AIRBNB: REVOLUTIONIZING TRAVEL THROUGH TECH

After a turbulent year with the coronavirus pandemic putting a halt to the world’s travel plans, rental giant Airbnb is preparing to go public. Over the past decade, the Silicon Valley startup has transformed the way we sleep and explore, and its dominance will only continue to grow.

CHANGING THE WAY WE TRAVEL

When you need to get from A to B, you turn to Uber. Hungry? You open up UberEats or DoorDash and order from your favorite restaurant. The App Store has revolutionized the way we live, no more so than in the world of travel. And as iOS 14 has proven, Apple can still innovate, as it demonstrated with its new Translate app coming in October, making it easier than ever to have real-time conversations with locals and speak to them in their native tongue. But it’s thirdparty developers that utilize the App Store and Apple’s growing consumer base to their full advantage. Airbnb is, without doubt, one of the biggest success stories. The startup is now thought to be worth around $18 billion, and according to data, each ‘host’ earns around $900 per month, often considerably more than the average monthly rent they could expect to achieve. And that’s what makes Airbnb so controversial in cities and popular tourist hubs.

Landlords and entrepreneurs have increasingly been turning to the platform to boost their income, often buying up blocks of apartments in sought-after locations to sell on the site. In the UK alone, the Airbnb community generates half a billion pounds in economic activity per year, with low-cost, one-night accommodation boosting tourism and driving footfall for nearby shops, restaurants, and attractions. The benefits to consumers are overwhelming - a downtown hotel room might cost you $250 per night, whilst a bedroom on Airbnb can go for as little as $20; more cost-effective than hotels, and the modern alternative to hostels. Add in a rating system, similar to Uber and Lyft, and consumers have total power and control over where they stay and what they pay.