Ben Gilbert: belief

Transcript context

…I think maybe there are two other dimensions as well. I think that's probably the biggest piece, but one being that coronavirus and COVID has perhaps permanently changed some behaviors just like the part of the DoorDash ball case, perhaps, permanently changed more behaviors to be more favorable for Airbnb for travel. Not just in this period, but going forward. I think that might be a small part of this. I think the second piece is—also, we've talked a little bit about TAM along the way—yesterday, with DoorDash, that was one of the big question marks for DoorDash is how big is the TAM? Do they have to get into adjacencies, et cetera? I think, for Airbnb, what’s always been true here is that there are no questions on TAM. Travel is big and although it has taken a big hit this year, it's going to come back. Yeah. They cite a $3.4 trillion number on their TAM. I think the way they break that down is that $1.8 trillion of it is short-term stays, and then only $210 billion of it is long-term stays. The long term stay market—which is longer than 28-days stays—is actually smaller than the food delivery market, which I think is sort of an interesting comp. It tells you why they're not sprinting that aggressively toward long-term stays, but rather, they believe there's a $1.4 trillion opportunity for experiences, which explains why they're beating the experiences drum so hard. Let's just focus on that $1.8 trillion markets of short-term stays. They got a lot of room to fully saturate that. A lot of room to run there. I think that's the bull case. I think if you believe all of those things……

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