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Airbnb And The International Olympic Committee Announce A 500 Million Partnership

Airbnb and the International Olympic Committee announces a new partnership that will expand the availability of housing in host cities and could potentially reel in the ballooning costs of hosting the sporting spectacle, while also selling personal experiences for fans through access to current and former Olympic athletes.

With Airbnb sponsoring almost USD 500 million for the next five Olympics, the International Olympic Committee (IOC) president, Thomas Bach said: “ with Airbnb’s support we will develop new opportunities for athletes around the world to develop their own direct revenue streams through the promotion of physical activity and the Olympic values. The deal is economically empowering, socially inclusive and environmentally sustainable”.

In line with the IOC’s strategic roadmap for the future, the agreement will support the sustainability objectives of the game, by creating a new standard for accommodation options, redirecting revenue to local-host and communities. The deal begins with the next year’s summer games in Tokyo and covers five summer and winter games through 2028 in some of the top tourist cities across the globe, including Paris, Milan and Los Angeles. 

It is a “risky” deal between Airbnb and IOC, they need to be “reined in”- Anne Hidalgo, Mayor of Paris. 

Being a brand partner of the games, Airbnb not only hopes to reduce the cost of infrastructure development at these destinations by providing access to a large market of homestays and tourism experiences but also help athletes around the world to create a partnership that will directly benefit them during this Olympiad. 

However, with the mayor of Paris, Anne Hidalgo, expressing that this deal between Airbnb and IOC a “risky”, she has “total determination” to rein in Airbnb and threatened to ban it in some regions of central Paris, as the short-term rental company has pushed up rents, forcing the middle class out. She further added that “ by removing a significant number of lodging from Paris, Airbnb contributes to rising rents and worsened the shortage of apartments on the rental market, at a cost for all Parisians, in particular, the middle class, destabilising local businesses and competing harshly with traditional hotels”.

Yet with no sight of any measure being implemented by the local authorities on Airbnb and rental laws, the deal between the American company and IOC means brand visibility for Airbnb and financial sustainability for IOC.

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