> 00:10:47,720 Speaker 1: an airplane to go that small community. You can drive 205 00:10:47,720 --> 00:10:50,520 Speaker 1: to that small community. So I'd make the argument to 206 00:10:50,559 --> 00:10:52,640 Speaker 1: get in your car and go to a small community, 207 00:10:52,679 --> 00:10:54,800 Speaker 1: into a private space without a lot of people. I 208 00:10:54,880 --> 00:10:57,000 Speaker 1: think that's actually pretty consistent with people are looking for 209 00:10:57,120 --> 00:11:01,959 Speaker 1: right now international travel. So many of the new economies 210 00:11:02,000 --> 00:11:06,760 Speaker 1: around Asia, Africa, South America has brown to a halt. 211 00:11:07,440 --> 00:11:11,000 Speaker 1: Do worry that abnb may lose market shed the local 212 00:11:11,040 --> 00:11:14,600 Speaker 1: competing platforms like two job in China that are used 213 00:11:14,679 --> 00:11:19,960 Speaker 1: more frequently for domestic travel, Well, I mean, I I 214 00:11:20,080 --> 00:11:22,679 Speaker 1: have concerns, but my concerns are more for our host. 215 00:11:23,000 --> 00:11:26,080 Speaker 1: I'm the Airbnb. No matter how hard like we're hit, 216 00:11:26,600 --> 00:11:28,400 Speaker 1: we're gonna be okay. I mean, we're a pretty big 217 00:11:28,440 --> 00:11:31,839 Speaker 1: sized company, I think, so our hosts, they're not all 218 00:11:32,000 --> 00:11:36,679 Speaker 1: gonna be okay. And what I'm specifically concerned about, so 219 00:11:36,960 --> 00:11:39,680 Speaker 1: countries that have robust domestic travel, I think those hopes 220 00:11:39,720 --> 00:11:43,480 Speaker 1: will be fine. So if if host in France a 221 00:11:43,480 --> 00:11:45,000 Speaker 1: lot of people in France who would have come to 222 00:11:45,000 --> 00:11:47,920 Speaker 1: the United States, they're instead They're gonna travel within France, 223 00:11:48,320 --> 00:11:51,480 Speaker 1: They'll be okay. The communities that I'd be concerned about 224 00:11:51,480 --> 00:11:54,760 Speaker 1: our communities that are communities built on tourism. They have 225 00:11:54,800 --> 00:11:57,680 Speaker 1: to fly to and they don't have a huge domestic market. 226 00:11:58,000 --> 00:12:01,720 Speaker 1: So these would be more like smaller can entities island communities. 227 00:12:02,040 --> 00:12:04,160 Speaker 1: You know, so these are ones where you know, we're 228 00:12:04,400 --> 00:12:06,960 Speaker 1: certainly concerned on behalf of our host and you know, 229 00:12:07,040 --> 00:12:09,760 Speaker 1: I think it's gonna be a very difficult period and 230 00:12:09,800 --> 00:12:10,960 Speaker 1: we want to be able to try to help them 231 00:12:11,000 --> 00:12:17,200 Speaker 1: get through this. Last question, what warriores you most? Second wave, 232 00:12:17,440 --> 00:12:21,960 Speaker 1: third wave of the virus, economic collapse, recession, depression, rising 233 00:12:22,040 --> 00:12:26,080 Speaker 1: protectionist sentiment that might impact local businesses? What what are 234 00:12:26,080 --> 00:12:28,440 Speaker 1: you What are you focused on now? Is as the 235 00:12:28,520 --> 00:12:34,280 Speaker 1: single biggest threat to the business. Well, I mean, well, 236 00:12:34,320 --> 00:12:37,679 Speaker 1: what I'm most worried about isn't a specific threat to Airbnb. 237 00:12:37,679 --> 00:12:40,400 Speaker 1: But I'll just I'll just offer it, which is um. 238 00:12:40,480 --> 00:12:42,920 Speaker 1: I saw a study I think it was conducted by 239 00:12:42,960 --> 00:12:45,760 Speaker 1: the University of Chicago that said that the number of 240 00:12:45,800 --> 00:12:49,640 Speaker 1: Americans that self identify as lonely or lacking companionship, I 241 00:12:49,640 --> 00:12:52,600 Speaker 1: think it was like now close to But I think 242 00:12:52,679 --> 00:12:56,439 Speaker 1: the combination of you know, people being locked down, people 243 00:12:56,480 --> 00:13:00,800 Speaker 1: being lonely, people not having companionship, people not having I'm 244 00:13:00,880 --> 00:13:04,760 Speaker 1: pretty concerned about how like isolating lonely painful, scary, and 245 00:13:04,800 --> 00:13:07,760 Speaker 1: harrowing this can be for an individual living at home 246 00:13:07,840 --> 00:13:10,720 Speaker 1: or even somebody is trying to support their family, and 247 00:13:11,080 --> 00:13:14,680 Speaker 1: I think that is very, very concerning to me. And 248 00:13:14,800 --> 00:13:17,320 Speaker 1: I think ultimately we as a society, you're gonna have 249 00:13:17,360 --> 00:13:21,840 Speaker 1: to find ways to help reconnect people, to help help 250 00:13:21,880 --> 00:13:25,439 Speaker 1: them gain employment. I think you know the way to 251 00:13:25,559 --> 00:13:27,480 Speaker 1: do that is wenn have to create new jobs and 252 00:13:27,520 --> 00:13:29,640 Speaker 1: new kinds of jobs and new ways to connect people, 253 00:13:29,800 --> 00:13:31,600 Speaker 1: because it's gonna take some time for the world to 254 00:13:31,640 --> 00:13:33,320 Speaker 1: go back. And you know what, the world doesn't go 255 00:13:33,360 --> 00:13:35,440 Speaker 1: back whence, it only goes forward. And so we're gonna 256 00:13:35,480 --> 00:13:39,679 Speaker 1: have to find, like, together collectively as business leaders, as 257 00:13:39,720 --> 00:13:41,920 Speaker 1: an industry, how do we want people to live in 258 00:13:41,960 --> 00:13:44,360 Speaker 1: the future. And I hope the way they start living 259 00:13:44,800 --> 00:13:47,560 Speaker 1: is a way that gives more people opportunity and more 260 00:13:47,600 --> 00:13:51,280 Speaker 1: communities and reconnects people, because the problem is the more 261 00:13:51,400 --> 00:13:54,880 Speaker 1: digitally connected we seem to get, sometimes the more physically 262 00:13:54,960 --> 00:13:57,640 Speaker 1: disconnected we get, the more we live closer to one 263 00:13:57,679 --> 00:14:01,360 Speaker 1: of our own cities, the more further apart we often feel. Together. 264 00:14:01,920 --> 00:14:05,160 Speaker 1: If there was an opportunity out of this crisis, I 265 00:14:05,200 --> 00:14:08,560 Speaker 1: hope that opportunity is one of reconnection to one another, 266 00:14:08,600 --> 00:14:12,319 Speaker 1: an opportunity and commnees all over the world. On that note, 267 00:14:12,760 --> 00:14:15,480 Speaker 1: Ryan Schafsky, thanks for your time. Thank you very much, 268 00:14:16,640 --> 00:14:19,400 Speaker 1: thanks for listening. I hope you'll tune in later this 269 00:14:19,480 --> 00:14:23,160 Speaker 1: year for a digital edition of the annual Bloomberg New 270 00:14:23,160 --> 00:14:27,120 Speaker 1: Economy Forum, where business and government leaders from around the 271 00:14:27,160 --> 00:14:29,720 Speaker 1: world we'll talk about the challenge of building a more 272 00:14:29,840 --> 00:14:38,520 Speaker 1: sustainable and equitable post COVID economy.