Nikki Ekstein | (TNS) Bloomberg News

Airbnb Inc. CEO Brian Chesky has had a challenging year in 2023. From the “Airbnbust” frenzy in March to competitors beating them to requested features and tightened regulations in New York, the company has faced numerous hurdles. Chesky acknowledges that the recent improvements to the platform are just patches to long-standing issues. However, he remains optimistic about the future and shares insights on their AI ambitions and plans to rebuild the company.

Key Takeaways from the Interview:

1. Airbnb is still working on improving its core service to provide consistent quality and reliability to customers.
2. Lowering prices can be a competitive advantage for hosts, especially in markets with strong hotel scenes.
3. The company is using AI technology for quality control, verifying listings and guests to prevent fake and problematic bookings.
4. Airbnb is considering a loyalty program in the future, focusing on building a product that users love.
5. In New York, the company is shifting its focus to experiences rather than homes.

To address the consistency and reliability issues, Chesky acknowledges that Airbnb’s platform was designed for a smaller company and that they need to improve their foundation. He emphasizes the importance of affordable prices, reliability, and customer support to create a great service. Lowering prices can actually benefit hosts, as it leads to more bookings and increased earnings. Chesky believes AI is key to maintaining quality control and is currently using it to verify listings and guests. The company is working on further AI developments and plans to introduce new features in November.

While other companies use AI for customer service, Airbnb is using it for quality control purposes. Chesky believes that building a product people love is the best loyalty program, and any future loyalty program would focus on enhancing the service rather than offering traditional incentives. In New York, Airbnb is shifting its focus to experiences instead of homes, as the city’s regulations pose challenges for short-term rentals.

Airbnb CEO Brian Chesky acknowledges the challenges the company has faced and emphasizes the need for improvements in its core service. He believes that lower prices can benefit both hosts and guests, and AI technology is crucial for maintaining quality control. Chesky hints at future AI developments and a potential loyalty program that focuses on enhancing the service. In New York, the company is shifting its focus to experiences due to regulatory challenges. While there are still challenges ahead, Chesky remains optimistic about the future of Airbnb.

Original article: https://www.bloomberg.com/opinion/articles/2023-10-08/airbnb-s-brian-chesky-talks-about-fixing-its-house

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