Athlete Support: Airbnb will offer financial aid to Olympic and Paralympic athletes through the Airbnb Athlete Travel Grant, covering accommodation expenses during the Paris 2024 Games.
Unique Experiences: Airbnb will introduce Olympic Experiences hosted by athletes, providing guests with the opportunity to meet champions, learn about training, and build connections.
Income Opportunities for Locals: Paris residents can earn extra income by participating in Airbnb's "Become a Host" program during the Games.
In 2019, Airbnb stepped onto the global stage as a premier sponsor of the Olympics, signaling its commitment to enhancing the Olympic experience for athletes, visitors, and locals alike. Beyond providing accommodations, Airbnb is actively involved in organizing cultural activities to foster connections between people from diverse backgrounds, supporting athletes, and enriching the overall Olympic experience. This article explores Airbnb's role in the upcoming 2024 Olympic Games in Paris, highlighting its various contributions to the event.
Airbnb Athlete Travel Grant
Airbnb, in collaboration with the International Olympic Committee (IOC) and the International Paralympic Committee (IPC), offers the Airbnb Athlete Travel Grant to assist Olympic and Paralympic athletes with their travel expenses. Athletes can apply for a $2,000 grant to cover accommodation while training or competing, with 1,000 athletes set to receive the grant. Eligibility criteria include competing at an elite level recognized by the IOC or IPC in a sport included in the official programs of the Paris 2024 Olympic or Paralympic Games, no sanctions for sports integrity violations, and being legally eligible to create an Airbnb account, requiring a minimum age of 18 years old.
As the Paris Olympics approach, Airbnb introduces special programs to enhance the Olympic experience, such as Olympic Experiences hosted by athletes. These experiences allow guests to meet Olympic champions, learn about their training routines, and forge new connections. Hosting these experiences not only enables athletes to share their passion for their sport but also provides them with additional income opportunities and networking prospects beyond their competitive careers.
Volunteers at the Olympic Games
Airbnb encourages community involvement by promoting volunteerism during the Olympics, recognizing the essential role volunteers play in ensuring the Games' success. By bringing people together to support the event, Airbnb aims to foster a sense of teamwork and responsibility, fundamental aspects of the Olympic spirit. While volunteers are required to be fluent in French or English, certain roles may necessitate specific skills or qualifications, such as knowledge of sports rules, proficiency in a foreign language, first aid certification, or a driver's license.
For Paris residents, the Olympics present an opportunity to earn extra income through Airbnb's "Become a Host" program, allowing locals to rent out their homes to visitors during the Games. While this initiative offers financial benefits (Expectations to earn are around $2,140 USD by hosting during the Games), some concerns arise regarding potential rent hikes by landlords, potentially impacting housing affordability and community cohesion. Despite these apprehensions, Airbnb's collaboration with the Olympics exemplifies innovative approaches to hosting, emphasizing inclusivity and the ability to adapt to changing circ*mstances.
Airbnb’s Entrepreneurial Lesson
Despite challenges and concerns, Airbnb's partnership with the Olympics signifies a transformative shift in the hospitality industry, characterized by innovative solutions and a commitment to enriching global events. By facilitating cultural exchanges, supporting athletes, and promoting community engagement, Airbnb strives to redefine the hosting experience and create memorable moments for all involved.
Airbnb's partnership with the Olympics underscores several crucial entrepreneurial lessons. Firstly, their innovative hospitality approach, including hosting Olympic Experiences and promoting community engagement through volunteering, highlights the importance of thinking creatively to enhance customer experiences. Secondly, their "Become a Host" program exemplifies the value of leveraging existing resources, like local residences, to benefit from major events and create additional income opportunities.
Airbnb’s Q4 2023 and FY2023 overwhelmingly suggest that Airbnb’s growth is untapped.
While losing $349 million in Q4 net income due to tax obligations, Airbnb secured the highest net income in FY2023, totaling $4.8 billion. Every quarter, Airbnb continues to improve its Free Cash Flow, which currently stands at $3.8 billion of unrestricted dollars.
Gross booking value (revenue of Nights and Experiences) totaled $73.3 billion in FY2023, which again marks the highest on record for the company. What’s more, FY2023 saw the greatest increase in first-time bookers.
Airbnb has suspended the onboarding of new hosts for Experiences. In what economists suggest will be a more restrictive economy in the foreseeable future, Airbnb may be tightening its ship to avoid being overexposed in parts of its operations that fall outside its core services.
Airbnb’s Q42023 Letter to Shareholders | Link
Not financial advice. Please read our disclaimer for more info.
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Sofia Chesnokova
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December 19, 2022
