Airbnb cut its performance marketing by $540.5m last year and is shifting its strategy to be PR- and brand-focused, according to the latest company reports.

Why it matters

The online travel platform was affected heavily by the coronavirus outbreak and its recovery has been driven by organic traffic and the strength of the brand. The company says that 95% of traffic to its web properties had returned after the initial COVID-19 drop and this was without any marketing spend.

Takeaways

• Advertising spend ($176m) was just 5.2% of total revenue last year, a share that is expected to remain low in...