Airbnb, the rental giant, highlights bitcoin and blockchain as two new technologies that could be key to the business’s success in the future.
In a prospectus submitted for its planned Initial Public Offering (IPO) to the US Securities and Exchange Commission (SEC), Airbnb offers an in-depth look at the existcompany’s financial condition potential plans to improve profitability.
In terms of technical standards and product and service deals, the vacation rental industry is rapidly developing, says Airbnb. The business stresses the value of incorporating emerging technology such as blockchain, cryptocurrency, and artificial intelligence into its platform to respond to changing customer expectations and requirements.
“Our future success will also depend on our ability to adapt to emerging technologies such as tokenization, cryptocurrencies, new authentication technologies, such as biometrics, distributed ledger and blockchain technologies, artificial intelligence, virtual and augmented reality, and cloud technologies. As a result, we intend to continue to spend significant resources maintaining, developing, and enhancing our technologies and platform.”
The company adds that investing in educating hosts, enhancing host efficiency, and expanding their global network are all part of Airbnb’s long-term plan.
If they could not maintain or add new hosts to existing hosts, or if hosts were unable to provide high-quality stays and experiences, their business, operating performance, and financial condition would be materially adversely affected.
Airbnb has experienced solid year-on-year growth since its launch in 2008, at the height of the Great Global Recession.
However, global travel restrictions imposed in the past nine months to mitigate the spread of the Covid-19 pandemic have adversely affected the business operations and financial situation of the company, Airbnb says.
Airbnb’s company deteriorated dramatically in early 2020 when COVID-19 interrupted travel around the globe. But our business model began to recover within two months, even with minimal international travel, demonstrating its resilience.
Airbnb has reported $17.9 billion in bookings in 2020, a decline of 39 percent from 2019.