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People regularly access the Internet through mobile phones, tablets, |
handheld computers, voice-assisted speakers, television set-top devices, |
smart televisions, wearables, and automobile in-dash systems. These |
devices enable new modalities of interaction, such as conversational |
user interfaces, and new intermediaries, such as "uper-apps"like WeChat, |
where consumers can use many online services without leaving a |
particular app. We anticipate that the use of these means of access will |
continue to grow and that usage through desktop computers will continue |
to decline, especially in certain regions of the world experiencing the |
highest rate of Internet adoption. The functionality and user |
experiences associated with these alternative devices, such as a smaller |
screen size or lack of a screen, may make the use of our platform |
through such devices more difficult than through a desktop computer, |
lower the use of our platform, and make it more difficult for our Hosts |
to upload content to our platform. In addition, consumer purchasing |
patterns can differ on alternative devices, and it is uncertain how the |
proliferation of mobile devices will impact the use of our platform and |
services. Mobile consumers may also be unwilling to download multiple |
apps from multiple companies providing similar services leading such |
consumers to opt to use one of our competitors'services instead of ours. |
As a result, brand recognition and the consumer experience with our |
mobile apps will likely become increasingly important to our business. |
In addition, these new modalities create opportunities for device or |
systems companies, such as Amazon, Apple, and Google, to control the |
interaction with our consumers and disintermediate existing platforms |
such as ours. |
We need to provide solutions for consumers who are limited in the size |
of the app they can support on their mobile devices and address latency |
issues in countries with lower bandwidth for both desktop and mobile |
devices. Because our platform contains data-intensive media, these |
issues are exacerbated. As new devices, operating systems, and platforms |
continue to be released, it is difficult to predict the problems we may |
encounter in adapting our offerings and features to them, and we may |
need to devote significant resources to the creation, support, and |
maintenance of our offerings and features. |
Our success will also depend on the interoperability of our offerings |
with a range of third-party technologies, systems, networks, operating |
systems, and standards, including iOS and Android; the availability of |
our mobile apps in app stores and in "uper-app"environments; and the |
creation, maintenance, and development of relationships with key |
participants in related industries, some of which may also be our |
competitors. In addition, if accessibility of various apps is limited by |
executive order or other government actions, the full functionality of |
devices may not be available to our customers. Moreover, third-party |
platforms, services and offerings are constantly evolving, and we may |
not be able to modify our platform to assure its compatibility with |
those of third parties. If we lose such interoperability, we experience |
difficulties or increased costs in integrating our offerings into |
alternative devices or systems, or manufacturers or operating systems |
elect not to include our offerings, make changes that degrade the |
functionality of our offerings, or give preferential treatment to |
competitive products, the growth of our community and our business, |
results of operations, and financial condition could be materially |
adversely affected. This risk may be exacerbated by the frequency with |
which consumers change or upgrade their devices. In the event consumers |
choose devices that do not already include or support our platform or do |
not install our mobile apps when they change or upgrade their devices, |
our traffic and Host and guest engagement may be harmed. |
*If we are unable to adapt to changes in technology and the evolving |
demands of Hosts and guests, our business, results of operations, and |
financial condition could be materially adversely affected.* |
The industries in which we compete are characterized by rapidly changing |
technology, evolving industry standards, consolidation, frequent new |
offering announcements, introductions, and enhancements, and changing |
consumer demands and preferences. We have invested heavily in our |
technology in recent years. Our future success will depend on our |
ability to adapt our platform and services to evolving industry |
standards and local preferences and to continually innovate and improve |
the performance, features, and reliability of our platform and services |
in response to competitive offerings and the evolving demands of Hosts |
and guests. Our future success will also depend on our ability to adapt |
to emerging technologies such as tokenization, cryptocurrencies, new |
authentication technologies, such as biometrics, distributed ledger and |
blockchain technologies, artificial intelligence, virtual and augmented |
reality, and cloud technologies. As a result, we intend to continue to |
spend significant resources maintaining, developing, and enhancing our |
technologies and platform; however, these efforts may be more costly |
than expected and may not be successful. For example, we may not make |
the appropriate investments in new technologies, which could materially |
adversely affect our business, results of operations, and financial |
condition. Further, technological innovation often results in unintended |
consequences such as bugs, vulnerabilities, and other system failures. |
Any such bug, vulnerability, or failure, especially in connection with a |
significant technical implementation or change, could result in lost |
business, harm to our brand or reputation, consumer complaints, and |
other adverse consequences, any of which could materially adversely |
affect our business, results of operations, and financial condition. |
Another critical component to our future success will be our ability to |
integrate new or emerging payment methods into our platform to offer |
alternative payment solutions to consumers. Alternate payment providers |
such as Alipay, Paytm, and WeChat Pay operate closed-loop payments |
systems with direct connections to both consumers and merchants. In many |
regions, particularly in Asia where credit cards are not readily |
available and/or e-commerce is largely carried out through mobile |
devices, these and other emerging alternate payment methods are the |
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