Airbnb, the popular bed-and-breakfast chain, recently announced signing a $500 million deal with the International Olympic Committee (IOC) that spans from 2019 all the way to 2028. This is a huge victory for the online hotel-booking giant, as it snaps the rights for the world’s greatest sporting event for the next 9 years.
Joe Gebbia, the co-founder of Airbnb, commenting on the win stated that although increasing numbers of sports fans have traveled and stayed to watch Olympic Games in numerous cities around the world, the company was not able officially to market to accommodate sports fans to potential and winning host cities till now. However, this is all set to change with the recent deal with IOC.
By signing the deal which covers the upcoming 2020 Tokyo Olympics and goes on to include the next five Olympic Games, Airbnb became part of the list of elite brands that have teamed up with the IOC as part of their innovative “worldwide sponsorship program”. Hereon, Airbnb is set to be the official accommodation host for the consequent Summer Olympics and Winter Olympics that are planned to be held in Beijing, Paris, Milan and Los Angeles, respectively.
Although the signed amount of $500 million does sound substantial it might prove fruitful for the IOC and Airbnb in the future as the cost of services provided will include free stay for IOC executives and all international athletes in the next five Olympic Games.
Mr. Gebbia further stated that the company is prepared significantly with 200,000 Airbnb hosts ready in the next five Olympic host cities, and has already started to increase these numbers. The IOC-Airbnb deal marks the company’s biggest deal to date as the brand previously shied away from broad marketing initiatives such as this.