Airbnb (ABNB) - 2025 Goldman Sachs TMT Conference
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Date: September 9, 2025
Executive Present: Brian Chesky – Co-Founder, CEO, Head of Community & Chairman of the Board
Analyst Moderator: Eric James Sheridan – Goldman Sachs Research Division
Financial Performance
Chesky noted that Airbnb now receives traffic from 1.6 billion devices per year, creating a massive funnel for monetization.
Post-pandemic travel trends that boosted ADRs remain in place: “The average ADR on Airbnb is up primarily because of larger group sizes. We’ve seen a huge shift to families using Airbnb”.
Long-term stays are now a meaningful portion of bookings, complementing vacation rentals.
Guidance & Strategic Priorities
Chesky laid out 3 top priorities for Airbnb’s next phase:
“Take Airbnb from a pre-AI app to the first or one of the first truly native AI applications.”
“Shift Airbnb from a marketplace for vacation rentals to a global community where you can travel and live anywhere.”
“Evolve from vacation rentals to becoming this entire ecosystem like Amazon, where we can sell homes, services, experiences, and many things we haven’t yet announced.”
AI will be central, with Airbnb launching AI search in its app in 2026 and expanding its AI customer service platform, already one of the most used consumer-facing applications.
Macro & Demand Trends
Consumer mix has shifted since COVID:
Younger audience → families, with larger groups and longer stays.
More domestic travel, though cross-border remains important.
Travel discovery is shifting from Google to TikTok, Instagram, and YouTube: “TikTok, Instagram and YouTube collectively will take over from Google Search as the predominant way that travel is starting.”
Travel is becoming more aspirational and experience-driven rather than purely intent-based.
Supply Growth & Ecosystem
Airbnb has ~10 million listings, with most supply historically coming organically.
To accelerate, they launched a co-host network:
Hosts with homes but no time are paired with professional co-hosts.
Already generated 10 million nights booked.
Events are being used as catalysts for new supply (e.g., 2026 World Cup partnership).
Long-term vision: an ecosystem where hosts can access services (cleaning, property management, registration, restocking, tax help).
AI & Product Evolution
Chesky emphasized Airbnb becoming AI-native, not just AI-enabled:
“ChatGPT is not an AI native application. It uses AI, but its interface is pre-AI.”
Airbnb wants to build an AI concierge for travel and living.
Use cases:
AI-generated listings from photos (descriptions, amenities, seasonal variations).
Dynamic pricing and revenue management.
AI-enhanced customer service tuned on 100,000+ conversations.
International Expansion
70% of Airbnb’s business still comes from five countries: U.S., Canada, U.K., France, Australia.
High-growth targets: Mexico, Brazil, Spain, Germany, Italy, Korea, Japan – growing at 2x the rate of core markets.
Strategy: localized marketing, product tweaks (e.g., new payment methods in Brazil), and building supply in key corridors.
Capital Allocation & Monetization
Airbnb views host services as the next big monetization lever:
Promoted Listings, AI-driven marketing, tax/accounting support, and insurance.
Chesky: “Hosts are telling us they want to pay for premium services.”
Opportunity to reduce host churn by making hosting easier and more profitable.
10 Notable Quotes
“Our vision is to go from a short-term rental platform to a platform for everything you need to travel and live around the world.”
“We want to be the first true AI native application.”
“Airbnb is accessed by 1.6 billion devices a year.”
“The average ADR on Airbnb is up primarily because of larger group sizes.”
“TikTok, Instagram and YouTube collectively will take over from Google Search as the predominant way that travel is starting.”
“We’ve gotten 10 million nights booked through the co-host network.”
“Events like the World Cup are the best way to get supply and normalize relationships with policymakers.”
“Every app that doesn’t become an AI native app is probably at risk.”
“70% of our business comes from just five countries.”
“Hosts tell us they want to pay for premium services — this is a massive opportunity for monetization.”
Q&A Summary
Q: Consumer trends post-COVID?
A: Shift toward families, larger groups, longer stays, and more domestic travel. These trends have persisted.Q: How will supply evolve?
A: Organic growth remains strong, but Airbnb is pushing co-host networks, event partnerships, and host-service ecosystems.Q: AI role in supply management?
A: AI can auto-generate listings, enhance pricing, and streamline host tasks. Ultimately, AI will make hosting easier while keeping hospitality people-driven.Q: Scaling Experiences & Services?
A: Experiences broken into first-time, repeat, and local traveler markets – each a $1B+ opportunity. Services (chefs, massages, personal care) represent an even larger market.Q: International growth priorities?
A: Expansion in Mexico, Brazil, Spain, Germany, Italy, Korea, Japan, with localized marketing, payments, and supply strategies.Q: Future monetization?
A: Building a host-services ecosystem, promoted listings, insurance, financial services – reducing churn while increasing revenue.Q: Top 3 strategic priorities?
A: AI-native application, building global community, and expanding beyond rentals into a broader travel/living ecosystem.
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