As COVID-19 spread around the world, tourism came to a screeching halt due to the following quarantine and shut down of establishments and services.
Greatly affected by the pandemic is Airbnb, an online marketplace that allows users to host travel experiences and rent out their own homes and real estate to travellers looking for short-term stays. With travel plans cancelled throughout the world in the name of health, governments have also banned Airbnb and other vacation rentals, stating that they are a liability and non-essential.
To stay afloat, Airbnb recently took out a syndicated term loan of $1 billion from institutional investors. Airbnb had intended to go public this year, but the subsequent economic fallout and total crash of the tourism industry caused by COVID-19 has made an IPO infeasible.
“I deeply appreciate the confidence and trust that so many have shown in our company even as every sector in travel is going through the storm of the pandemic. We know travel will return and rather than merely hunkering down, the support we have received will allow Airbnb to continue moving forward as we invest in our community,” said Brian Chesky, Airbnb co-founder, CEO and Head of Community. “All of the actions we have taken over the last several weeks assure that Airbnb will emerge from the storm of the pandemic even stronger, regardless of how long the storm lasts.”
Although Airbnb hosts are now unable to rent out their property and share memorable times with travellers in-person, a new form of traveling can be made thanks to the introduction of Online Experiences. From virtually visiting an animal sanctuary in Sonoma, United States, to meditating with a Buddist monk in Osaka, Japan, an assortment of tours, classes and workshops can be enjoyed online. All of Airbnb’s Online Experiences are conducted via Zoom, a video call application.
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