In a recent interview at Morgan Stanley’s Technology, Media & Telecom Conference, Airbnb CEO Brian Chesky shared his thoughts on the transformative potential of artificial intelligence (AI) and the importance of an innovative culture in harnessing its power.
Chesky likened the current paradigm shift brought about by AI to the historic impact of the internet and the Industrial Revolution. He emphasized that companies must adapt to this platform shift, and those with innovative cultures will be the ones to ride the AI wave.
“The companies that will ride AI are the companies with innovative cultures, and the companies that will have them pass this by are the companies that use AI – the same companies that were talking last year about crypto and the metaverse,” Chesky said.
Chesky went on to suggest that companies that talked about cryptocurrency last year and now boast about their AI capabilities probably do not understand either. He believes that AI is not just a technological advancement but a cultural shift that requires companies to be forward-thinking and adaptable.
For Airbnb (ABNB), Chesky sees AI as an opportunity to better utilize and personalize the vast amount of data the company has collected from its users.
“I think that we can bring a lot of that technology to Airbnb, basically to comb through our half billion reviews, to be able to summarize them to do better matching,” Chesky said. He envisions Airbnb’s app as a powerful travel concierge that can provide personalized recommendations to users.
Chesky’s emphasis on innovation and adaptability reflects Airbnb’s recent efforts to diversify its revenue streams and recover from the impact of the COVID-19 pandemic on the travel industry. The company’s stock has seen a dip of nearly 20% over the past year, underscoring the need for new monetization opportunities.
In conclusion, Chesky’s views on AI suggest that cultural shifts are just as important as technological advancements when it comes to embracing new paradigms. For companies looking to succeed in the AI era, fostering an innovative and forward-thinking culture is key.