Stellar Snippets
Airbnb CEO Brian Chesky asked hosts on his platform to lower their prices "to be more competitive vis-à-vis hotels."
Chesky now wants to focus on the issue of affordability, showing customers total prices per listing and fake listings.
Before, the property would be listed at a competitive price, but the host would charge high cleaning fees which would be hidden until checkout.
The prices listed on the platform will now include rent and all other additional fees that the host wants to charge.
2022 was Airbnb's first profitable year. Yet, hosts complained of booking slowdowns, stiff competition, and falling revenue.
In 2020, it lost 80% of its business due to the pandemic, but it also had one of the most successful IPOs when it opened.
The fears of the "Airbnbust" came after a sudden record surge in revenues in 2021 which led more people to list their homes as well.
Chesky hopes that with over 50 updates in May 2023 and five more in November, they will be able to "perfect" their core service.