Airbnb reported a significant increase in revenue and bookings in the first quarter of 2024.
- Mobile app usage drives a record first quarter for Airbnb, with notable growth in app downloads.
- Active listings on Airbnb have grown, and many underperforming listings have been removed.
- Bookings for upcoming major events like the Paris Olympics and Euro Championship have surged.
- Airbnb plans to enhance hosting services and host awareness moving forward.
Airbnb has reported a remarkable 18% increase in revenue year-on-year, reaching $2.1 billion in the first quarter of 2024, largely driven by mobile app bookings. The platform achieved its most profitable first quarter ever with net income surging 126% to $264 million. The growth in bookings, with a 9.5% rise to 133 million nights and experiences, highlights the popularity and convenience of using mobile technology for travel planning.
The company noted a substantial rise in app downloads, particularly in the United States, where downloads climbed 60% compared to the previous year. Globally, bookings through the mobile app increased by 21%, representing 54% of the total bookings made during the quarter. This demonstrates the growing trend of consumers favouring mobile platforms for their accommodation needs.
In line with this growth, Airbnb has seen a 15% increase in active accommodation listings. As part of its commitment to quality, the company removed thousands of listings that did not meet guest expectations. Excluding these removals, active listings grew by 17% year-on-year. Airbnb emphasised its strategy to promote hosting as a popular option, providing better tools for hosts and improving guest experiences.
Major events like the Paris Olympic Games and the European Football Championship are significantly boosting bookings. In Paris, for instance, bookings for stays during the Olympics are more than five times higher than the previous year, and Germany is experiencing similar trends for the summer football tournament, with nearly double the bookings. This highlights Airbnb’s role in dispersing travel and fostering economic benefits by enabling stays in local areas with limited hotel availability.
Airbnb’s forward-thinking approach involves continuing to raise awareness about the benefits of hosting and enhancing the host experience. The company aims to maintain high-quality standards while increasing the supply of accommodations to meet the rising demand. This strategic focus underlines their commitment to both customer satisfaction and service expansion.
Airbnb’s strategic emphasis on mobile bookings and quality host experiences is driving unprecedented growth.
