Airbnb

Primary moat comes from two‑sided network effects, brand, and trust. Supply breadth and global demand reinforce each other, evidenced by Q2 2025 Nights and Seats Booked up 7 percent and GBV up 11 percent, while revenue recognition on check‑in smooths bookings volatility.

AirCover, reviews, payments, and anti‑party measures increase switching friction for both hosts and guests. Risks to moat durability are multi‑homing via channel managers, Google distribution power, and city‑level regulation restricting supply in dense urban cores.

Still, the platform’s global scale and brand recognition, plus a focus on product quality (e.g., Guest Favorites, pricing transparency) support a durable advantage, albeit below the quasi‑duopolistic strength of card networks.