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Airbnb (ABNB) CEO Brian Chesky spoke about AI at Morgan Stanley’s Technology, Media & Telecom Conference on March 6, calling it a historic paradigm shift.
“No one knows what’s going to happen, but it looks like the truth is that we’re going through a platform change. This is what we usually call this.” Platform change is probably bigger than mobile, maybe like the internet, some would argue it’s like the industrial revolution and bigger than the internet.”
But Chesky isn’t convinced companies will optimize the AI wave equally.
“So let’s ask the question: Which companies were left behind on the internet and what kinds of companies got on the internet? The best way to understand AI is actually very It’s very simple and I think it’s just a culture,” he continued.
“The companies that ride on AI are the companies that have an innovative culture, and the companies that let it pass are the companies that use AI, the same companies we were talking about last year about crypto and the metaverse,” he said. .
“If companies talked about crypto last year and AI now, they probably don’t understand either,” he added.
“I think we can bring a lot of that technology to Airbnb.”
This is true for his own company, but AI could help Airbnb make better use of and personalize its data, Chesky added.
“I think we can bring a lot of that technology to Airbnb, basically to comb through 500 million reviews and summarize them so that we can make better matches.” he said. “We really have a vision that one day our app will be more like the most powerful travel concierge imaginable than a storefront.”
What Chesky seems to suggest is that AI can create monetization opportunities at Airbnb. This is especially important for the company now. The company’s stock has fallen nearly 20% in the past 12 months.
Of course, AI isn’t the only monetization opportunity Airbnb hasn’t fully grasped yet. Another thing that people often talk about is sponsored listings.
“My CFO is from Amazon, and he used the Jeff Bezos term a lot: wanting to focus on the most perishable opportunities first,” he said. “The great thing is that sponsored listings are less rotten. The bigger the platform, the more interesting monetization you actually get. Monetization is great at scale, so scale as much as you can. It’s in land-grabbing mode. It’s not the most perishable opportunity, but it’s definitely close at hand.
Ally Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on her Twitter. @agarfinks and LinkedIn.
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