WEBVTT - Bonus: Airbnb CEO Brian Chesky

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<v Speaker 1>Hi. I'm Andy Brown, the editorial director of the Bloomberg

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<v Speaker 1>New Economy. I'll be with you for the next few weeks,

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<v Speaker 1>sharing highlights of my video broadcast called on the front Lines,

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<v Speaker 1>in which I talked with c e O s about

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<v Speaker 1>how they're coping with the COVID nineteen crisis. When I

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<v Speaker 1>spoke with Brian Chesky, the chief executive of air B

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<v Speaker 1>and B, a few months ago, he'd recently laid off

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<v Speaker 1>a quarter of his staff, but the business has since

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<v Speaker 1>staged a remarkable comeback. Air B and B is now

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<v Speaker 1>said to be planning a stock market listing. All those

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<v Speaker 1>city folks vacationing close to home have clearly rescued the

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<v Speaker 1>fortunes of the home sharing giant. I hope you enjoyed

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<v Speaker 1>this and other interviews on how the coronavirus is transforming

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<v Speaker 1>the business world. You can find them all on Bloomberg

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<v Speaker 1>dot com. And thanks to Stephanie Flanders for letting me

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<v Speaker 1>hijack her feed. Bryan, thanks for joining us, well, thank

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<v Speaker 1>you for having me today. So you said in an

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<v Speaker 1>interview last week that travel as we knew it is over.

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<v Speaker 1>It's never coming back. Really, What what do you mean

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<v Speaker 1>by that? Exactly. Yeah, well, um, I think that there's

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<v Speaker 1>been no moment in the history of travel, or at

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<v Speaker 1>least not for the last probably fifty years, that has

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<v Speaker 1>impacted the industry quite like today. And what I mean

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<v Speaker 1>by that is, and I think maybe that's uh, is

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<v Speaker 1>the following. Right now, what we're seeing is a mass

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<v Speaker 1>adoption of a different way to travel. Right now, people

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<v Speaker 1>are not comfortable, um large, getting on airplanes, crossing borders,

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<v Speaker 1>being in crowds and lines. And what's going to happen

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<v Speaker 1>is what people are saying is they're comfortable getting in

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<v Speaker 1>a car, traveling like as much as two miles, staying

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<v Speaker 1>in small communities. And so what I think this is

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<v Speaker 1>going to be is a new chapter for travel that's

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<v Speaker 1>going to be a little more intimate, a little more local.

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<v Speaker 1>And I think you're gonna see travel getting more distributed

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<v Speaker 1>to more communities because when you travel locally, by definition,

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<v Speaker 1>you travel to more small communities. Now doesn't mean that

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<v Speaker 1>the travel as we knew it like all that won't exist,

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<v Speaker 1>of course it will. It's just that once people experience

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<v Speaker 1>some other types of experience of small communities, you can

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<v Speaker 1>never undo that. It's always gonna now move towards a

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<v Speaker 1>more intimate way. And this is something that frankly everyone

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<v Speaker 1>industry can participate, and I think it's actually gonna be

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<v Speaker 1>there's a silver lining here, although it's gonna be painful.

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<v Speaker 1>I do think out of this is going to be

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<v Speaker 1>a new, a new growth opportunity for travel. So destinations

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<v Speaker 1>will change, as you say, people want to go to

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<v Speaker 1>communities or experience will be more of a democratization. So

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<v Speaker 1>the the destinations that we're winning before, I think they'll

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<v Speaker 1>all recover. What's going to happen is people are gonna

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<v Speaker 1>realize that you don't just have to go to like

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<v Speaker 1>twenty cities, go to the tourist district those cities and

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<v Speaker 1>get in lines and double decker buses, stand in front

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<v Speaker 1>of landmarks and selfies. That that's not going away as

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<v Speaker 1>much as that will be supplemented with an entire new

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<v Speaker 1>way of traveling to small communities. That is pretty clear. Well,

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<v Speaker 1>will people view home sharing differently? Yeah, I I do

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<v Speaker 1>think that. Um you think you know, it's like this

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<v Speaker 1>is all what's gonna happen in the future. People are

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<v Speaker 1>spending months in their home, They're saying they want to

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<v Speaker 1>get out of their home. They want to go somewhere,

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<v Speaker 1>they want on a plane. And so what's happening is

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<v Speaker 1>because there's not as many hotels and small communities, and

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<v Speaker 1>because the hotels really don't want to operate without a

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<v Speaker 1>reasonable occupancy. I think a lot of people, a new

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<v Speaker 1>generation travelers, are going to discover staying at a home,

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<v Speaker 1>and I think they'll find that as an appealing option

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<v Speaker 1>for them. So I do think this is going to

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<v Speaker 1>lead to a lot of people trying it, and I

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<v Speaker 1>think that people are gonna want for a while travel

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<v Speaker 1>it's a little more intimate, and again I think you

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<v Speaker 1>will still see recovery of the old way of traveling.

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<v Speaker 1>But I think even all the traditional travel companies are

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<v Speaker 1>going to continue to evolve to a more intimate way

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<v Speaker 1>of traveling, and you're gonna see them participate in more

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<v Speaker 1>communities all over the world. So what this really means

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<v Speaker 1>is that thousands of communities can now I think, participate

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<v Speaker 1>in travel. We call this kind of travel redistribution, and

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<v Speaker 1>ultimately even very large cities may welcome some of this.

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<v Speaker 1>You know, I spent time in France, and I remember

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<v Speaker 1>one time I met with the Minister of the Economy

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<v Speaker 1>and Tourism and they told me one of the things

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<v Speaker 1>that were interested in wasn't necessarily just getting more people

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<v Speaker 1>to travel to Paris, but they wanted more people to

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<v Speaker 1>go to Provence where the countryside or other parts of

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<v Speaker 1>France UM and parts of the United States people are

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<v Speaker 1>saying a lot of governors saying they want um people

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<v Speaker 1>to visit more rural communities. We worked with the state

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<v Speaker 1>of North Carolina to promote travel throughout North Carolina outside

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<v Speaker 1>of cities national parks. I think you're gonna see a

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<v Speaker 1>lot of outdoor travel, a lot of small community these

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<v Speaker 1>and once you discover it and you realize how fun

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<v Speaker 1>it is, it's really never the same after that. So

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<v Speaker 1>you've talked about about France UM, some city governments are

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<v Speaker 1>complaining that A B and B forces uprants, changing is

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<v Speaker 1>the character of downtown areas. Ian Brossat, who's the Paris

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<v Speaker 1>deputy marriage charge of housing, said we intend to take

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<v Speaker 1>the opportunity to regain control. He was talking about the coronavirus.

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<v Speaker 1>Do you worry about this kind of backlash? Oh, what

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<v Speaker 1>does the kind of travel that you've been talking about them,

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<v Speaker 1>what discussed democratic kind of travel less than that type

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<v Speaker 1>of criticism. Do you think well, yeah, I mean I

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<v Speaker 1>think number one, we want to be really good partners

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<v Speaker 1>to cities, including Paris, and there's many stakeholders, but we

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<v Speaker 1>want to be a company of strengthen the community in Paris.

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<v Speaker 1>And I also think that like travel is going to

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<v Speaker 1>probably be a little more distributed for a period of time.

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<v Speaker 1>And one of the things we're trying to do is

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<v Speaker 1>work with DMS destination market organizations governments that want travel,

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<v Speaker 1>and so we want to basically partner with them and

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<v Speaker 1>and if people say they want more travel, we would

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<v Speaker 1>love to be able to help market those destinations. So

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<v Speaker 1>and the vision would be, and I think this is

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<v Speaker 1>a vision for all travel companies is communities that want

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<v Speaker 1>more travel, we can help um promote their destinations and

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<v Speaker 1>that really that would be ultimately a place to get

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<v Speaker 1>to do you think the trends in work from home

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<v Speaker 1>here to stay? And if they're permanent, how will you

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<v Speaker 1>adapt your business to meet the demands of this new

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<v Speaker 1>nomadic workforce that can operate from anywhere in the world.

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<v Speaker 1>And that's a big part of your business now, right, Yeah,

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<v Speaker 1>it's permanent, absolutely, But again it's like a pendulum. If

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<v Speaker 1>the pendulum was here and it's now all the way here.

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<v Speaker 1>It's not staying here. It's gonna come back, but it's

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<v Speaker 1>not going back to where it was. Maybe that's another

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<v Speaker 1>way saying travel. Once people realize and we have collectively

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<v Speaker 1>realized you can work from zoom remotely new work from

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<v Speaker 1>a home, not every person is going to go back

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<v Speaker 1>to the office all of the time. There's gonna be

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<v Speaker 1>much more flexibility. Companies are gonna realize they can open

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<v Speaker 1>the talent pole to communities all over the world. And

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<v Speaker 1>what's also gonna happen is, I think work from home

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<v Speaker 1>is going to become really like work from any home,

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<v Speaker 1>and people can start living different places month to month,

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<v Speaker 1>because if you don't actually need to go into the office,

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<v Speaker 1>then you don't necessarily need to live in that place.

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<v Speaker 1>And the place you were living may have been more expensive,

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<v Speaker 1>and maybe you live there for your job, and now

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<v Speaker 1>you'll have to make a choice to live there, And

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<v Speaker 1>some people will choose maybe to live elsewhere, maybe they're

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<v Speaker 1>from another part of the world, maybe they want to

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<v Speaker 1>be closer family, maybe they want more space. So this

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<v Speaker 1>is also going to lead to I think a little

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<v Speaker 1>bit of at least a temporary population redistribution from mega

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<v Speaker 1>metropolisis towards perimeters. I think we're already seeing it. This

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<v Speaker 1>is not the end of cities, but it is like

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<v Speaker 1>a pendulum. It's not going to go all the way

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<v Speaker 1>back right away to where we were because once people

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<v Speaker 1>try something they like it, they don't go completely back

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<v Speaker 1>to where they were. They we kind of move forward.

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<v Speaker 1>We don't. We don't go backwards like we go forwards.

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<v Speaker 1>And you know that's how things are gonna be. So

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<v Speaker 1>how does this change the AMB and B business? Maude? Well,

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<v Speaker 1>I mean, you know, it does change in the business model.

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<v Speaker 1>But it's not just the travel trends. It's also the

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<v Speaker 1>constraints we have. You know, we are like every other company,

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<v Speaker 1>and Travel were hit hard by COVID nineteen, really hard.

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<v Speaker 1>We were hit so hard that, um, we had to

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<v Speaker 1>go through a very painful layoff. And when we had

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<v Speaker 1>to do that layoff, we had to m confront a

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<v Speaker 1>very hard truth. And the hard truth is we can't

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<v Speaker 1>do all the things we used to do. And you know,

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<v Speaker 1>a crisis has a way of um it has a

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<v Speaker 1>way of giving you clarity and you ask yourself, you know,

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<v Speaker 1>you know, I remember in the depth of the crisis, UM,

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<v Speaker 1>I got a lot of We've got a lot of

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<v Speaker 1>support from people, and people said, like, we want everybody

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<v Speaker 1>to pull through, we want everyone to to kind of thrive,

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<v Speaker 1>and I remember asking people, look, why do you want

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<v Speaker 1>us to survive? And like why do you want us

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<v Speaker 1>to throw like to exist in the future. And the

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<v Speaker 1>answers that came up over and over again where that

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<v Speaker 1>the part that was most special about Airbnb was really

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<v Speaker 1>the reason we started Airbnb. Because we started Airbnb, it

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<v Speaker 1>really wasn't about travel per se and intend to chart

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<v Speaker 1>to quote travel company in real estate, was really about

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<v Speaker 1>connecting people and belonging and that was really offered consistently,

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<v Speaker 1>most consistently by everyday people that we all hosts to

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<v Speaker 1>offer their homes or share experiences, and that's the roots

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<v Speaker 1>of Airbnb. And so we're gonna go back to basics.

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<v Speaker 1>We want to get back to the roots, back to belonging,

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<v Speaker 1>back to connection, and that is where we're focused. And

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<v Speaker 1>it just so happens that communities around the world have

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<v Speaker 1>host everywhere and so it kind of does work with

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<v Speaker 1>the travel trends. But that's what we're focused on right now.

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<v Speaker 1>Let's talk about practicalities. Um, it was a subt conducted

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<v Speaker 1>by p WC in May. Travels were aust about the

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<v Speaker 1>proceed of the paced risk of certain types of travel

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<v Speaker 1>fifty full percent. So they thought saying the short term

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<v Speaker 1>random like an am by be was risky. How do

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<v Speaker 1>you make the case now that it is safe for tropics, Well,

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<v Speaker 1>you know, we've seen a quite different travel pattern. Um,

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<v Speaker 1>if you search Airbnb and Google trends, and you search

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<v Speaker 1>other brands of Google trends, I think the data is

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<v Speaker 1>pretty public. You can just do the research yourself. I

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<v Speaker 1>think we're gonna find is that right now travelers, what

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<v Speaker 1>they're saying is that they don't want to be in crowds,

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<v Speaker 1>they don't want to be in public spaces, they don't

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<v Speaker 1>want to be in lines. And whatever being B provides

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<v Speaker 1>is privacy. Whatever and B provides is intimacy. That you're

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<v Speaker 1>not sharing space with other people. You get a space

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<v Speaker 1>all to yourself, and you can get it not just

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<v Speaker 1>in a big urban area. You can get it in

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<v Speaker 1>a small community. And you don't have to get on

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<v Speaker 1>an airplane to go that small community. You can drive

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<v Speaker 1>to that small community. So I'd make the argument to

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<v Speaker 1>get in your car and go to a small community,

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<v Speaker 1>into a private space without a lot of people. I

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<v Speaker 1>think that's actually pretty consistent with people are looking for

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<v Speaker 1>right now international travel. So many of the new economies

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<v Speaker 1>around Asia, Africa, South America has brown to a halt.

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<v Speaker 1>Do worry that abnb may lose market shed the local

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<v Speaker 1>competing platforms like two job in China that are used

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<v Speaker 1>more frequently for domestic travel, Well, I mean, I I

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<v Speaker 1>have concerns, but my concerns are more for our host.

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<v Speaker 1>I'm the Airbnb. No matter how hard like we're hit,

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<v Speaker 1>we're gonna be okay. I mean, we're a pretty big

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<v Speaker 1>sized company, I think, so our hosts, they're not all

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<v Speaker 1>gonna be okay. And what I'm specifically concerned about, so

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<v Speaker 1>countries that have robust domestic travel, I think those hopes

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<v Speaker 1>will be fine. So if if host in France a

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<v Speaker 1>lot of people in France who would have come to

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<v Speaker 1>the United States, they're instead They're gonna travel within France,

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<v Speaker 1>They'll be okay. The communities that I'd be concerned about

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<v Speaker 1>our communities that are communities built on tourism. They have

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<v Speaker 1>to fly to and they don't have a huge domestic market.

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<v Speaker 1>So these would be more like smaller can entities island communities.

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<v Speaker 1>You know, so these are ones where you know, we're

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<v Speaker 1>certainly concerned on behalf of our host and you know,

0:12:07.040 --> 0:12:09.760
<v Speaker 1>I think it's gonna be a very difficult period and

0:12:09.800 --> 0:12:10.960
<v Speaker 1>we want to be able to try to help them

0:12:11.000 --> 0:12:17.200
<v Speaker 1>get through this. Last question, what warriores you most? Second wave,

0:12:17.440 --> 0:12:21.960
<v Speaker 1>third wave of the virus, economic collapse, recession, depression, rising

0:12:22.040 --> 0:12:26.080
<v Speaker 1>protectionist sentiment that might impact local businesses? What what are

0:12:26.080 --> 0:12:28.440
<v Speaker 1>you What are you focused on now? Is as the

0:12:28.520 --> 0:12:34.280
<v Speaker 1>single biggest threat to the business. Well, I mean, well,

0:12:34.320 --> 0:12:37.679
<v Speaker 1>what I'm most worried about isn't a specific threat to Airbnb.

0:12:37.679 --> 0:12:40.400
<v Speaker 1>But I'll just I'll just offer it, which is um.

0:12:40.480 --> 0:12:42.920
<v Speaker 1>I saw a study I think it was conducted by

0:12:42.960 --> 0:12:45.760
<v Speaker 1>the University of Chicago that said that the number of

0:12:45.800 --> 0:12:49.640
<v Speaker 1>Americans that self identify as lonely or lacking companionship, I

0:12:49.640 --> 0:12:52.600
<v Speaker 1>think it was like now close to But I think

0:12:52.679 --> 0:12:56.439
<v Speaker 1>the combination of you know, people being locked down, people

0:12:56.480 --> 0:13:00.800
<v Speaker 1>being lonely, people not having companionship, people not having I'm

0:13:00.880 --> 0:13:04.760
<v Speaker 1>pretty concerned about how like isolating lonely painful, scary, and

0:13:04.800 --> 0:13:07.760
<v Speaker 1>harrowing this can be for an individual living at home

0:13:07.840 --> 0:13:10.720
<v Speaker 1>or even somebody is trying to support their family, and

0:13:11.080 --> 0:13:14.680
<v Speaker 1>I think that is very, very concerning to me. And

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<v Speaker 1>I think ultimately we as a society, you're gonna have

0:13:17.360 --> 0:13:21.840
<v Speaker 1>to find ways to help reconnect people, to help help

0:13:21.880 --> 0:13:25.439
<v Speaker 1>them gain employment. I think you know the way to

0:13:25.559 --> 0:13:27.480
<v Speaker 1>do that is wenn have to create new jobs and

0:13:27.520 --> 0:13:29.640
<v Speaker 1>new kinds of jobs and new ways to connect people,

0:13:29.800 --> 0:13:31.600
<v Speaker 1>because it's gonna take some time for the world to

0:13:31.640 --> 0:13:33.320
<v Speaker 1>go back. And you know what, the world doesn't go

0:13:33.360 --> 0:13:35.440
<v Speaker 1>back whence, it only goes forward. And so we're gonna

0:13:35.480 --> 0:13:39.679
<v Speaker 1>have to find, like, together collectively as business leaders, as

0:13:39.720 --> 0:13:41.920
<v Speaker 1>an industry, how do we want people to live in

0:13:41.960 --> 0:13:44.360
<v Speaker 1>the future. And I hope the way they start living

0:13:44.800 --> 0:13:47.560
<v Speaker 1>is a way that gives more people opportunity and more

0:13:47.600 --> 0:13:51.280
<v Speaker 1>communities and reconnects people, because the problem is the more

0:13:51.400 --> 0:13:54.880
<v Speaker 1>digitally connected we seem to get, sometimes the more physically

0:13:54.960 --> 0:13:57.640
<v Speaker 1>disconnected we get, the more we live closer to one

0:13:57.679 --> 0:14:01.360
<v Speaker 1>of our own cities, the more further apart we often feel. Together.

0:14:01.920 --> 0:14:05.160
<v Speaker 1>If there was an opportunity out of this crisis, I

0:14:05.200 --> 0:14:08.560
<v Speaker 1>hope that opportunity is one of reconnection to one another,

0:14:08.600 --> 0:14:12.319
<v Speaker 1>an opportunity and commnees all over the world. On that note,

0:14:12.760 --> 0:14:15.480
<v Speaker 1>Ryan Schafsky, thanks for your time. Thank you very much,

0:14:16.640 --> 0:14:19.400
<v Speaker 1>thanks for listening. I hope you'll tune in later this

0:14:19.480 --> 0:14:23.160
<v Speaker 1>year for a digital edition of the annual Bloomberg New

0:14:23.160 --> 0:14:27.120
<v Speaker 1>Economy Forum, where business and government leaders from around the

0:14:27.160 --> 0:14:29.720
<v Speaker 1>world we'll talk about the challenge of building a more

0:14:29.840 --> 0:14:38.520
<v Speaker 1>sustainable and equitable post COVID economy.