Airbnb is teaming up with the International Olympic Committee to create new hosting standards throughout the next five games, the short-term rental company said in a release Monday. The nine-year partnership is designed to support the Olympic Movement's sustainability objectives, according to the release. It'll align with the UN Sustainable Development Goals to offer economically, socially and environmentally responsible travel options, Airbnb says.
The agreement involves reduced rental rates for Olympic Games organizers and stakeholders, generating direct revenue for local communities and hosts, and cutting back on construction during the Olympic Games. Airbnb will also work with the International Paralympic Committee to increase accommodations for people with disabilities.
"Our Olympic partnership will ensure that the Games are the most inclusive, accessible and sustainable yet, and leave a lasting positive legacy for athletes and host communities," Airbnb co-founder Joe Gebbia said in the release.
The partnership will bring in hundreds of thousands of new hosts over the nine-year period, Airbnb says. The company calls the move a "win for host cities, a win for spectators and fans, and a win for athletes," but it'll also be a win for the company, which earns a 14% to 20% commission on each home rental and a 20% commission on its experiences.
The IOC and Airbnb are also rolling out Airbnb Olympian Experiences in early 2020 to provide athletes with the opportunity earn money by providing experiences like training with an Olympian and exploring a city with an athlete. Airbnb and the IOC will use the Athlete 365 platform in the coming months to offer support and training to athletes who want to become hosts on Airbnb Experiences.
Throughout the partnership, the IOC will provide at least $28 million worth of Airbnb accommodations to Olympic and Paralympic Games athletes for competition and training-related travel.
Airbnb says it provided the equivalent of 257 hotels for guests during the 2016 Olympic Games in Rio, which allowed the city to cut back on materials and carbon emissions while providing around $30 million in direct revenue for hosts. The company says it generated a total economic activity of around $100 million in three weeks.