An Introduction to the Sharing Economy

Sharing
Economy
An introduction to the
Daniel Ord Rasmussen @danielord
https://www.ﬂickr.com/photos/ben_grey/4582294721

http://palloc.com/ios-7-wallpaper-widescreen.html
We help organisations develop. We
often work with digital approaches -
but not always.
Seismonaut?

Introduction to the
Sharing Economy
Or the Collaborative Economy, if you prefer.

“An economic model based on sharing,
swapping, trading, or renting products and
services, enabling access over ownership.”
- collaborativeconsumption.com

It is a trend in the
business landscape in
general, but is perhaps
especially important
for the tourism sector.

The general idea:
The utilisation of unspent
ressources made possible
through social sharing
platforms and marketplaces.

Airbnb as an
example
Probably the most well known one too.

Your house is emtpy
while you are on
holiday.
That’s a waste of
ressources.

So what is Airbnb?
• A platform that allows private individuals to share
their homes:
• Single rooms
• Entire homes
• “Unique homes”

In their own words
• According to Airbnb the service contributes to local
economies, because it expands the existing
ecosystem rather than cannibalising it.
• In Paris 70 % of listings are outside of central tourism
districts.

8.107
As of the 8th of October 2015 there are
Airbnb listings i Norway (Source: Airbnb)
Kilder: Aja Guldhammer, Airbnb, og NHC http://www.nordichotelconsulting.com/ﬁles/NO-monthly-reports/Markedsrapport_Norge_august.pdf

79.638
For comparison, there are
hotel rooms (Source: NHC)

1.040
Another way of looking at it is that there are
hotels i all of Norway (Source: NHC)

3.502
But in Oslo alone there are
Airbnb listings (Source: Airbnb)

Airbnb is so big that others are
creating companion services
• Hotels often work with
dynamic pricing.
• Pricemethod allows you
to do the same with
Airbnb.
• A management system
for a management
system - a professional
approach to an amateur
platform.

The Airbnb-model
• Airbnb is now worth more than all of Mariott
• Marriott: $21 mia. (Source: WSJ)
• Airbnb $24 mia. (Source: WSJ)
• The success of Airbnb has created a model for
what people expect out of sharing economy-
services.
• Airbnb is still ﬁghting laws and legislation all over the world.
Something that is quite common in the sharing economy.
http://www.wsj.com/articles/the-secret-math-of-airbnbs-24-billion-valuation-14345685

Norwegian law
• Norwegian law allows for renting out up to 50 % of a
home tax free.
• Renting out an entire home is not tax free - but the ﬁrst
20.000 kr. are.
• “Leieinntekter ved utleie av bolig regnes som
kapitalinntekt, og skattlegges med 28 prosent. På slutten
av året kan du gå inn på Airbnb sine sider for å finne ut
hvor mye du har leid ut for det året, slik at du kan føre
det inn i selvangivelsen.” (Source: finanssans.no)
http://www.ﬁnanssans.no/dette-ma-du-passe-pa-nar-du-leier-ut-med-airbnb/

“Airbnb for bikes”
• Danish company - http://www.cyclister.com/
• Example of the “Airbnb for X” model.
• Renting a bike on Cyclister costs roughly 6 to 12
euros per day.
• Is there a market? According to them, 25 % of
tourists visiting Denmark rent a bike.
http://www.pcworld.com/article/2843192/cyclister-wants-to-become-an-airbnb-for-bicycles.html

Valued at more than
$ 140 mio.
According to Fortune, TechCrunch og Pitchbook
http://techcrunch.com/2014/11/10/dogvacay-airbnb-for-dogs-nabs-25m-in-funding/
https://www.quora.com/Startup-and-Private-Valuations/What-is-the-latest-valuation-of-DogVacay-in-2014

• Boathound - for boats
• Hipcamp - for camp sites
• StreetLend - for everyday items
• Housefed - for home-cooked food
• Vayable - for experiences
• Spinlister - for snowboards and skis
• Spot Park - for parking
• …

… and the award for most
outrageous Airbnb for
X-service goes to…

http://canistaywithyouwhileirentmyplaceonairbnb.com/
Airbnb for Airbnb

Why are these services
important?
• They may not be on their own - but the proliferation of
them is.
• The Sharing Economy no longer only aﬀects hotels
- many parts of the tourism industry are being aﬀected.
• As a tourism actor it is important to keep up with
what this means for your sector.
• There will undoubtedly be both new business
models and ideas worth pursuing.

The Sharing Economy isn’t just about
tangible products and services. It’s
also having an inﬂuence on how
tourists view an authentic
travelling experience.
Guest want to be travellers - not
tourists.

“Intangible heritage”
• Previously, people’s understanding of “authentic experiences”
was based on symbols built over time, i.e. the Eiﬀel Tower.
• Today there is an increasing interest in “intangible heritage”.
• Pop culture, local traditions and storytelling.
• Increasing interest in active participation vs. passiv
observation.
• 27 % of travellers from the US are “sophisticated explorers”
for whom “exploring new cultures and their traditions” is the
number one reason to go.
• The previous way of viewing authenticity is still prevalent in
emerging markets.
Image: iStock
Sources: Greg Richards 2014 & 2015 Resonance Report Portrait of the US International Traveller via http://www.slideshare.net/chrisfair/15-024-res-webinar-tourism-2020-high-res-opt

Share your passion
with others

Image: iStock
Enriches destinations
• Travellers seeks authentic local experiences.
• More people take shorter breaks.
• Sometimes they will be interested in a
summerhouse, other times a hotel and other times
an Airbnb-home.

Image: iStock
Enriches destinations
• Destinations need to widen their product oﬀering to
appeal to increasingly “capable” travellers - sharing
economy-services ease this proces.
• Services such as Airbnb help foster local host-
culture - makes locals feel a part of the tourism
industry in a new way (review culture etc.).

There are drawbacks
• Laws and liability
• Trust and safety
• Traditional business models may be keyed in to local
economies in a big way
• Service level based on review culture (“Give me this,
or I’ll give you a bad review…”

See the Sharing Economy as
an opportunity - not a threat
• More choice and more experiences means a more
attractive destination.
• There are challenges for existing businesses - but
also possibilities of new products and new places
to market existing oﬀerings.
• Don’t be afraid to make alternative set-ups and
new types of cooperative eﬀorts.

European PGA Tour
in Vesthimmerland, Denmark
Image: iStock
• Massive event, thousands of visitors
- not enough hotels!
• Local municipality worked with
Airbnb to teach locals how to add
their homes to the available
hospitality.
• = far more places for guests to stay!

Northside Festival,
Aarhus Denmark
• Music festival attracting 25.000 visitors to a
city with 1.892 hotel rooms.
• Cooperative project between the festival and
Airbnb had both featuring each other on
social media etc.
• = more places for people to sleep
Horesta source: http://www.horesta.dk/sitecore/shell/Controls/Rich%20Text%20Editor/~/media/Filer/Materialer/tendens/2014/Hotelkapacitet_Januar2014ver5.ashx
Image: https://www.ﬂickr.com/photos/kristoffer-trolle/

https://www.flickr.com/photos/daspunkt/18840294641
Hvide Sande
DMO, Denmark
• Offered free courses in the use of
Vayable
• Goal: Increase the amount of
experiences available to guests by having
locals offer tours via social marketplaces

http://www.ﬂickr.com/photos/stuckincustoms/2380543038/
Thanks for listening!
Questions? Let’s talk!
daniel@seismonaut.com
Twitter: @danielord

An Introduction to the Sharing Economy

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