Airbnb cites an inability to "grow new offerings and tiers, such as Airbnb Experiences" as a risk factor. It will be made more difficult by marketing cuts. While the company can boast that 91 per cent of its traffic arrives organically — helped by its status as the verb for booking a room — this is not the case for Experiences. Looming large in the distance is the fact that increased regulation in certain cities looks likely, with some already having passed limits on the number of nights that a host can offer per year. In London, that's capped at 90, and in Paris, 120, with Airbnb calling compliance with these intricate laws "burdensome", adding that it puts off users as a knock-on effect. Read the rest of that FT report here. One positive revealed by the IPO filing is that travel in close proximity to where a person has remained strong, no doubt boosted by how large swathes of the world are unable to fly, or travel too far from their homes.