1 00:00:02,600 --> 00:00:06,960 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,160 --> 00:00:11,240 Speaker 2: All Right, the twenty twenty four Summer Olympics in Paris 3 00:00:11,320 --> 00:00:14,320 Speaker 2: kicks off today with the opening ceremonies happening in about 4 00:00:14,360 --> 00:00:17,200 Speaker 2: three hours time now. The city has seen a surge 5 00:00:17,280 --> 00:00:21,120 Speaker 2: in short term rental listings since last summer, thanks of course, 6 00:00:21,120 --> 00:00:22,920 Speaker 2: in part of the games. Let's take a look at 7 00:00:22,920 --> 00:00:26,560 Speaker 2: lodging demand now with Airbnb CEO Brian Chesky, who is 8 00:00:26,600 --> 00:00:30,400 Speaker 2: there on the ground in Paris alongside Caroline Kno from 9 00:00:30,720 --> 00:00:33,440 Speaker 2: Bloomberg as well. And Brian, let's kick off here with 10 00:00:33,479 --> 00:00:36,239 Speaker 2: the fact that you have fifteen million visitors expected to 11 00:00:36,280 --> 00:00:39,640 Speaker 2: be in Paris during the Games. Obviously Airbnb has a 12 00:00:39,640 --> 00:00:44,000 Speaker 2: big presence there as well. What approximately would you expect 13 00:00:44,040 --> 00:00:46,559 Speaker 2: the impact on your third quarter revenues to be from 14 00:00:46,640 --> 00:00:47,120 Speaker 2: this event? 15 00:00:47,680 --> 00:00:49,120 Speaker 3: Well, I mean, the first thing I'll just say is 16 00:00:49,159 --> 00:00:53,000 Speaker 3: this is the biggest single hosting event in the history 17 00:00:53,000 --> 00:00:55,960 Speaker 3: of Airbnb. We have the number of people staying in 18 00:00:55,960 --> 00:00:59,200 Speaker 3: the Airbnb here in Paris to fill the Olympic Stadium 19 00:00:59,680 --> 00:01:02,760 Speaker 3: five times over, and they're spending over a billion dollars 20 00:01:02,760 --> 00:01:05,480 Speaker 3: when they're here in Paris. So we're seeing really good 21 00:01:05,480 --> 00:01:07,600 Speaker 3: demand this summer I think Q three is going to 22 00:01:07,600 --> 00:01:11,240 Speaker 3: be quite strong, and I think this event, the Olympics 23 00:01:11,360 --> 00:01:13,480 Speaker 3: is just the ultimate demonstration of the power of bear 24 00:01:13,480 --> 00:01:16,960 Speaker 3: abnb because these hundreds of thousands of people, many of 25 00:01:17,000 --> 00:01:18,959 Speaker 3: them wouldn't have been able to come here and certainly 26 00:01:18,959 --> 00:01:21,039 Speaker 3: wouldn't have been able ford to stay here had it 27 00:01:21,080 --> 00:01:23,560 Speaker 3: not been for the one hundred and fifty thousand homes 28 00:01:23,720 --> 00:01:25,679 Speaker 3: we have here in Paris. And I should just remind 29 00:01:25,720 --> 00:01:29,160 Speaker 3: everyone everybody started for events because in large events there's 30 00:01:29,200 --> 00:01:32,040 Speaker 3: only so many hotels, and so either you add access 31 00:01:32,040 --> 00:01:33,839 Speaker 3: capacity or people don't come. 32 00:01:35,360 --> 00:01:38,360 Speaker 1: One hundred and fifty thousand rooms on the market, that's 33 00:01:38,400 --> 00:01:42,240 Speaker 1: about double at least that's what we have usually in 34 00:01:42,280 --> 00:01:46,200 Speaker 1: Paris for Airbnb. Do you think hosts are actually gaining 35 00:01:46,319 --> 00:01:48,320 Speaker 1: from this, because a year ago I remember one of 36 00:01:48,320 --> 00:01:50,240 Speaker 1: my friends saying I'm going to put my fat on 37 00:01:50,360 --> 00:01:53,360 Speaker 1: Airbnb during the Olympics and make huge money. But it 38 00:01:53,360 --> 00:01:56,400 Speaker 1: seems like the rates are not that high, not as 39 00:01:56,520 --> 00:01:57,520 Speaker 1: high as expected. 40 00:01:58,240 --> 00:02:00,440 Speaker 3: Well, on the average host here in Paris is making 41 00:02:00,440 --> 00:02:05,560 Speaker 3: about two thousand, two hundred dollars on Airbnb during the Olympics, 42 00:02:05,560 --> 00:02:07,920 Speaker 3: so that is I see very very meaningful income for them. 43 00:02:08,240 --> 00:02:11,239 Speaker 3: Many of them are first time hosts, so forty percent 44 00:02:11,280 --> 00:02:14,080 Speaker 3: more listings we have today from the beginning of the year. 45 00:02:14,440 --> 00:02:17,040 Speaker 3: So this is very I think meaningful income for people. 46 00:02:17,520 --> 00:02:20,480 Speaker 3: But I'm also proud that the rates are somewhat moderated. 47 00:02:20,520 --> 00:02:22,119 Speaker 3: You know, we really wanted to make sure we work 48 00:02:22,160 --> 00:02:23,720 Speaker 3: with the IOC, and one of the big concerns they 49 00:02:23,800 --> 00:02:26,720 Speaker 3: had was that the Olympic Games would become unaffordable. So 50 00:02:26,760 --> 00:02:28,240 Speaker 3: I think the flip side of that is, I think 51 00:02:28,280 --> 00:02:30,400 Speaker 3: the games are much more affordable for people, and they 52 00:02:30,440 --> 00:02:31,720 Speaker 3: would have been otherwise. 53 00:02:31,720 --> 00:02:35,000 Speaker 1: Because especially for the luxury side of things. For example, 54 00:02:35,040 --> 00:02:37,440 Speaker 1: for luxury hotel, it seems like rates are done about 55 00:02:37,440 --> 00:02:40,919 Speaker 1: forty percent from their peak about eleven months before the game. 56 00:02:41,000 --> 00:02:44,119 Speaker 1: Is that also what you've been seeing with Airbnb perhaps 57 00:02:45,000 --> 00:02:47,679 Speaker 1: lowing their rates as we approach the Olympics in order 58 00:02:47,720 --> 00:02:51,200 Speaker 1: to feel the rooms and to increase the occupancy rate. 59 00:02:51,240 --> 00:02:53,919 Speaker 3: I mean, we had a lot of bookings, like many 60 00:02:53,919 --> 00:02:56,760 Speaker 3: many months ago, and so we've continued to see bookings. 61 00:02:56,800 --> 00:02:58,560 Speaker 3: I Mean, the thing that's really interesting we have a 62 00:02:58,600 --> 00:03:02,320 Speaker 3: really longly time bookings, but we're still getting like thousands 63 00:03:02,360 --> 00:03:05,760 Speaker 3: of people booking every single day, last minute, even during 64 00:03:05,800 --> 00:03:08,680 Speaker 3: the games. For the coming days. So I think the 65 00:03:08,760 --> 00:03:10,919 Speaker 3: demand has been very, very solid on Airbnb. 66 00:03:11,639 --> 00:03:14,880 Speaker 1: Right here we are in the clubroom of this iconic 67 00:03:15,040 --> 00:03:17,720 Speaker 1: music or set, which used to be a train station. 68 00:03:18,240 --> 00:03:21,919 Speaker 1: It actually was inaugurated in nineteen hundred for one of 69 00:03:21,919 --> 00:03:25,880 Speaker 1: the last Olympics in Paris and also for the international exhibition. 70 00:03:26,040 --> 00:03:30,360 Speaker 1: You're offering two fans to stay here tonight, Yes, for free, 71 00:03:30,400 --> 00:03:33,079 Speaker 1: for free. That's part of airbab icons. Can you tell 72 00:03:33,160 --> 00:03:36,000 Speaker 1: us what it is how you selected those two people 73 00:03:36,000 --> 00:03:37,000 Speaker 1: who are staying here tonight. 74 00:03:37,080 --> 00:03:37,240 Speaker 2: Yeah. 75 00:03:37,280 --> 00:03:42,160 Speaker 3: So icons are the most extraordinary experiences in the world 76 00:03:42,160 --> 00:03:46,480 Speaker 3: from the world's biggest icons, both people and iconic places. 77 00:03:46,560 --> 00:03:48,280 Speaker 3: And one of the most iconic places in the world, 78 00:03:48,600 --> 00:03:50,880 Speaker 3: certainly here in Paris is this museum. As you said, 79 00:03:50,880 --> 00:03:53,640 Speaker 3: it was a clock character became a museum the ultimate, 80 00:03:53,720 --> 00:03:56,240 Speaker 3: and I think like creativity. To get to this room, 81 00:03:56,280 --> 00:03:57,920 Speaker 3: I had to walk through room a van goes and 82 00:03:57,960 --> 00:04:02,400 Speaker 3: renoirs and monaise. Behind me is this clock tower and 83 00:04:02,480 --> 00:04:05,160 Speaker 3: millions of people or thousands of people take photos of 84 00:04:05,200 --> 00:04:07,120 Speaker 3: this clock tower. And we thought, what if you could 85 00:04:07,160 --> 00:04:09,720 Speaker 3: stay here? And so we got the designer of the 86 00:04:09,720 --> 00:04:11,920 Speaker 3: Olympic torch, which is right next to me and he 87 00:04:12,120 --> 00:04:15,000 Speaker 3: designed this room in every single object in this room, 88 00:04:15,280 --> 00:04:17,760 Speaker 3: and we picked a couple. It was a totally free stay. 89 00:04:17,800 --> 00:04:19,960 Speaker 3: So you can imagine when something like this is free, 90 00:04:19,960 --> 00:04:23,239 Speaker 3: it's a truly once in a lifetime experience. Thousands thousands people apply, 91 00:04:23,839 --> 00:04:26,760 Speaker 3: We look through all the applications. We picked two lucky winners, 92 00:04:26,760 --> 00:04:28,960 Speaker 3: a couple from California, and they're gonna stay here tonight. 93 00:04:29,720 --> 00:04:31,600 Speaker 3: And by the way, I just want to things also say, 94 00:04:31,680 --> 00:04:35,480 Speaker 3: is when you behind me, is this clock tower. If 95 00:04:35,520 --> 00:04:38,719 Speaker 3: you look down, that's the sin where the opening games are. 96 00:04:38,880 --> 00:04:40,919 Speaker 3: If you go into the terrace, you will have quite 97 00:04:40,960 --> 00:04:43,440 Speaker 3: literally probably the best seat in the house for the 98 00:04:43,480 --> 00:04:45,400 Speaker 3: opening games just in a few hours, the. 99 00:04:45,400 --> 00:04:47,840 Speaker 1: Opening ceremony, which is actually taking place in the three 100 00:04:47,880 --> 00:04:51,120 Speaker 1: hours three hours. Yes, we're going to be here. From 101 00:04:51,360 --> 00:04:54,640 Speaker 1: the music as part of these Albnb icons. Obviously this 102 00:04:54,680 --> 00:04:57,479 Speaker 1: is only a couple saying here. Bet, this is a 103 00:04:57,560 --> 00:05:00,159 Speaker 1: whole thing. You launched in May. You got a the 104 00:05:00,160 --> 00:05:05,000 Speaker 1: Barbie dream? Has you get The Prince mentioned what's the 105 00:05:05,080 --> 00:05:08,280 Speaker 1: strategy here in terms of gaining some new sign ups 106 00:05:08,440 --> 00:05:11,720 Speaker 1: for Airbnb at a time perhaps when your gross is 107 00:05:11,720 --> 00:05:12,680 Speaker 1: a little slowing down. 108 00:05:13,080 --> 00:05:15,320 Speaker 3: Well, I think that the growth first of all, is very, 109 00:05:15,440 --> 00:05:17,400 Speaker 3: very strong, and I expect a huge amount of growth 110 00:05:17,440 --> 00:05:18,800 Speaker 3: in the coming years to come. But let me just 111 00:05:18,800 --> 00:05:22,040 Speaker 3: start with icons. We think icons initially is a great 112 00:05:22,040 --> 00:05:25,320 Speaker 3: way to keep air the top of mind, reach new audiences, 113 00:05:25,560 --> 00:05:28,800 Speaker 3: and also let people know that Airbnb is much more 114 00:05:28,839 --> 00:05:31,440 Speaker 3: than a place to stay. It's about an experience, and 115 00:05:31,600 --> 00:05:33,960 Speaker 3: ultimately where we're going as a company is it means 116 00:05:33,960 --> 00:05:36,640 Speaker 3: can be much more than just about accommodations. I think 117 00:05:36,680 --> 00:05:40,440 Speaker 3: the ultimate Airbnbs are experiences, and we're going much deeper 118 00:05:40,440 --> 00:05:43,760 Speaker 3: into experiences. So right now these are more promotions. But 119 00:05:43,800 --> 00:05:45,159 Speaker 3: one of the things we want to do is figure 120 00:05:45,160 --> 00:05:47,240 Speaker 3: out how can we take the magic of icons and 121 00:05:47,240 --> 00:05:49,159 Speaker 3: bring it to millions of people. And I hope this 122 00:05:49,279 --> 00:05:51,159 Speaker 3: magic that you feel in this room is something that 123 00:05:51,160 --> 00:05:52,679 Speaker 3: people bell experience around the world. 124 00:05:53,400 --> 00:05:57,080 Speaker 1: Obviously, there's been some resistance in some other places that Airbnb, 125 00:05:57,160 --> 00:06:01,480 Speaker 1: for example Barcelona in Europe recently we saw some protests. 126 00:06:01,480 --> 00:06:07,080 Speaker 1: There's also discussions about perhaps banning Airbnb all together. From 127 00:06:07,080 --> 00:06:11,120 Speaker 1: twenty to twenty nine forties some of those apartments in Barcelona. 128 00:06:11,360 --> 00:06:12,440 Speaker 1: What's your reaction to this. 129 00:06:12,839 --> 00:06:15,719 Speaker 3: My reaction is that we ultimately want to make cities stronger, 130 00:06:16,000 --> 00:06:18,880 Speaker 3: you know, I think we provide economic impact. The vast 131 00:06:18,880 --> 00:06:23,640 Speaker 3: majority of host on Airbnb are regular people making supplemental income. 132 00:06:24,720 --> 00:06:27,280 Speaker 3: The city becomes more accessible people. We try to make 133 00:06:27,320 --> 00:06:30,719 Speaker 3: sure people are distributed throughout different neighborhoods, but ultimately we 134 00:06:30,760 --> 00:06:32,760 Speaker 3: want to be wanted in this city. We're in one 135 00:06:32,880 --> 00:06:35,919 Speaker 3: hundred thousand cities and towns all over the world, and 136 00:06:35,960 --> 00:06:38,400 Speaker 3: so cities have a right to choose how they want 137 00:06:38,440 --> 00:06:41,720 Speaker 3: airpmum to exist in their market. I think throughout these 138 00:06:41,760 --> 00:06:44,599 Speaker 3: one hundred thousand communities, you see that the cities that 139 00:06:44,640 --> 00:06:47,919 Speaker 3: embrace Airbnb, I think thrive the most, and the cities 140 00:06:47,960 --> 00:06:50,400 Speaker 3: that don't embrace thereby, like New York, which airby is 141 00:06:50,400 --> 00:06:53,240 Speaker 3: no longer in for a short term basis, housing prices 142 00:06:53,279 --> 00:06:55,520 Speaker 3: are not down, the hotel prices are up. So I 143 00:06:55,520 --> 00:06:58,000 Speaker 3: think we've run this experiment. I think the cities like 144 00:06:58,080 --> 00:07:01,440 Speaker 3: Paris that embrace a or ones that thrive the most. 145 00:07:02,040 --> 00:07:06,160 Speaker 1: Airbnb has taken a diplomatic approach to regulation, New York 146 00:07:06,240 --> 00:07:09,240 Speaker 1: City being an exception, as you just mentioned, and you 147 00:07:09,360 --> 00:07:14,880 Speaker 1: recently invested more resources into access to our British access 148 00:07:14,880 --> 00:07:17,840 Speaker 1: to home ownership is at some kind of admission that 149 00:07:18,040 --> 00:07:22,120 Speaker 1: Airbnb is pricing out some people out of certain neighborhoods. 150 00:07:22,200 --> 00:07:25,200 Speaker 3: I think it's so complicated it really I hate to 151 00:07:25,200 --> 00:07:29,520 Speaker 3: make a generalization. I started Airbnb, my co founder, because 152 00:07:29,560 --> 00:07:32,840 Speaker 3: one weekend we couldn't afford to pay rent millions of hosts. 153 00:07:32,880 --> 00:07:35,360 Speaker 3: We have five million host on Airbnb. So many of 154 00:07:35,360 --> 00:07:38,360 Speaker 3: them tell us that they use the money on Airbnb 155 00:07:38,400 --> 00:07:39,920 Speaker 3: to be able to pay their rent, to be able 156 00:07:39,920 --> 00:07:42,200 Speaker 3: to pay their mortgage. That being said, I don't want 157 00:07:42,200 --> 00:07:44,040 Speaker 3: to be one of those tech founders that just defends 158 00:07:44,080 --> 00:07:46,400 Speaker 3: the business and says everything we do is good all 159 00:07:46,440 --> 00:07:49,040 Speaker 3: the time. If you build a platform and one hundreds 160 00:07:49,040 --> 00:07:51,000 Speaker 3: of millions people use their platform, it's going to be 161 00:07:51,040 --> 00:07:54,280 Speaker 3: used for unattended consequences. For most of our platforms, most 162 00:07:54,320 --> 00:07:56,760 Speaker 3: of us believe the vast majority of things happening is good. 163 00:07:57,080 --> 00:07:58,960 Speaker 3: But if we believe everything is good, then we're being 164 00:07:59,080 --> 00:08:03,520 Speaker 3: naive then. But the same point, it's important that people 165 00:08:03,600 --> 00:08:07,080 Speaker 3: understand the majority of people are regular people renting their 166 00:08:07,120 --> 00:08:09,720 Speaker 3: home they live in or their second home, and they're 167 00:08:09,760 --> 00:08:11,800 Speaker 3: hosting guests from around the world, many of which would 168 00:08:11,800 --> 00:08:14,680 Speaker 3: have never been able to travel and stay in that city. Ultimately, 169 00:08:14,720 --> 00:08:16,600 Speaker 3: I think that's a very important thing for the world. 170 00:08:17,120 --> 00:08:18,880 Speaker 2: And Brian, before we let you go, we have to 171 00:08:18,920 --> 00:08:21,600 Speaker 2: ask about us politics, because of course we're three and 172 00:08:21,600 --> 00:08:24,600 Speaker 2: a half months away from the November election. We've seen 173 00:08:24,640 --> 00:08:27,520 Speaker 2: a lot of tech founders in particular come out in 174 00:08:27,600 --> 00:08:30,720 Speaker 2: support of the Republican Party, and I'm wondering from where 175 00:08:30,760 --> 00:08:33,640 Speaker 2: you stand. Have you thrown your support behind either candidate 176 00:08:33,640 --> 00:08:34,199 Speaker 2: at this point. 177 00:08:36,679 --> 00:08:39,319 Speaker 3: No, I'm not, and I'm certainly not going to wait 178 00:08:39,360 --> 00:08:41,120 Speaker 3: into that this time. You know. I think it's really 179 00:08:41,120 --> 00:08:43,840 Speaker 3: important for me to focus the narrative and our tension 180 00:08:43,840 --> 00:08:46,240 Speaker 3: of Airbnb on what we can do for one hundreds 181 00:08:46,240 --> 00:08:48,960 Speaker 3: of thousand people in Paris, and that's what I'm focused on, all. 182 00:08:48,920 --> 00:08:52,240 Speaker 2: Right, Brian, really appreciate the time there. That is Airbnb 183 00:08:52,360 --> 00:08:56,920 Speaker 2: CEO Brian Chesky, and of course Bloomberg's Caroline Cono in Paris.