Airbnb has signed a deal with the International Olympic Committee (IOC) to provide accommodation for the host cities until 2028, as the games’ organisers seek to cut costs from hosting the event.
The deal, which closes just in time for the 2020 Olympics in Tokyo, will cover four more games in Beijing, Paris, Milan, and Los Angeles over a nine-year period. Financial details were not disclosed, though a Financial Times report pegged the sponsorship amount at US$500 million.
The agreement includes accommodation provisions that will reduce costs for Olympic Games’ organisers and stakeholders, minimise the need for construction of new accommodation infrastructure for the Olympic Games period, and generate direct revenue for local hosts and communities.
Working together with the International Paralympic Committee (IPC), Airbnb said that it will also work to increase accommodation that supports accessibility for people with disabilities or other accessibility needs.
The partnership will generate hundreds of thousands of new hosts over nine years, giving community residents the opportunity to earn extra income by providing accommodation and local experiences to visiting fans, athletes and other members of the Olympic Movement.
The IOC and Airbnb will also launch the Airbnb Olympian Experiences to provide direct earning opportunities for athletes. To be launched in early 2020, this new category will bring Airbnb’s goal of providing economic empowerment through hosting to athletes across the globe. Promoting sport and physical activity, these experiences will include everything from the chance to train with an Olympian, to exploring a city with an elite athlete. In the coming months, Airbnb and the IOC, through the Athlete 365 platform, will provide support and training to athletes interested in becoming a host on the Airbnb Experiences platform.
In addition, the IOC will make at least US$28 million worth of Airbnb accommodation available over the course of the partnership to athletes competing at the Olympic and Paralympic Games for competition and training related travel.
Airbnb co-founder Joe Gebbia said: “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.”