He makes a point I have in the past, which is while the percentage of direct traffic is nice, at the end of the day, absolute level of traffic arguably matters more. And for now, Booking is far larger. 
Performance marketing is a skill, much derided by some, but nonetheless it is a necessary skill for almost all companies. Booking is the best. Airbnb has struggled at it. Perhaps they can survive on direct traffic alone, but that's a risky bet.
Exclusivity of supply is another key point of differentiation for Airbnb. I found these two stats interesting:
- 55% of supply is non-exclusive
- 67% of bookings are on properties that are non-exclusive
- 55% of supply is non-exclusive
- 67% of bookings are on properties that are non-exclusive
This point on whether customers are ultimately looking for a place to stay or specifically for alternative accommodations is perhaps the most critical, because Airbnb has made limited progress on hotel inventory relative to the OTAs progress on alternative accommodations
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