Ben Gilbert: belief

Transcript context

…A lot of room to run there. I think that's the bull case. I think if you believe all of those things… One more stat on the unique supply, great brand, direct traffic thing, the comp there is Expedia and Booking spend about $11 billion a year on Google ads, which I think makes them Google's top customers or a top handful of customers. Classically, the online travel agent market has been one where it's really difficult to acquire a customer and then keep them, rather than needing to go re-acquire them every single time they travel. That's why this direct traffic thing is such a big deal. It’s 91% direct traffic to Airbnb is such a big deal because other players have not been able to acquire a customer once and keep them. Booking is trying, they're ramping down their Google spend in an effort to form a multi-transaction relationship with a customer. But Airbnb is really the one who's proven they can do that. I think that contextualizes why people are so excited. Totally. That is a massive benefit to the company and opportunity.…

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