Brian Chesky

We can talk a little bit more, maybe, if you want to go into later, why we do these, because it's a different way. We develop software a little more like a hardware company. where instead of just doing this continuous development every hour of every day, we do some of that. We try to have these big single moments where we bring a lot of upgrades together.

So we're also making more than 50 upgrades for guests. And the basic idea is to make Airbnb a more personalized experience. So for decades, if you went to a travel website, whether it's Expedia or this or that, you'd have the same exact search experience as someone else. It's not personalized to you. And we think travel should be more personalized.

So we're also making more than 50 upgrades for guests. And the basic idea is to make Airbnb a more personalized experience. So for decades, if you went to a travel website, whether it's Expedia or this or that, you'd have the same exact search experience as someone else. It's not personalized to you. And we think travel should be more personalized.

So we're also making more than 50 upgrades for guests. And the basic idea is to make Airbnb a more personalized experience. So for decades, if you went to a travel website, whether it's Expedia or this or that, you'd have the same exact search experience as someone else. It's not personalized to you. And we think travel should be more personalized.

So we have a whole bunch of features and upgrades that really personalize the search experience based on the past bookings you've done and what we know about your profile. So those are the basic things we've done, 70 upgrades. And maybe the final thing I'll just say, These 70 upgrades are 70 out of 430 upgrades that we've made over the last two years.

So we have a whole bunch of features and upgrades that really personalize the search experience based on the past bookings you've done and what we know about your profile. So those are the basic things we've done, 70 upgrades. And maybe the final thing I'll just say, These 70 upgrades are 70 out of 430 upgrades that we've made over the last two years.

So we have a whole bunch of features and upgrades that really personalize the search experience based on the past bookings you've done and what we know about your profile. So those are the basic things we've done, 70 upgrades. And maybe the final thing I'll just say, These 70 upgrades are 70 out of 430 upgrades that we've made over the last two years.

So this system of launching, I think, has really accelerated product development at Airbnb.

So this system of launching, I think, has really accelerated product development at Airbnb.

So this system of launching, I think, has really accelerated product development at Airbnb.

Yes.

Yes.

Yes.

No, actually, let me break this down. So there's a lot of third-party professional property management companies. If you're like a third-party company, you don't want to have a business with just managing five people and build your own website and build your own demand for five people for five properties. So you tend to need economies of scale. So you're going to be managing hundreds of properties.

No, actually, let me break this down. So there's a lot of third-party professional property management companies. If you're like a third-party company, you don't want to have a business with just managing five people and build your own website and build your own demand for five people for five properties. So you tend to need economies of scale. So you're going to be managing hundreds of properties.

No, actually, let me break this down. So there's a lot of third-party professional property management companies. If you're like a third-party company, you don't want to have a business with just managing five people and build your own website and build your own demand for five people for five properties. So you tend to need economies of scale. So you're going to be managing hundreds of properties.

even thousands of properties. If you manage thousands of properties, now you have a whole bunch of employees. And then you probably have a company name and your employees probably wear a t-shirt with a company name on the t-shirt. This is basically just a little more of an industrial hospitality experience. Someone might argue it's a little more like a hotel.

even thousands of properties. If you manage thousands of properties, now you have a whole bunch of employees. And then you probably have a company name and your employees probably wear a t-shirt with a company name on the t-shirt. This is basically just a little more of an industrial hospitality experience. Someone might argue it's a little more like a hotel.

even thousands of properties. If you manage thousands of properties, now you have a whole bunch of employees. And then you probably have a company name and your employees probably wear a t-shirt with a company name on the t-shirt. This is basically just a little more of an industrial hospitality experience. Someone might argue it's a little more like a hotel.

There can be pluses to that from a service standpoint, but a lot of people, the original ethos of Airbnb of like living like a local, this is a little bit different than that. So What this is, is number one, every single co-host is vetted by Airbnb. We go through everyone's profile. We only allow co-hosts to be people that have high ratings in Airbnb. So these are the very best hosts in Airbnb.