Started as a means to afford the ever-soaring rent, Airbnb has grown into a wunderkind of the sharing economy with more than 2,000,000 listings in more than 34,000 cities. With a valuation of $25.5B, Airbnb has become as valuable as hotel giants Hilton and Marriott.

Welcome to the 48th edition of magazine B.

While business travelers gravitate toward hotel chains, people taking personal trips tend to prefer boutique hotels with unique designs. Chronic travelers or students, however, may opt for guesthouses, hostels and other alternative accommodations. Whatever the case, finding the optimal place to stay is rarely an easy task. Founded in 2008 in San Francisco, Airbnb is a sharing service that allows property owners to rent rooms or even houses to online users. Although the company is under 10 years old, it has exhibited astonishing growth, being valued at figures that rival those of Hilton Hotels and Resorts, and continues to be a key author in the tale of the modern startup.

Before Airbnb, accommodation sharing was mostly limited to companies like Couchsurfing, a service that allows homeowners to offer their couches to travelers for free. Operating on a similar principle, Airbnb applied all the advantages of the digital era to appeal to a wider consumer base, and is going further by offering new possibilities. In the course of building their company, Airbnb’s founders learned that users were interested in more than just accommodations: they wanted the local experience.

Despite all the information provided by travel agencies and magazines, we still tend to have more faith in the advice of locals. For whatever reason, the small eatery recommended by a local looks like it serves better food. The mere idea of a hidden gem known only among the locals is enough to win our confidence, regardless of a place’s actual quality. That’s because to travelers, “local” is equated with “real” or “genuine.” Brian Chesky, one of Airbnb’s co-founders, says that “going is travel, but living is a deeper experience.” With 2 million listings around the world, Airbnb’s greatest asset is the local experience, or a “more authentic” travel experience.

To borrow the thoughts of a travel expert we interviewed, one can’t become a local simply by staying somewhere for a few days, and as such, following Airbnb’s suggestion to “live like a local” requires one to become an actor of sorts; acting like you live there, even if it’s just for a moment. By lounging in a neighborhood coffeehouse, or taking a stroll in a nearby park instead of visiting a crowded shopping district, we trust you will have a more authentic experience.

While working on this issue, I thought of my own Airbnb experience in Italy at the beginning of this year. The host's beautiful dwelling had a sweeping view of the red-tile roofs of Florence. I had departed the home with a heavy heart, as I had accidentally left behind a small scratch on a brand new chair the host had proudly exhibited. She had been more than generous about it. I wonder how she is doing. Perhaps I should send my regards.

Taehyuk Choi, Editor-in-Chief

Intro


Editor’s Letter


Stay

Hotels vs. Airbnb, in images


Opinion

Will Hide, travel writer


User’s Comment

Impressions from Airbnb users


Headlines

Airbnb in the media


Announcement

Company co-founder looks to the future


Opinion

Bryan Jung, host recognition manager


Live There

Five cities, five hosts


Opinion

Nathalie, superhost


Memento

Gifts from guests around the world


Inspiration

Hosts and guests whose lives have been changed by Airbnb


Beyond the Home

Local experiences in San Francisco


B's Cut

Local perspective


Brand Story

The birth and rise of Airbnb


Seed

Airbnb's funding history


Quotes from the Field

Industry insights on Airbnb and the startup scene


Quotes from the Media

Media insights on the sharing economy


Home Sharing

Key players in the shared accommodation market


Sharing Economy

Noteworthy startups in the sharing economy


888 Brannan St.

A look into the Airbnb headquarters in San Francisco, CA


One Fine Stay

Unique Airbnb events


Interview

Jonathan Mildenhall, chief marketing officer / Mark Levy, head of employee experience


Figures

Airbnb by the numbers


Outro

PUBLICATION RIGHT

Publisher  Suyong Joh
Editor In Chief / Creative Director Taehyuk Choi
Senior Editor Eunsung Park
Editor Jaewoo Seo, Yeongmin Kim
Designer  Ayoon Jung
Filmmaker  Sukwang Baak
Marketer  Hyunjoo Kim
Distribution  Nohseon Song
Correspondents  Mihye Nam (Tokyo), Nari Park (London), Lena Shin (LA), Sanghyeok Lee (Berlin), Jeewon Lim (Milan), Hyeseon Jeong (Paris)
Publishing  JOH & Company

REFERENCES

The Mesh: Why the Future of Business Is Sharing
Peers Inc: How People and Platforms are Inventing the Collaborative Economy and Reinventing Capitalism
The Launch Pad: Inside Y Combinator
What’s Mine is Yours: The Rise of Collaborative Consumption
The Zero Marginal Cost Society
Matchmakers: The New Economics of Multisided Platforms
The Fourth Industrial Revolution