They have a functional system. If they can maintain it going on the cheap, they can pull themselves back up. Still, this gives times for alternatives to come and drink their milkshake.
They do have functional infrastructure but their business is suffering a catstrophic shift. As I mention, a lot of the hosts are either going to go into foreclosure or they will convert to long term rentals. A lot of people were buying condos and converting them to Airbnb because the revenues were so predictable. That won't happen in 2020 and 2021. It will take many years for inventory to come back up to 2019 levels and less inventory means less revenues, even if people started to travel again, which also is unlikely in the next couple of years.
I think it’s highly unlikely that an upstart is going to steal a noticeable amount of market share from AirBnb during this pandemic. It would be hard enough during normal times when travel volume is much higher.
They have a functional system. If they can maintain it going on the cheap, they can pull themselves back up. Still, this gives times for alternatives to come and drink their milkshake.