During Airbnb's second-quarter earnings call with investors on Tuesday, CEO Brian Chesky hinted that the company will soon expand into new products and services, including co-hosting, the relaunch of Airbnb Experiences and guest services.
The company sees its future services as a way to increase revenue by raising awareness through expanding into multiple businesses beyond just short-term vacation rentals.
“We're going to have to do some new things,” Chesky told investors.
With co-hosting, set to launch later this fall, Airbnb hopes to connect homeowners who don't have the time to manage their properties with those who do but don't have a home to offer on the platform.
“What if we could match the two? That would free up even more inventory,” the executive said.
The company also teased the return of its “Experiences” feature, which originally let Airbnb guests book outings, tours and other activities near their homes, but the option was paused last year as part of Airbnb's plan to refocus on its core services.
Airbnb said it will bring back Experiences next year after learning from its previous attempts what has and hasn't worked, and Chesky explained that Experiences need to be “more affordable” and unique to Airbnb.
Earlier this month, the company told Bloomberg it was exploring ideas such as personal chefs, massages and in-stay cleaning as part of an “at-home experience” plan that could lure customers away from hotels.
The company believes that these new services combined will help Airbnb become known beyond short-term rentals.
“[Airbnb is] “It's going to be about extended stays. It's going to be about guest services, host services and a lot of new services,” Chesky told investors. “You'll start to see that in the next year.”
The news came during an earnings call where the vacation rental startup reported weak second-quarter results, reporting a 15% drop in profits due to weaker demand from U.S. travelers and shorter booking lead times, sending its shares down more than 16% in after-hours trading.