JetBlue's VC Sale, Airbnb's Cleaning Fees and Social Commerce's Impact
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Good morning from Skift. It's Tuesday, May 6. Here's what you need to know about the business of travel today.
JetBlue announced on Monday it sold its venture capital arm as part of its strategy to return to profitability, writes Airlines Reporter Meghna Maharishi.
JetBlue sold its venture capital subsidiary to Sky Leasing, an asset management company that specializes in leasing aircraft. Maharishi notes the sale comes as the carrier has struggled since the collapse of both the Northeast Alliance with American Airlines and planned merger with Spirit Airlines.
JetBlue Ventures' equity investments were recently valued at $89 million and include flying taxi company Joby and airline retail platform Flyr.
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Next, we take a look at cleaning fees in the short-term rental industry. As Airbnb is now including cleaning fees in its upfront price globally, Contributor Clara Awuse breaks down how they vary around the world.
Using data from Airbnb and Vrbo, AirDNA found close to 90% of listings in the U.S. charge cleaning fees. Among global regions, North America and the Caribbean have the highest rates of listings with cleaning fees while Eastern Europe and the Middle East have some of the lowest percentages.
Finally, a report from Skift Research reveals how social commerce — the fusion of social media and e-commerce — is reshaping the travel industry as platforms such as TikTok and Instagram have become full-fledged booking engines.
Research Analyst Robin Gilbert-Jones notes younger travelers now treat social media as their default search engines for travel inspiration, adding that authentic short-form videos can build trust and drive bookings. Skift Research also found that influencers are increasingly acting as travel agents themselves.
Gilbert-Jones writes that social commerce in travel could be worth up to $7 billion across accommodations and airlines alone. He added that travel brands must stop treating social media as a PR add-on and instead embrace it as a primary sales channel.
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