The business model is to grow until the market is saturated, and then become one of the 3-4 entities that dominate their niche. VRBO chalked out the “vacation home” scope, hotels do their thing, so AirBnb dabbles in everything, but owns the “shared” accommodation part of the market. While they advertise a treehouse in the rainforest or whatever, the socially problematic conversions of apartments to flop houses in locations without hotels ultimately drives the business.
