Airbnb

Airbnb’s monetization is primarily a take‑rate on GBV via host and guest fees. While North America ADRs rose about 3 percent in Q2 2025 and global ADRs were up about 1 percent ex‑FX, management indicated the implied take rate would remain flat into Q3, suggesting limited near‑term lever‑pulls.

Pricing power exists but is constrained by host multi‑homing, hotel competition, and regulatory scrutiny of fees. Long term, pricing power will depend on product differentiation and services that increase host retention rather than overt take‑rate hikes.