David Rosenthal: belief

Transcript context

…We don't talk about them as part of the FANG. We don't talk about them as part of the FANG. But what has happened?? It’s not like ecommerce, it’s not like peer-to-peer ecommerce has gone away. And in fact, it's continued to grow, but eBay's not captured that. What happened is, you've had specialized verticalized market places that have come in and taken away what eBay was doing, and then grown on those individual verticals. I'm thinking about companies like GOAT, I'm thinking about companies like Reverb in music. There are a bunch of them out there. You name a niche interest of buying and selling something, there is a verticalized marketplace out there that either has or is in the process of offloading that market from eBay. Now, with Airbnb, you're actually starting to see the same thing happen. How much this will happen and how deep Airbnb smoke goes and how big their core market I think is still a question. But Hipcamp is out there. Hipcamp is in the process of offloading camping-type experiences from Airbnb. It's not hard to get to tiny green homes, detached ADUs, or anything from there. You can see how they start.…

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