Airbnb launches new marketing strategy as ad engagement falls
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The news: Airbnb has announced a new marketing strategy to bring in new customers by offering unique experiences as it expands beyond its core business of vacation rentals.
The numbers: Airbnb is featuring 11 global experiences — including concerts and celebrity meet and greets — for free or under USD100 ($153) under its newest category called ‘icons’ to try to attract a larger audience.
The San Francisco-based company's nights and experiences booked in 2023 increased about 14% year-over-year compared to 31% the year prior. Its full-year revenue rose 18% in 2023, compared with a 40% increase in 2022.
The context: The short-term rental company is launching icons as consumer engagement with its television advertisements slowly recovers from the pandemic. The company's TV ad engagement has improved over the past three quarters and is expected to fully recover this quarter, television data and analytics company EDO said.
Airbnb said more than 4,000 tickets for icons will be available in 2024 with plans to expand the category's offerings over the next few years so that millions of people can participate.
The available experiences include winning tickets to attend a tiny concert by singer Doja Cat or staying in a replica of the home from Disney/Pixar animation "Up". Airbnb said it will continue to roll out new experiences every few weeks.
The source: Reuters
