Scott Galloway: What Airbnb Isn't Telling Us
Video above published Dec 8, 2016 by L2inc.com: Scott Galloway presents the winners and losers in digital:
Loser: Hotels, as Airbnb takes an increasing share of their guests - despite the company's claims that its service is "complementary" to the hospitality industry.
Winner: Best Buy, which bested Amazon in search visibility for Black Friday.
Loser: Brands that depend too much on celebrities. When Kendall Jenner took a break from Instagram, Estée Lauder lost a huge chunk of engagement.
Loser: Second-tier pro athletes, whose low wages are yet another illustration of what the winner-take-all economy has become.
Domains of companies referenced above:
- airbnb.com
- bestbuy.com
- amazon.com
- esteelauder.com
Auto-generated (via YouTube.com) transcript:
0:02
A loser: hotels.
0:04
What is a requirement or a competence of growing market cap
billions of dollars a year?
0:08
You lie.
0:10
Airbnb has been lying to the hotel industry and us, saying they
are "complementary," not a threat to the hospitality industry.
0:19
"I think for us to win, nobody in hospitality necessarily has
to lose."
0:24
However, half of Airbnb demand comes from customers who would
otherwise stay in traditional hotels, up from 41% last year.
0:32
But they're "complementary."
0:34
At the same time, the number of nights that U.S. hotels approach
full occupancy has plunged 20%.
0:40
It's only going to get worse
0:41
as demand flattens and hotels lose out to Airbnb.
0:46
A big winner on Black Friday, who was written off for dead at the
hands of Amazon?
0:51
Best Buy.
0:52
One way to compete with the Seattle giant? Win at search.
0:55
Best Buy registered the greatest share of first-page results for
Black Friday-related searches, besting Amazon.
1:01
The big loser? Macy's.
1:03
Talk about kicking a horse while it's down.
1:05
Shoppers on Black Friday were greeted with a temporary shopping
jam message
1:09
as the site crashed under the weight of site traffic.
1:14
A loser: brands subject to the whims of their celebrity endorsers.
1:18
The headline of Election Week was neither Trump nor Clinton,
1:21
but Kendall Jenner and her decision to take a week off from
posting on Instagram.
1:25
"It's so crazy to me that it even became huge news like
that."
1:29
Jenner's decision has had a significant impact on Estée Lauder.
1:33
7% of all posts on Lauder's Instagram page feature Kendall Jenner.
1:38
Only 3% of Jenner's posts feature the beauty brand, but those
posts by Jenner account for 63% of Estée Lauder's total Instagram engagement.
1:48
So Jenner's decision to take a break from the platform has
resulted in Estée Lauder losing two-thirds of its engagement on the platform.
1:56
A loser: second-tier pro athletes.
1:58
In another example of a winner-take-all economy,
2:01
being big league doesn't necessarily mean you're big league.
2:05
Single A minor league baseball salaries start at $1150 a month.
2:11
Pro soccer players in Europe average less than $1,000 a month - a
fraction of the average salary of the top teams' players.
2:18
Earlier this year, two U.S. congressmen proposed a bill that would
make minor leaguers exempt from minimum-wage requirements,
2:23
cementing their near-impoverished status and preserving America's
greatest pastime: exploiting workers.
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