01:49:09 · Jordi Hays, Brian Chesky, John Coogan
[01:49:09] S1: Yeah. And and how how is it working under the hood? Are you partnering? Like, is this a also kind of like sharing economy play? Are you partnering with car rental services or both? I imagine you want to Yes. [01:49:24] S8: It's going be a mix of things. There's not really a lot of global providers. So we're going to be working with a number of different partners that be able to that can fulfill this. Some of the services like Bounce, like we don't do luggage storage, they have 15,000 locations, almost as many of them are Starbucks. So that's more like an app store integration. And then sometimes we have to build the services first party with their own host because they don't offer it. With car rentals, we're basically able to partner with a bunch of companies. No one company covers every geography in the world. We're in more countries than Coca Cola. So you have to patch a bunch of things together. I think over time [01:49:56] S1: more countries than Coca Cola? [01:49:59] S8: I think that. Like, we were at least last time we checked. [01:50:02] S1: What is what is Coca Cola doing? They're asleep at the wheel. [01:50:06] S8: I know. [01:50:07] S0: Come on. I think we're [01:50:09] S8: in every country but North Korea [01:50:11] S0: Yeah. [01:50:12] S8: Iran [01:50:12] S0: Yeah. [01:50:13] S8: Syria, Russia, Belarus. Maybe there's one other. So we're just about every other country.
01:50:13 · Brian Chesky, Jordi Hays
[01:50:13] S8: Syria, Russia, Belarus. Maybe there's one other. So we're just about every other country. [01:50:17] S1: Yeah. The other thing with cars that and and as I was just like thinking about that, as as kind of Turo came on the map, the one of the and I love cars. So it was always I I I thought very briefly of, maybe I should get a bunch of cars that I like and maybe turn it into a little business. I quickly realized that, like, it's, like, fundamentally a a wildly different business because if I have a property and I put it on Airbnb, even if people are staying in it three hundred and sixty five days a year, if I buy at the right price and in a great market, it will continue to appreciate. Cars are the exact opposite. Mhmm. And it's just like a wildly different financial equation. And so it may that always made sense to me just from that lens where the supply side is like incurring some like heavy heavy costs associated with actually like supplying, you know, providing that supply versus on the Airbnb side, you know, again, you're you you can get a bunch of rental income and not not occur any, you know, significant losses associated with the asset.
01:51:24 · Brian Chesky, John Coogan
[01:51:24] S8: Yeah. I mean, I think that's a really, really good point. And usually, people's second biggest asset after their home is their car. Sure. And so I think now we have people's time, we have their homes, we have their cars. We would like to move to a lot of different other categories. Over time, I think you'll see a couple dozen other categories coming over the next year or two on Airbnb, essentially building this entire ecosystem of services. But you're right. I mean, think maybe one way to think about Airbnb is like just getting more capacity utilization out of assets. You know, anything that's empty, it could be further monetized and the world could be a bit more efficient. It could be cheaper to own a car. It could be cheaper to own a house if you could defer the cost by sharing with other people. That was basically how it started. I couldn't afford to pay rent, But that doesn't limit itself to homes, as you mentioned. It could be anything. Cars. It could be boats. It could be equipment you have laying around. It could be kind of anything. [01:52:13] S0: How do you think about the the previous services that have tied into Airbnb? Was there ever a power law distribution in those any few services? We've talked about fitness trainers when you're in a town or private chefs or anything that can add to an experience, a kayaking tour, a hiking tour. Was there a power law distribution in those? Are you seeing breakout successes in those? Like what's the shape of that side of the business these days?
01:52:13 · John Coogan, Brian Chesky
[01:52:13] S0: How do you think about the the previous services that have tied into Airbnb? Was there ever a power law distribution in those any few services? We've talked about fitness trainers when you're in a town or private chefs or anything that can add to an experience, a kayaking tour, a hiking tour. Was there a power law distribution in those? Are you seeing breakout successes in those? Like what's the shape of that side of the business these days? [01:52:45] S8: Yeah. So basically, we learned two things with these services. I'll talk about service and experiences. Yeah. There are three services. We launch a ten, three breakout hits. Mhmm. The three breakout hits are photography. A lot of people want photos on their vacation. And obviously, if you're a family of four [01:52:59] S0: Yeah. [01:53:00] S8: Like, one of you is not in the photo or you're giving your camera to someone else and, you know, you wanna remember these trips. So having a professional photographer take your photos for thirty minutes [01:53:08] S0: Yeah. [01:53:09] S8: Is pretty reasonable cost. Yeah. That's very popular. [01:53:11] S0: Yeah.
01:53:11 · John Coogan, Brian Chesky
[01:53:11] S0: Yeah. [01:53:11] S8: Chefs chefs are not as popular in very urban areas, but like, let's say go to Lake Tahoe. Yep. You have a big kitchen, maybe you have groceries, maybe you don't wanna cook. Yeah. A chef could come over. There's not a lot of restaurants there. And then the third one's massage, especially, again, in vacation rental or villa massage is very popular. Other than that, it's really geography by geography. So we see like in Salulita, it's a different kind of experience than say in like The Caribbean. So it really depends geography by geography. [01:53:38] S0: Mhmm. [01:53:39] S8: With regards to experiences, we're seeing a couple of things. Number one, no surprise landmarks. People the first time you go to a city, you want to see a landmark. But the thing we learned is the second time you go to a city, you don't want to see a landmark. You want to experience food. And the third time you experience a city, now you want to get inside access. So a big thing we learned is, is this your first, second or third time to the city? Or do you live there? And depending upon the answer to the question depends on the type of experience we offer you. This is a nuance that we didn't really appreciate the first time around, and now we do. And I think my prediction is the thing that will make service experiences really big is people will start booking them in their own city. That's when the TAM goes by a factor of 10. And not to say it'll be every day, but it just makes it a lot bigger TAM.
01:53:39 · Brian Chesky, Jordi Hays, John Coogan
[01:53:39] S8: With regards to experiences, we're seeing a couple of things. Number one, no surprise landmarks. People the first time you go to a city, you want to see a landmark. But the thing we learned is the second time you go to a city, you don't want to see a landmark. You want to experience food. And the third time you experience a city, now you want to get inside access. So a big thing we learned is, is this your first, second or third time to the city? Or do you live there? And depending upon the answer to the question depends on the type of experience we offer you. This is a nuance that we didn't really appreciate the first time around, and now we do. And I think my prediction is the thing that will make service experiences really big is people will start booking them in their own city. That's when the TAM goes by a factor of 10. And not to say it'll be every day, but it just makes it a lot bigger TAM. [01:54:21] S1: Yeah. Yeah. Just just clicked for me that, you know, one of the challenges of all the marketplaces like photography, chef marketplaces, massage, all of them I can't even really think of their names even though there was like venture funded companies in those categories because the second you hire a chef, they're literally preparing you food. You immediately develop like trust and a relationship. And so in if you book find a chef in your hometown [01:54:49] S0: You're talking about disintermediation. [01:54:50] S1: You're gonna have this massive disintermediation