AIRBNB — outcome evidence: Airbnb's own growth announcement, January 26, 2012
(Business Wire press release "Airbnb's Worldwide Momentum Continues with
5 Million Nights Booked", as reported same day by TechCrunch with the
company's statistics release at airbnb.com/global-growth). OUTCOME DOCUMENT
for grading the October-2008 seed-deck market-adoption projection.
Transcription note: figures verbatim from the announcement; bracketed notes
are structural.

Airbnb has enabled the booking of 5 million guest nights in spaces all over
the world, 4 million of which were booked in the last 12 months alone.
[Cumulative from founding through January 2012; the 1 millionth booking was
announced February 24, 2011.]

Of those reservations, 75 percent were international (either guest, host or
both located outside the United States).

Founded in August 2008, Airbnb says the number of listings on its website
increased by 166 percent in 2011. Over 100,000 properties in 192 countries
are listed on Airbnb. Roughly 70 percent of all Airbnb listings are outside
the United States.

[Grading context for the 2008 deck's projection "$200M revenue 2008-2011
from 10.6M trips at $20 average commission": cumulative guest NIGHTS through
January 2012 were 5 million; trips (bookings) are strictly fewer than nights
for multi-night stays, so cumulative trips through the 2011-12-31 target were
at most ~5 million even in the most generous reading — less than half the
projected 10.6M, with implied commission revenue at most ~$100M against the
$200M projected. Airbnb reached 10 million cumulative nights in June 2012,
five months after the target — the adoption curve arrived, later than
projected.]